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SECURITY NATIONAL FINANCIAL CORPORATION
UT
87-0345941
123 West Election Road
Draper
UT
84020
(801)
264-1060
No
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<p style='line-height:12pt;margin:0;margin-left:54pt'><kbd style='position:absolute;margin-left:-36pt;padding-top:1pt'>1)</kbd><kbd style='margin-left:-18pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Significant Accounting Policies</font> </p><p style='line-height:12pt;margin:0;margin-left:54pt'> </p><p align="justify" style='margin:0'><b>General Overview of Business</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Security National Financial Corporation and its wholly owned subsidiaries (the “Company”) operate in three main business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products and accident and health insurance marketed primarily in the Intermountain West, California and eleven southern states. The cemetery and mortuary segment of the Company consists of eight mortuaries and five cemeteries in Utah and one cemetery in California. The mortgage segment is an approved government and conventional lender that originates and underwrites residential and commercial loans for new construction, existing homes and real estate projects primarily in Florida, Nevada, Texas, and Utah.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Basis of Presentation</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Principles of Consolidation</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>These consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Use of Estimates</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Management of the Company has made a number of estimates and assumptions related to the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with GAAP. Actual results could differ from those estimates. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the value of mortgage loans foreclosed to real estate held for investment; those used in determining the liability for future policy benefits; those used in determining the value of mortgage servicing rights; those used in determining allowances for loan losses for mortgage loans held for investment; 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. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Investments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s management determines the appropriate classifications of investments in fixed maturity securities and equity securities at the acquisition date and re-evaluates the classifications at each balance sheet date.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Fixed maturity securities available for sale</font> are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded in accumulated other comprehensive income. On December 31, 2019, the Company changed the classification of its bond and preferred stock investments to available for sale from held to maturity. As a result, securities available for sale are carried at estimated fair value instead of amortized cost. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Fixed maturity securities held to maturity</font> are carried at cost, adjusted for amortization of premium or accretion of discount. Although the Company has the ability and intent to hold these investments to maturity, infrequent and unusual conditions could occur under which it would sell certain of these securities. Those conditions include unforeseen changes in asset quality, significant changes in tax laws, and changes in regulatory capital requirements or permissible investments.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Equity securities</font> are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Mortgage loans held for investment</font> are carried at their unpaid principal balances adjusted for net deferred fees, net discounts, charge-offs and the related allowance for loan losses. Interest income is included in net investment income on the consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the term of the loans. Origination fees are included in net investment income on the consolidated statements of earnings. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company will fund a loan not to exceed 80% of the loan’s collateral fair market value. Amounts over 80% will require additional collateral or mortgage insurance by an approved third-party insurer.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Real estate held for investment</font> is carried at cost, less accumulated depreciation provided on a straight-line basis over the estimated useful lives of the properties, or is adjusted to a new basis for impairment in value, if any. Included are foreclosed properties which the Company intends to hold for investment purposes. These properties are recorded at the lower of cost or fair value upon foreclosure.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Real estate held for sale</font> is carried at lower of cost or fair value. Depreciation is not recognized on real estate classified as held for sale. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Other investments and policy loans</font> are carried at the aggregate unpaid balances, less allowances for losses.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Gains and losses on investments (except for equity securities carried at fair value through net earnings)</font> arise when investments are sold (as determined on a specific identification basis) or are other than temporarily impaired. If in management’s judgment a decline in the value of an investment below cost is other than temporary, the cost of the investment is written down to fair value with a corresponding charge to earnings. Factors considered in judging whether an impairment is other than temporary include: the financial condition, business prospects and credit worthiness of the issuer, the length of time that fair value has been less than cost, the relative amount of the decline, and the Company’s ability and intent to hold the investment until the fair value recovers, which is not assured.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Cash and Cash Equivalents</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.</b> <b>The Company maintains its cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Loans Held for Sale</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments”, allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Company elected the fair value option for loans held for sale. The Company believes the fair value option most closely aligns the timing of the recognition of gains and costs. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Electing fair value also reduces certain timing differences and better matches changes in the fair value of these assets with changes in the fair value of the related derivatives used for these assets. See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Mortgage Fee Income</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage fee income consists of origination fees, processing fees, interest income and certain other income related to the origination of mortgage loans held for sale. All revenues and costs are recognized when the mortgage loan is funded and any changes in fair value are shown as a component of mortgage fee income.  See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its mortgage subsidiaries, sells mortgage loans to third-party investors without recourse unless defects are identified in the representations and warranties made at loan sale. It may be required, however, to repurchase a loan or pay a fee instead of repurchase under certain events, which include the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Failure to deliver original documents specified by the investor, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>The existence of misrepresentation or fraud in the origination of the loan, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>The loan becomes delinquent due to nonpayment during the first several months after it is sold, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Early pay-off of a loan, as defined by the agreements, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Excessive time to settle a loan, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Investor declines purchase, and </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Discontinued product and expired commitment. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Loan purchase commitments generally specify a date 30 to 45 days after delivery upon which the underlying loans should be settled. Depending on market conditions, these commitment settlement dates can be extended at a cost to the Company. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>It is the Company's policy to cure any documentation problems regarding such loans at a minimal cost for up to a six-month time period and to pursue efforts to enforce loan purchase commitments from third-party investors concerning the loans. The Company believes that six months allows adequate time to remedy any documentation issues, to enforce purchase commitments, and to exhaust other alternatives. Remedial methods include the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Research reasons for rejection,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Provide additional documents,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Request investor exceptions,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Appeal rejection decision to purchase committee, and</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Commit to secondary investors.</font> </p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>Once purchase commitments have expired and other alternatives to remedy are exhausted, which could be earlier than the six-month time period, the loans are repurchased and transferred to the long-term investment portfolio at the lower of cost or fair value and previously recorded mortgage fee income that was to be received from a third-party investor is written off against the loan loss reserve.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Determining Lower of Cost or Fair Value</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Cost for loans held for sale is equal to the amount paid to the warehouse bank and the amount originally funded by the Company. Fair value is often difficult to determine, but is based on the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are committed, the Company uses the commitment price.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed that have an active market, the Company uses the market price.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed where there is no market but there is a similar product, the Company uses the market value for the similar product.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the market value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.</font> </p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'>The appraised value of the real estate underlying the original mortgage loan adds support to the Company’s determination of fair value because if the loan becomes delinquent, the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loan, thus minimizing credit losses. </font></p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'>The majority of loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Loan Loss Reserve</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The loan loss reserve is an estimate of probable losses at the balance sheet date that the Company will realize in the future on loans sold. The Company may be required to reimburse third-party investors for costs associated with early payoff of loans within the first six months of such loans and to repurchase loans where there is a default in any of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Upon completion of a transfer that satisfies the conditions to be accounted for as a sale, the Company initially measures at fair value liabilities incurred in a sale relating to any guarantee or recourse provisions. The Company accrues a monthly allowance for indemnification losses to investors based on total production. This estimate is based on the Company’s historical experience and is included as a component of mortgage fee income. Subsequent updates to the recorded liability from changes in assumptions are recorded in selling, general and administrative expenses. The estimated liability for indemnification losses is included in other liabilities and accrued expenses. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The loan loss reserve analysis involves mortgage loans that have been sold to third-party investors, which were believed to have met investor underwriting guidelines at the time of sale, where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are more particularly described as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Make whole demand</i> – A make whole demand occurs when an investor forecloses on a property and then sells the property. The make whole amount is calculated as the difference between the original unpaid principal balance, accrued interest and fees, less the sale proceeds.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Repurchase demand</i> – A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Indemnification demand</i> – On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0'>The Company believes the allowance for loan losses and the loan loss reserve represent probable loan losses incurred as of the balance sheet date.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Additional information related to the Loan Loss Reserve is included in Note 3.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Restricted Assets</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Restricted assets are assets held in a trust account for future mortuary services and merchandise and consist of cash and cash equivalents; participations in mortgage loans held for investment with Security National Life Insurance Company (“Security National Life”); mutual funds carried at estimated fair value; equity securities carried at estimated fair value; and a surplus note with Security National Life (which is eliminated in consolidation). Restricted assets also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to fund its medical benefit safe-harbor limit based on the qualified direct costs, and has included this amount as a component of restricted cash.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Cemetery Perpetual Care Trust Investments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Cemetery endowment care trusts have been set up for four of the six cemeteries owned by the Company. Of the six cemeteries owned by the Company, four cemeteries are endowment care properties. Under endowment care arrangements a portion of the price for each lot sold is withheld and invested in a portfolio of investments similar to those described in the prior paragraph. The earnings stream from the investments is designed to fund future maintenance and upkeep of the cemetery.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Cemetery Land and Improvements</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The development of a cemetery involves not only the initial acquisition of raw land but the installation of roads, water lines, landscaping and other costs to establish a marketable cemetery lot. The costs of developing the cemetery are shown as an asset on the balance sheet. The amount on the balance sheet is reduced by the total cost assigned to the development of a particular lot when the criterion for recognizing a sale of that lot is met.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Deferred Policy Acquisition Costs and Value of Business Acquired</b></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Commissions and other costs, net of commission and expense allowances for reinsurance ceded, that vary with and are primarily related to the production of new insurance business have been deferred. Deferred policy acquisition costs (“DAC”) for traditional life insurance are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For interest-sensitive insurance products, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges, investment, mortality and expense margins. This amortization is adjusted when estimates of current or future gross profits to be realized from a group of products are reevaluated. Deferred acquisition costs are written off when policies lapse or are surrendered.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>When accounting for DAC, the Company considers internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverage that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to contract, or by the election of a feature or coverage within a contract. Modifications that result in a replacement contract that is substantially changed from the replaced contract are accounted for as an extinguishment of the replaced contract. Unamortized DAC, unearned revenue liabilities and deferred sales inducements from the replaced contract are written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract. </font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>Value of business acquired is the present value of estimated future profits of the acquired business and is amortized similar to deferred policy acquisition costs.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Mortgage Servicing Rights</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage Servicing Rights (“MSR”) arise from contractual agreements between the Company and third-party investors (or their agents) when mortgage loans are sold. Under these contracts, the Company is obligated to retain and provide loan servicing functions on loans sold, in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition of real estate owned and property dispositions. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The total residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans. The value of MSRs is derived from the net cash flows associated with the servicing contracts. The Company receives a servicing fee of generally about 0.250% annually on the remaining outstanding principal balances of the loans. Based on the result of the cash flow analysis, an asset or liability is recorded for mortgage servicing rights. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges, and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments. Contractual servicing fees and late fees are included in other revenues on the consolidated statements of earnings.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. Amortization expense is included in other expenses on the consolidated statements of earnings. MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of the estimated future net servicing income of the underlying financial assets.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Interest rate risk, prepayment risk, and default risk are inherent risks in MSR valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as rates decline. A significant decrease in rates beyond expectation could cause a decline in the value of the MSR. On the contrary, if rates increase borrowers are less likely to refinance or prepay their mortgage, which extends the duration of the loan and MSR values are likely to rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Property and Equipment</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method over the estimated useful lives of the assets which range from three to forty years. Leasehold improvements paid for by the Company as a lessee are amortized over the lesser of the useful life or remaining lease terms.</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Long-lived Assets</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Long-lived assets to be held and used, including property and equipment and real estate held for investment, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset, and long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. No impairment of long-lived assets has been recognized in the accompanying financial statements except for certain impairments of real estate held for investment as disclosed in Note 2.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Derivative Instruments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage Banking Derivatives</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Loan Commitments</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a 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 loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded or the loan application is denied or withdrawn within the terms of the commitment is driven by a number of factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 loan commitments and are updated periodically to reflect the most current data. </p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of 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 loan commitment is issued and is shown net of expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. </font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Forward Sale Commitments</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value opposite to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the consolidated balance sheets. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Call and Put Option Derivatives</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company uses a strategy of selling “out of the money” call options on its 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 uses the strategy of selling 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. The liability for options is adjusted to fair value at each reporting date. In the event a call option is exercised, the Company sells the equity security at a favorable price enhanced by the value of the option that was sold. If the option expires unexercised, the Company recognizes a gain from the expired option. In the event a put option is exercised, the Company acquires an equity security at the strike price of the option reduced by the value received from the sale of the put option. The equity security is then treated as a normal equity security in the Company’s portfolio. The net changes in the fair value of call and put options are shown in current earnings as a component of realized gains (losses) on investments and other assets. Call and put options are shown in other liabilities and accrued expenses on the consolidated balance sheets. </font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Allowance for Doubtful Accounts and Loan Losses and Impaired Loans</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company records an allowance and recognizes an expense for potential losses from mortgage loans held for investment, other investments and receivables in accordance with GAAP. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company provides for losses on its mortgage loans held for investment through an allowance for loan losses (a contra-asset account). 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 2 for additional information. In addition, when a mortgage loan is past due more than 90 days, the Company does not accrue any interest income. When a loan becomes delinquent, the Company proceeds to foreclose on the real estate and all expenses for foreclosure are expensed as incurred. Once foreclosed, an adjustment for the lower of cost or fair value is made, if necessary, and the amount is classified as real estate held for investment. The Company will rent the properties until it is deemed desirable to sell them.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. </p><p align="justify" style='margin:0'>For purposes of determining the allowance for losses, the Company has segmented its mortgage loans held for investment by loan type. The Company’s loan types are commercial, residential, and residential construction. The inherent risks within the portfolio vary depending upon the loan type as follows:</p><p style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Commercial</font> - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondary on the borrower’s (or guarantors) ability to repay.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Residential</font> – Secured by family dwelling units. These loans are secured by first and second mortgages on the unit. The borrower’s ability to repay is sensitive to the life events and general economic condition of the region. Where loan to values exceed 80%, the loan is generally guaranteed by private mortgage insurance, FHA or VA. </p><p style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Residential construction (including land acquisition and development)</font> – Underwritten in accordance with the Company’s underwriting policies which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing.  Additionally, land is underwritten according to the Company’s policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These cost and valuation estimates may be inaccurate. These loans are considered to be of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Future Policy Benefits and Unpaid Claims</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Future policy benefit reserves for traditional life insurance are computed using a net level method, including assumptions as to investment yields, mortality, morbidity, withdrawals, and other assumptions based on the life insurance subsidiaries’ experience, modified as necessary to give effect to anticipated trends and to include provisions for possible unfavorable deviations. Such liabilities are, for some plans, graded to equal statutory values or cash values at or prior to maturity, which are deemed a reasonable equivalent for GAAP. The range of assumed interest rates for all traditional life insurance policy reserves was 4% to 10%. Benefit reserves for traditional limited-payment life insurance policies include the deferred portion of the premiums received during the premium-paying period. Deferred premiums are recognized as income over the life of the policies. Policy benefit claims are charged to expense in the period the claims are incurred. Increases in future policy benefits are charged to expense.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 3% to 6.5%.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company records an unpaid claims liability for claims in the course of settlement equal to the death benefit amount less any reinsurance recoverable amount for claims reported. There is also an unpaid claims liability for claims incurred but not reported. This liability is based on the historical experience of the net amount of claims that were reported in reporting periods subsequent to the reporting period when claims were incurred. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Participating Insurance</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Participating business constituted 2% of insurance in force for the years ended 2019 and 2018. The provision for policyholders’ dividends included in policyholder obligations is based on dividend scales anticipated by management. Amounts to be paid are determined by the Board of Directors.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Recognition of Insurance Premiums and Other Considerations</b></font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Premiums and other consideration for traditional life insurance products (which include those products with fixed and guaranteed premiums and benefits and consist principally of whole life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies) are recognized as revenues when due from policyholders. Premiums and other consideration for interest-sensitive insurance policies (which include universal life policies, interest-sensitive life policies, deferred annuities, and annuities without life contingencies) are recognized when earned and consist of amounts assessed against policyholder account balances during the period for policy administration charges and surrender charges.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Reinsurance</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company follows the procedure of reinsuring risks in excess of $100,000 to provide for greater diversification of business to allow management to control exposure to potential losses arising from large risks, and provide additional capacity for growth. The Company remains liable for amounts ceded in the event the reinsurers are unable to meet their obligations.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company entered into coinsurance agreements with unaffiliated insurance companies under which the Company assumed 100% of the risk for certain life insurance policies and certain other policy-related liabilities of the insurance company.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Expense allowances received in connection with reinsurance ceded are accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Pre-need Sales and Costs</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of funeral services and caskets</font> - revenue and costs associated with the sales of pre-need funeral services and caskets are deferred until the performance obligations are fulfilled (services are performed or the caskets are delivered).</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Sales of cemetery interment rights (cemetery burial property)</font> - revenue and costs associated with the sale of cemetery interment rights are recognized in accordance with the retail land sales provisions based on GAAP. Under GAAP, recognition of revenue and associated costs from constructed cemetery property must be deferred until 10% of the sales price has been collected. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of cemetery merchandise (primarily markers and vaults)</font> - revenue and costs associated with the sale of pre-need cemetery merchandise is deferred until the merchandise is delivered. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of cemetery services (primarily merchandise delivery, installation fees and burial opening and closing fees)</font> - revenue and costs associated with the sales of pre-need cemetery services are deferred until the services are performed.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Prearranged funeral and pre-need cemetery customer acquisition costs</font> - costs incurred related to obtaining new pre-need contract cemetery and prearranged funeral services are accounted for under the guidance of the provisions based on GAAP. Obtaining costs, which include only costs that vary with and are primarily related to the acquisition of new pre-need cemetery and prearranged funeral services, are deferred until the merchandise is delivered or services are performed.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Revenues and costs for at-need sales are recorded when a valid contract exists, the services are performed, collection is reasonably assured and there are no significant obligations remaining.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its cemetery and mortuary operations, provides guaranteed funeral arrangements wherein a prospective customer can receive future goods and services at guaranteed prices. To accomplish this, the Company, through its life insurance operations, sells to the customer an increasing benefit life insurance policy that is assigned to the mortuaries. If, at the time of need, the policyholder/potential mortuary customer utilizes one of the Company’s facilities, the guaranteed funeral arrangement contract that has been assigned will provide the funeral goods and services at the contracted price. The increasing life insurance policy will cover the difference between the original contract prices and current prices. Risks may arise if the difference cannot be fully met by the life insurance policy. However, management believes that given current inflation rates and related price increases of goods and services, the risk of exposure is minimal.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Goodwill</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Previous acquisitions have been accounted for as purchases under which assets acquired and liabilities assumed were recorded at their fair values with the excess purchase price recognized as goodwill. The Company evaluates annually or when changes in circumstances warrant the recoverability of goodwill and if there is a decrease in value, the related impairment is recognized as a charge against income. No impairment of goodwill has been recognized in the accompanying financial statements.</p><p align="justify" style='margin:0'> </p><p style='margin:0'><b>Other Intangibles (trade name and customer lists)</b></p><p style='margin:0'> </p><p align="justify" style='margin:0'>Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. The Company engaged a valuation firm to analyze the value of the Kilpatrick Life name in conjunction with its acquisition. The value of the trade name is included in Other Assets and was determined using the income approach, relying on a relief from the royalty method. </p><p align="justify" style='margin:0'> </p><p style='margin:0'><b>Income Taxes</b></p><p style='margin:0'> </p><p style='margin:0'>Income taxes include taxes currently payable plus deferred taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences in the financial reporting basis and tax basis of assets and liabilities and operating loss carry-forwards. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Liabilities are established for uncertain tax positions expected to be taken in income tax returns when such positions are judged to meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax penalties are included as a component of other expenses. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Earnings Per Common Share</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company computes earnings per share which requires presentation of basic and diluted earnings per share. Basic earnings per equivalent Class A common share are computed by dividing net earnings by the weighted-average number of Class A common shares outstanding during each year presented, after the effect of the assumed conversion of Class C common stock to Class A common stock. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding during the year used to compute basic earnings per share plus dilutive potential incremental shares. Basic and diluted earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.</font></p><p align="justify" style='margin:0'> </p><p style='margin:0'><b>Stock Based Compensation</b></p><p style='margin:0'> </p><p style='margin:0'>The cost of employee services received in exchange for an award of equity instruments is recognized in the financial statements and is measured based on the fair value on the grant date of the award. The fair value of stock options is calculated using the Black Scholes Option Pricing Model. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award and is included in personnel expenses on the consolidated statements of earnings.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'> </font></p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Concentration of Credit Risk</font></p><p align="justify" style='margin:0'> </p><p style='margin:0'>For a description of the geographic concentration risk regarding mortgage loans held for investment and real estate held for investment, refer to Note 2 of the Notes to Consolidated Financial Statements.</p><p align="justify" style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Advertising</b></p><p style='margin:0'> </p><p style='margin:0'>The Company expenses advertising costs as incurred.</p><p align="justify" style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Recent Accounting Pronouncements</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Accounting Standards Adopted in 2019</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2016-02: “Leases (Topic 842)”</font> - Issued in February 2016, ASU 2016-02 supersedes the requirements in Accounting Standards Codification (“ASC”) Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations. The new standard sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet right-of-use assets and lease liabilities, equal to the present value of the remaining lease payments. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or a straight-line basis over the term of the leases. The FASB further clarified ASU 2016-02 and provided targeted improvements by issuing ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company adopted this standard on January 1, 2019 using the modified retrospective transition method with no cumulative-effect adjustment to the opening balance of retained earnings. Under this transition method, the application date was the beginning of the reporting period, January 1, 2019, in which the Company first applied the standard. Under this transition option, the Company will apply the legacy guidance in ASC 840, “Leases”, including its disclosure requirements, in the comparative periods presented in the year of adoption. The Company has made an accounting policy election not to apply the recognition requirements to short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying assets that the lessee is reasonably certain to exercise. The new authoritative guidance allows for certain practical expedients to be utilized to assist with the implementation of the new standard. The Company has elected the transition package of practical expedients which allows the Company to not reassess whether any expired or existing contracts are or contain leases, to not reassess the lease classification for any expired or existing leases and to not reassess initial direct costs for any existing leases.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company implemented a third-party lease accounting system to assist with the measurement of the lease liabilities and the related right-of-use assets. The Company compiled an inventory of its leases, determined the appropriate discount rates and has determined the impact of this standard which is not material to the Company’s results of operations, but has an effect on the balance sheet presentation for leased assets and obligations. The Company recognized a right-of-use asset and related lease liability for approximately $12,076,000 on January 1, 2019. This standard did not impact the Company’s accounting for leases where the Company is the lessor.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Accounting Standards Issued But Not Yet Adopted</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)”</font> – Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans and held to maturity debt securities) and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. In October 2019, the FASB proposed an update to ASU No. 2016-13 that would make the ASU effective for the Company on January 1, 2023. The Company is in the process of evaluating the potential impact of this standard, especially as it relates to mortgage loans held for investment.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”</font> – Issued in August 2018, ASU 2018-13 modifies the disclosure requirements of Topic 820 by removing, modifying or adding certain disclosures. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 does not change the fair value measurements already required or permitted by existing standards. This new authoritative guidance will be effective for the Company on January 1, 2020. The adoption of this standard will not materially impact the Company’s financial statements.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts”</font> – Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In October 2019, the FASB proposed an update to ASU No. 2018-12 that would make the ASU effective for the Company on January 1, 2024. The Company is in the process of evaluating the potential impact of this standard.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p>
<p align="justify" style='margin:0'><b>General Overview of Business</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Security National Financial Corporation and its wholly owned subsidiaries (the “Company”) operate in three main business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products and accident and health insurance marketed primarily in the Intermountain West, California and eleven southern states. The cemetery and mortuary segment of the Company consists of eight mortuaries and five cemeteries in Utah and one cemetery in California. The mortgage segment is an approved government and conventional lender that originates and underwrites residential and commercial loans for new construction, existing homes and real estate projects primarily in Florida, Nevada, Texas, and Utah.</p>
<p align="justify" style='margin:0'><b>Basis of Presentation</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). </p>
<p align="justify" style='margin:0'><b>Principles of Consolidation</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>These consolidated financial statements include the financial statements of the Company and its majority owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.</p>
<p align="justify" style='margin:0'><b>Use of Estimates</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Management of the Company has made a number of estimates and assumptions related to the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with GAAP. Actual results could differ from those estimates. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the value of mortgage loans foreclosed to real estate held for investment; those used in determining the liability for future policy benefits; those used in determining the value of mortgage servicing rights; those used in determining allowances for loan losses for mortgage loans held for investment; 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. </p>
<p align="justify" style='margin:0'><b>Investments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s management determines the appropriate classifications of investments in fixed maturity securities and equity securities at the acquisition date and re-evaluates the classifications at each balance sheet date.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Fixed maturity securities available for sale</font> are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded in accumulated other comprehensive income. On December 31, 2019, the Company changed the classification of its bond and preferred stock investments to available for sale from held to maturity. As a result, securities available for sale are carried at estimated fair value instead of amortized cost. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Fixed maturity securities held to maturity</font> are carried at cost, adjusted for amortization of premium or accretion of discount. Although the Company has the ability and intent to hold these investments to maturity, infrequent and unusual conditions could occur under which it would sell certain of these securities. Those conditions include unforeseen changes in asset quality, significant changes in tax laws, and changes in regulatory capital requirements or permissible investments.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Equity securities</font> are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Mortgage loans held for investment</font> are carried at their unpaid principal balances adjusted for net deferred fees, net discounts, charge-offs and the related allowance for loan losses. Interest income is included in net investment income on the consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the term of the loans. Origination fees are included in net investment income on the consolidated statements of earnings. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company will fund a loan not to exceed 80% of the loan’s collateral fair market value. Amounts over 80% will require additional collateral or mortgage insurance by an approved third-party insurer.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Real estate held for investment</font> is carried at cost, less accumulated depreciation provided on a straight-line basis over the estimated useful lives of the properties, or is adjusted to a new basis for impairment in value, if any. Included are foreclosed properties which the Company intends to hold for investment purposes. These properties are recorded at the lower of cost or fair value upon foreclosure.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Real estate held for sale</font> is carried at lower of cost or fair value. Depreciation is not recognized on real estate classified as held for sale. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Other investments and policy loans</font> are carried at the aggregate unpaid balances, less allowances for losses.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Gains and losses on investments (except for equity securities carried at fair value through net earnings)</font> arise when investments are sold (as determined on a specific identification basis) or are other than temporarily impaired. If in management’s judgment a decline in the value of an investment below cost is other than temporary, the cost of the investment is written down to fair value with a corresponding charge to earnings. Factors considered in judging whether an impairment is other than temporary include: the financial condition, business prospects and credit worthiness of the issuer, the length of time that fair value has been less than cost, the relative amount of the decline, and the Company’s ability and intent to hold the investment until the fair value recovers, which is not assured.</p>
<p align="justify" style='margin:0'><b>Cash and Cash Equivalents</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.</b> <b>The Company maintains its cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.</b></font></p>
<p align="justify" style='margin:0'><b>Loans Held for Sale</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments”, allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Company elected the fair value option for loans held for sale. The Company believes the fair value option most closely aligns the timing of the recognition of gains and costs. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Electing fair value also reduces certain timing differences and better matches changes in the fair value of these assets with changes in the fair value of the related derivatives used for these assets. See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.</b></font></p>
<p align="justify" style='margin:0'><b>Mortgage Fee Income</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage fee income consists of origination fees, processing fees, interest income and certain other income related to the origination of mortgage loans held for sale. All revenues and costs are recognized when the mortgage loan is funded and any changes in fair value are shown as a component of mortgage fee income.  See Note 3 and Note 17 to Consolidated Financial Statements for additional disclosures regarding loans held for sale.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its mortgage subsidiaries, sells mortgage loans to third-party investors without recourse unless defects are identified in the representations and warranties made at loan sale. It may be required, however, to repurchase a loan or pay a fee instead of repurchase under certain events, which include the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Failure to deliver original documents specified by the investor, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>The existence of misrepresentation or fraud in the origination of the loan, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>The loan becomes delinquent due to nonpayment during the first several months after it is sold, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Early pay-off of a loan, as defined by the agreements, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Excessive time to settle a loan, </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Investor declines purchase, and </p><p align="justify" style='margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt'>·</kbd>Discontinued product and expired commitment. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Loan purchase commitments generally specify a date 30 to 45 days after delivery upon which the underlying loans should be settled. Depending on market conditions, these commitment settlement dates can be extended at a cost to the Company. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>It is the Company's policy to cure any documentation problems regarding such loans at a minimal cost for up to a six-month time period and to pursue efforts to enforce loan purchase commitments from third-party investors concerning the loans. The Company believes that six months allows adequate time to remedy any documentation issues, to enforce purchase commitments, and to exhaust other alternatives. Remedial methods include the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Research reasons for rejection,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Provide additional documents,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Request investor exceptions,</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Appeal rejection decision to purchase committee, and</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:0.75pt'>·</kbd><font style='line-height:12pt'>Commit to secondary investors.</font> </p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>Once purchase commitments have expired and other alternatives to remedy are exhausted, which could be earlier than the six-month time period, the loans are repurchased and transferred to the long-term investment portfolio at the lower of cost or fair value and previously recorded mortgage fee income that was to be received from a third-party investor is written off against the loan loss reserve.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Determining Lower of Cost or Fair Value</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Cost for loans held for sale is equal to the amount paid to the warehouse bank and the amount originally funded by the Company. Fair value is often difficult to determine, but is based on the following:</p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are committed, the Company uses the commitment price.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed that have an active market, the Company uses the market price.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed where there is no market but there is a similar product, the Company uses the market value for the similar product.</font> </p><p align="justify" style='line-height:12pt;margin:0;margin-left:72pt'><kbd style='position:absolute;font-family:Symbol;margin-left:-18pt;padding-top:1pt'>·</kbd><font style='line-height:12pt'>For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the market value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.</font> </p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'>The appraised value of the real estate underlying the original mortgage loan adds support to the Company’s determination of fair value because if the loan becomes delinquent, the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loan, thus minimizing credit losses. </font></p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'>The majority of loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.</font></p>
<p align="justify" style='margin:0'><b>Loan Loss Reserve</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The loan loss reserve is an estimate of probable losses at the balance sheet date that the Company will realize in the future on loans sold. The Company may be required to reimburse third-party investors for costs associated with early payoff of loans within the first six months of such loans and to repurchase loans where there is a default in any of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Upon completion of a transfer that satisfies the conditions to be accounted for as a sale, the Company initially measures at fair value liabilities incurred in a sale relating to any guarantee or recourse provisions. The Company accrues a monthly allowance for indemnification losses to investors based on total production. This estimate is based on the Company’s historical experience and is included as a component of mortgage fee income. Subsequent updates to the recorded liability from changes in assumptions are recorded in selling, general and administrative expenses. The estimated liability for indemnification losses is included in other liabilities and accrued expenses. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The loan loss reserve analysis involves mortgage loans that have been sold to third-party investors, which were believed to have met investor underwriting guidelines at the time of sale, where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are more particularly described as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Make whole demand</i> – A make whole demand occurs when an investor forecloses on a property and then sells the property. The make whole amount is calculated as the difference between the original unpaid principal balance, accrued interest and fees, less the sale proceeds.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Repurchase demand</i> – A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'><i>Indemnification demand</i> – On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0'>The Company believes the allowance for loan losses and the loan loss reserve represent probable loan losses incurred as of the balance sheet date.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Additional information related to the Loan Loss Reserve is included in Note 3.</p>
<p align="justify" style='margin:0'><b>Restricted Assets</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Restricted assets are assets held in a trust account for future mortuary services and merchandise and consist of cash and cash equivalents; participations in mortgage loans held for investment with Security National Life Insurance Company (“Security National Life”); mutual funds carried at estimated fair value; equity securities carried at estimated fair value; and a surplus note with Security National Life (which is eliminated in consolidation). Restricted assets also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to fund its medical benefit safe-harbor limit based on the qualified direct costs, and has included this amount as a component of restricted cash.</p>
<p align="justify" style='margin:0'><b>Cemetery Perpetual Care Trust Investments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Cemetery endowment care trusts have been set up for four of the six cemeteries owned by the Company. Of the six cemeteries owned by the Company, four cemeteries are endowment care properties. Under endowment care arrangements a portion of the price for each lot sold is withheld and invested in a portfolio of investments similar to those described in the prior paragraph. The earnings stream from the investments is designed to fund future maintenance and upkeep of the cemetery.</p>
<p align="justify" style='margin:0'><b>Cemetery Land and Improvements</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The development of a cemetery involves not only the initial acquisition of raw land but the installation of roads, water lines, landscaping and other costs to establish a marketable cemetery lot. The costs of developing the cemetery are shown as an asset on the balance sheet. The amount on the balance sheet is reduced by the total cost assigned to the development of a particular lot when the criterion for recognizing a sale of that lot is met.</p>
<p align="justify" style='margin:0'><b>Deferred Policy Acquisition Costs and Value of Business Acquired</b></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Commissions and other costs, net of commission and expense allowances for reinsurance ceded, that vary with and are primarily related to the production of new insurance business have been deferred. Deferred policy acquisition costs (“DAC”) for traditional life insurance are amortized over the premium paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For interest-sensitive insurance products, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges, investment, mortality and expense margins. This amortization is adjusted when estimates of current or future gross profits to be realized from a group of products are reevaluated. Deferred acquisition costs are written off when policies lapse or are surrendered.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>When accounting for DAC, the Company considers internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverage that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to contract, or by the election of a feature or coverage within a contract. Modifications that result in a replacement contract that is substantially changed from the replaced contract are accounted for as an extinguishment of the replaced contract. Unamortized DAC, unearned revenue liabilities and deferred sales inducements from the replaced contract are written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract. </font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>Value of business acquired is the present value of estimated future profits of the acquired business and is amortized similar to deferred policy acquisition costs.</p>
<p align="justify" style='margin:0'><b>Mortgage Servicing Rights</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage Servicing Rights (“MSR”) arise from contractual agreements between the Company and third-party investors (or their agents) when mortgage loans are sold. Under these contracts, the Company is obligated to retain and provide loan servicing functions on loans sold, in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition of real estate owned and property dispositions. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The total residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans. The value of MSRs is derived from the net cash flows associated with the servicing contracts. The Company receives a servicing fee of generally about 0.250% annually on the remaining outstanding principal balances of the loans. Based on the result of the cash flow analysis, an asset or liability is recorded for mortgage servicing rights. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges, and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments. Contractual servicing fees and late fees are included in other revenues on the consolidated statements of earnings.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. Amortization expense is included in other expenses on the consolidated statements of earnings. MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of the estimated future net servicing income of the underlying financial assets.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Interest rate risk, prepayment risk, and default risk are inherent risks in MSR valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as rates decline. A significant decrease in rates beyond expectation could cause a decline in the value of the MSR. On the contrary, if rates increase borrowers are less likely to refinance or prepay their mortgage, which extends the duration of the loan and MSR values are likely to rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p>
<p align="justify" style='margin:0'><b>Property and Equipment</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method over the estimated useful lives of the assets which range from three to forty years. Leasehold improvements paid for by the Company as a lessee are amortized over the lesser of the useful life or remaining lease terms.</font></p>
<p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Long-lived Assets</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Long-lived assets to be held and used, including property and equipment and real estate held for investment, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset, and long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. No impairment of long-lived assets has been recognized in the accompanying financial statements except for certain impairments of real estate held for investment as disclosed in Note 2.</p>
<p align="justify" style='margin:0'><b>Derivative Instruments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage Banking Derivatives</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Loan Commitments</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a 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 loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded or the loan application is denied or withdrawn within the terms of the commitment is driven by a number of factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 loan commitments and are updated periodically to reflect the most current data. </p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of 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 loan commitment is issued and is shown net of expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. </font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Forward Sale Commitments</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value opposite to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the consolidated balance sheets. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Call and Put Option Derivatives</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company uses a strategy of selling “out of the money” call options on its 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 uses the strategy of selling 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. The liability for options is adjusted to fair value at each reporting date. In the event a call option is exercised, the Company sells the equity security at a favorable price enhanced by the value of the option that was sold. If the option expires unexercised, the Company recognizes a gain from the expired option. In the event a put option is exercised, the Company acquires an equity security at the strike price of the option reduced by the value received from the sale of the put option. The equity security is then treated as a normal equity security in the Company’s portfolio. The net changes in the fair value of call and put options are shown in current earnings as a component of realized gains (losses) on investments and other assets. Call and put options are shown in other liabilities and accrued expenses on the consolidated balance sheets. </font></p>
<p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Allowance for Doubtful Accounts and Loan Losses and Impaired Loans</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company records an allowance and recognizes an expense for potential losses from mortgage loans held for investment, other investments and receivables in accordance with GAAP. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company provides for losses on its mortgage loans held for investment through an allowance for loan losses (a contra-asset account). 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 2 for additional information. In addition, when a mortgage loan is past due more than 90 days, the Company does not accrue any interest income. When a loan becomes delinquent, the Company proceeds to foreclose on the real estate and all expenses for foreclosure are expensed as incurred. Once foreclosed, an adjustment for the lower of cost or fair value is made, if necessary, and the amount is classified as real estate held for investment. The Company will rent the properties until it is deemed desirable to sell them.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. </p><p align="justify" style='margin:0'>For purposes of determining the allowance for losses, the Company has segmented its mortgage loans held for investment by loan type. The Company’s loan types are commercial, residential, and residential construction. The inherent risks within the portfolio vary depending upon the loan type as follows:</p><p style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Commercial</font> - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondary on the borrower’s (or guarantors) ability to repay.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Residential</font> – Secured by family dwelling units. These loans are secured by first and second mortgages on the unit. The borrower’s ability to repay is sensitive to the life events and general economic condition of the region. Where loan to values exceed 80%, the loan is generally guaranteed by private mortgage insurance, FHA or VA. </p><p style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Residential construction (including land acquisition and development)</font> – Underwritten in accordance with the Company’s underwriting policies which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing.  Additionally, land is underwritten according to the Company’s policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These cost and valuation estimates may be inaccurate. These loans are considered to be of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity.</p>
<p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Future Policy Benefits and Unpaid Claims</font></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Future policy benefit reserves for traditional life insurance are computed using a net level method, including assumptions as to investment yields, mortality, morbidity, withdrawals, and other assumptions based on the life insurance subsidiaries’ experience, modified as necessary to give effect to anticipated trends and to include provisions for possible unfavorable deviations. Such liabilities are, for some plans, graded to equal statutory values or cash values at or prior to maturity, which are deemed a reasonable equivalent for GAAP. The range of assumed interest rates for all traditional life insurance policy reserves was 4% to 10%. Benefit reserves for traditional limited-payment life insurance policies include the deferred portion of the premiums received during the premium-paying period. Deferred premiums are recognized as income over the life of the policies. Policy benefit claims are charged to expense in the period the claims are incurred. Increases in future policy benefits are charged to expense.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 3% to 6.5%.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company records an unpaid claims liability for claims in the course of settlement equal to the death benefit amount less any reinsurance recoverable amount for claims reported. There is also an unpaid claims liability for claims incurred but not reported. This liability is based on the historical experience of the net amount of claims that were reported in reporting periods subsequent to the reporting period when claims were incurred. </p>
<p align="justify" style='margin:0'><b>Participating Insurance</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Participating business constituted 2% of insurance in force for the years ended 2019 and 2018. The provision for policyholders’ dividends included in policyholder obligations is based on dividend scales anticipated by management. Amounts to be paid are determined by the Board of Directors.</p>
<p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Recognition of Insurance Premiums and Other Considerations</b></font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Premiums and other consideration for traditional life insurance products (which include those products with fixed and guaranteed premiums and benefits and consist principally of whole life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies) are recognized as revenues when due from policyholders. Premiums and other consideration for interest-sensitive insurance policies (which include universal life policies, interest-sensitive life policies, deferred annuities, and annuities without life contingencies) are recognized when earned and consist of amounts assessed against policyholder account balances during the period for policy administration charges and surrender charges.</font></p>
<p align="justify" style='margin:0'><b>Reinsurance</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company follows the procedure of reinsuring risks in excess of $100,000 to provide for greater diversification of business to allow management to control exposure to potential losses arising from large risks, and provide additional capacity for growth. The Company remains liable for amounts ceded in the event the reinsurers are unable to meet their obligations.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company entered into coinsurance agreements with unaffiliated insurance companies under which the Company assumed 100% of the risk for certain life insurance policies and certain other policy-related liabilities of the insurance company.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Expense allowances received in connection with reinsurance ceded are accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly.</p>
<p align="justify" style='margin:0'><b>Pre-need Sales and Costs</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of funeral services and caskets</font> - revenue and costs associated with the sales of pre-need funeral services and caskets are deferred until the performance obligations are fulfilled (services are performed or the caskets are delivered).</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Sales of cemetery interment rights (cemetery burial property)</font> - revenue and costs associated with the sale of cemetery interment rights are recognized in accordance with the retail land sales provisions based on GAAP. Under GAAP, recognition of revenue and associated costs from constructed cemetery property must be deferred until 10% of the sales price has been collected. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of cemetery merchandise (primarily markers and vaults)</font> - revenue and costs associated with the sale of pre-need cemetery merchandise is deferred until the merchandise is delivered. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Pre-need contract sales of cemetery services (primarily merchandise delivery, installation fees and burial opening and closing fees)</font> - revenue and costs associated with the sales of pre-need cemetery services are deferred until the services are performed.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Prearranged funeral and pre-need cemetery customer acquisition costs</font> - costs incurred related to obtaining new pre-need contract cemetery and prearranged funeral services are accounted for under the guidance of the provisions based on GAAP. Obtaining costs, which include only costs that vary with and are primarily related to the acquisition of new pre-need cemetery and prearranged funeral services, are deferred until the merchandise is delivered or services are performed.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Revenues and costs for at-need sales are recorded when a valid contract exists, the services are performed, collection is reasonably assured and there are no significant obligations remaining.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its cemetery and mortuary operations, provides guaranteed funeral arrangements wherein a prospective customer can receive future goods and services at guaranteed prices. To accomplish this, the Company, through its life insurance operations, sells to the customer an increasing benefit life insurance policy that is assigned to the mortuaries. If, at the time of need, the policyholder/potential mortuary customer utilizes one of the Company’s facilities, the guaranteed funeral arrangement contract that has been assigned will provide the funeral goods and services at the contracted price. The increasing life insurance policy will cover the difference between the original contract prices and current prices. Risks may arise if the difference cannot be fully met by the life insurance policy. However, management believes that given current inflation rates and related price increases of goods and services, the risk of exposure is minimal.</p>
<p align="justify" style='margin:0'><b>Goodwill</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Previous acquisitions have been accounted for as purchases under which assets acquired and liabilities assumed were recorded at their fair values with the excess purchase price recognized as goodwill. The Company evaluates annually or when changes in circumstances warrant the recoverability of goodwill and if there is a decrease in value, the related impairment is recognized as a charge against income. No impairment of goodwill has been recognized in the accompanying financial statements.</p>
<p style='margin:0'><b>Other Intangibles (trade name and customer lists)</b></p><p style='margin:0'> </p><p align="justify" style='margin:0'>Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. The Company engaged a valuation firm to analyze the value of the Kilpatrick Life name in conjunction with its acquisition. The value of the trade name is included in Other Assets and was determined using the income approach, relying on a relief from the royalty method. </p>
<p style='margin:0'><b>Income Taxes</b></p><p style='margin:0'> </p><p style='margin:0'>Income taxes include taxes currently payable plus deferred taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences in the financial reporting basis and tax basis of assets and liabilities and operating loss carry-forwards. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Liabilities are established for uncertain tax positions expected to be taken in income tax returns when such positions are judged to meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax penalties are included as a component of other expenses. </p>
<p align="justify" style='margin:0'><b>Earnings Per Common Share</b></p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company computes earnings per share which requires presentation of basic and diluted earnings per share. Basic earnings per equivalent Class A common share are computed by dividing net earnings by the weighted-average number of Class A common shares outstanding during each year presented, after the effect of the assumed conversion of Class C common stock to Class A common stock. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding during the year used to compute basic earnings per share plus dilutive potential incremental shares. Basic and diluted earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.</font></p>
<p style='margin:0'><b>Stock Based Compensation</b></p><p style='margin:0'> </p><p style='margin:0'>The cost of employee services received in exchange for an award of equity instruments is recognized in the financial statements and is measured based on the fair value on the grant date of the award. The fair value of stock options is calculated using the Black Scholes Option Pricing Model. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award and is included in personnel expenses on the consolidated statements of earnings.</p>
<p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Concentration of Credit Risk</font></p><p align="justify" style='margin:0'> </p><p style='margin:0'>For a description of the geographic concentration risk regarding mortgage loans held for investment and real estate held for investment, refer to Note 2 of the Notes to Consolidated Financial Statements.</p>
<p style='margin:0'><b>Advertising</b></p><p style='margin:0'> </p><p style='margin:0'>The Company expenses advertising costs as incurred.</p>
<p style='margin:0'><b>Recent Accounting Pronouncements</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Accounting Standards Adopted in 2019</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2016-02: “Leases (Topic 842)”</font> - Issued in February 2016, ASU 2016-02 supersedes the requirements in Accounting Standards Codification (“ASC”) Topic 840, “Leases”, and was issued to increase transparency and comparability among organizations. The new standard sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet right-of-use assets and lease liabilities, equal to the present value of the remaining lease payments. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or a straight-line basis over the term of the leases. The FASB further clarified ASU 2016-02 and provided targeted improvements by issuing ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company adopted this standard on January 1, 2019 using the modified retrospective transition method with no cumulative-effect adjustment to the opening balance of retained earnings. Under this transition method, the application date was the beginning of the reporting period, January 1, 2019, in which the Company first applied the standard. Under this transition option, the Company will apply the legacy guidance in ASC 840, “Leases”, including its disclosure requirements, in the comparative periods presented in the year of adoption. The Company has made an accounting policy election not to apply the recognition requirements to short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying assets that the lessee is reasonably certain to exercise. The new authoritative guidance allows for certain practical expedients to be utilized to assist with the implementation of the new standard. The Company has elected the transition package of practical expedients which allows the Company to not reassess whether any expired or existing contracts are or contain leases, to not reassess the lease classification for any expired or existing leases and to not reassess initial direct costs for any existing leases.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company implemented a third-party lease accounting system to assist with the measurement of the lease liabilities and the related right-of-use assets. The Company compiled an inventory of its leases, determined the appropriate discount rates and has determined the impact of this standard which is not material to the Company’s results of operations, but has an effect on the balance sheet presentation for leased assets and obligations. The Company recognized a right-of-use asset and related lease liability for approximately $12,076,000 on January 1, 2019. This standard did not impact the Company’s accounting for leases where the Company is the lessor.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Accounting Standards Issued But Not Yet Adopted</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)”</font> – Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans and held to maturity debt securities) and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. In October 2019, the FASB proposed an update to ASU No. 2016-13 that would make the ASU effective for the Company on January 1, 2023. The Company is in the process of evaluating the potential impact of this standard, especially as it relates to mortgage loans held for investment.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”</font> – Issued in August 2018, ASU 2018-13 modifies the disclosure requirements of Topic 820 by removing, modifying or adding certain disclosures. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 does not change the fair value measurements already required or permitted by existing standards. This new authoritative guidance will be effective for the Company on January 1, 2020. The adoption of this standard will not materially impact the Company’s financial statements.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts”</font> – Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In October 2019, the FASB proposed an update to ASU No. 2018-12 that would make the ASU effective for the Company on January 1, 2024. The Company is in the process of evaluating the potential impact of this standard.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p>
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>2) </kbd><kbd style='margin-left:19.85pt'></kbd><font style='border-bottom:1px solid #000000'>Investments</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s investments as of December 31, 2019 are summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amortized Cost</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Gains</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>December 31, 2019</font>:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'>Fixed maturity securities available for sale at estimated fair value:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>U.S. Treasury securities and obligations of U.S. Government agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 142,740,641 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 632,185 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ (25,215)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 143,347,611 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Obligations of states and political subdivisions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>7,450,366 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>87,812 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(9,026)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>7,529,152 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Corporate securities including public utilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>156,599,184 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>16,768,449 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(463,413)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>172,904,220 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>31,475,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>597,395 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(240,177)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>31,832,498 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>364,339 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>364,339 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Total fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 338,629,810 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 18,085,841 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (737,831)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 355,977,820 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%;white-space:nowrap'><p style='margin:0'>Equity securities at estimated fair value:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Common stock:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Industrial, miscellaneous and all other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,900,537 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 1,139,799 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (769,171)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 7,271,165 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Total equity securities at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,900,537 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,139,799 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (769,171)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,271,165 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Mortgage loans held for investment at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 38,718,220 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Less: Unamortized deferred loan fees, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> (2,391,567)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Less: Allowance for loan losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> (1,453,037)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Less: Net discounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 236,694,546 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'>Real estate held for investment - net of accumulated depreciation:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,530,306 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 90,226,640 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total real estate held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 102,756,946 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'>Real estate held for sale:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 8,021,306 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 6,076,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total real estate held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,097,627 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Other investments and policy loans at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Policy loans</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 14,762,805 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 41,062,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Federal Home Loan Bank stock (1)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 894,300 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 4,973,225 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Less: Allowance for doubtful accounts</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,448,026)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Total policy loans and other investments</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 60,245,269 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,833,232 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Total investments</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 781,876,605 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s investments as of December 31, 2018 are summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amortized Cost</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Gains</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'><font style='border-bottom:1px solid #000000'>December 31, 2018</font>:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'>Fixed maturity securities held to maturity at amortized cost:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>U.S. Treasury securities and obligations of U.S. Government agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> $ 52,017,683 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 264,891 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ (727,798)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 51,554,776 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Obligations of states and political subdivisions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>6,959,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>32,274 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(111,271)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>6,880,240 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Corporate securities including public utilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>157,639,860 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>7,002,864 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(3,704,137)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>160,938,587 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>15,358,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>227,398 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(308,864)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>15,277,280 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>103,197 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,903 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(5,125)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>99,975 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Total fixed maturity securities held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 232,078,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,529,330 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (4,857,195)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 234,750,858 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%;white-space:nowrap'><p style='margin:0'>Equity securities at estimated fair value:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Common stock:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Industrial, miscellaneous and all other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,312,158 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 422,528 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (1,176,075)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 5,558,611 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Total equity securities at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,312,158 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 422,528 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,176,075)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,558,611 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Mortgage loans held for investment at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 71,366,544 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 27,785,927 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Less: Unamortized deferred loan fees, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> (1,275,030)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Less: Allowance for loan losses</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,347,972)</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Total mortgage loans held for investment</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 186,465,069 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'>Real estate held for investment - net of accumulated depreciation:</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 29,507,431 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 92,050,791 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Total real estate held for investment</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 121,558,222 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Other investments and policy loans at amortized cost:</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 35,239,396 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Federal Home Loan Bank stock (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 2,548,700 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Other investments</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 3,497,762 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Less: Allowance for doubtful accounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,092,528)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Total policy loans and other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 46,617,655 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,566,146 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Total investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 595,844,426 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="bottom" style='width:100%;white-space:nowrap'><p style='margin:0'>(1) Includes $708,700 of Membership stock and $1,840,000 of Activity stock due to short-term borrowings.</p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Fixed Maturity Securities</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On December 31, 2019, the Company changed the classification of its bond and preferred stock investments from held to maturity to available for sale based on the Company’s need to be able to respond proactively to market risks in managing its portfolio. Such investments are carried at fair value with any unrealized gains and losses reported as a component of other accumulated comprehensive income or loss. At the date of the transfer, the carrying value of the Company’s held to maturity securities was $338,629,810, and net unrealized gains of $17,315,770 were recognized in accumulated other comprehensive income.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following tables summarize unrealized losses on fixed maturities securities that were carried at estimated fair value at December 31, 2019 and carried at amortized cost at December 31, 2018. The unrealized losses were primarily related to interest rate fluctuations. The tables set forth unrealized losses by duration with the fair value of the related fixed maturity securities:</p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100.14%'><tr style='height:34.65pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Unrealized Losses for Less than Twelve Months</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Unrealized Losses for More than Twelve Months</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Unrealized Loss</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>At December 31, 2019</font></p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%'><p style='margin:0'>U.S. Treasury Securities and Obligations </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%'><p style='margin:0'> of U.S. Government Agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%'><p align="right" style='margin:0'> $ 20,211 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 30,629,288 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> $ 5,004 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 10,000,400 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> $ 25,215 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 40,629,688 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%'><p style='margin:0'>Obligations of States and Political Subdivisions</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p align="right" style='margin:0'> 9,026 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> 3,062,889 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p align="right" style='margin:0'> 9,026 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> 3,062,889 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%'><p style='margin:0'>Corporate Securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%'><p align="right" style='margin:0'> 118,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 7,184,311 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> 344,667 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 3,950,509 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> 463,413 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 11,134,820 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'>Mortgage and other asset-backed securities</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 205,470 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,266,443 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 34,707 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 502,769 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 240,177 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,769,212 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%;white-space:nowrap'><p style='margin:0'>Total unrealized losses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 353,453 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 54,142,931 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 384,378 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,453,678 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 737,831 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 68,596,609 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100.14%'><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>At December 31, 2018</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%'><p style='margin:0'>U.S. Treasury Securities and Obligations </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%'><p style='margin:0'> of U.S. Government Agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> $ 10,519 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 695,863 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> $ 717,279 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 39,930,052 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> $ 727,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 40,625,915 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%'><p style='margin:0'>Obligations of States and Political Subdivisions</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> 6,643 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 1,791,257 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 104,628 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 2,889,517 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 111,271 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 4,680,774 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%'><p style='margin:0'>Corporate Securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> 2,514,549 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 61,090,431 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 1,189,588 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 11,767,349 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 3,704,137 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 72,857,780 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Mortgage and other asset-backed securities</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> 79,896 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 1,705,296 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 228,968 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 2,690,065 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 308,864 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 4,395,361 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> 5,125 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 90,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 5,125 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 90,000 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Total unrealized losses</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,616,732 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 65,372,847 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,240,463 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 57,276,983 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,857,195 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 122,649,830 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>There were 93 securities with fair value of 98.9% of amortized cost at December 31, 2019. There were 361 securities with fair value of 96.2% of amortized cost at December 31, 2018. No credit losses have been recognized for the years ended December 31, 2019 and 2018. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On a quarterly basis, the Company evaluates its fixed maturity securities classified as available for sale or held to maturity. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”). Securities with a rating of 1 or 2 are considered investment grade and are not reviewed for impairment. Securities with ratings of 3 to 5 are evaluated for impairment. Securities with a rating of 6 are automatically determined to be impaired and are written down. The evaluation involves an analysis of the securities in relation to historical values, interest payment history, projected earnings and revenue growth rates as well as a review of the reason for a downgrade in the NAIC rating. Based on the analysis of a security that is rated 3 to 5, a determination is made whether the security will likely make interest and principal payments in accordance with the terms of the financial instrument. If it is unlikely that the security will meet contractual obligations, the loss is considered to be other than temporary, the security is written down to the new anticipated market value and an impairment loss is recognized. Impairment losses are treated as credit losses as the Company holds fixed maturity securities to maturity unless the underlying conditions have changed in the financial instrument to require an impairment.  </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The amortized cost and estimated fair value of fixed maturity securities at December 31, 2019, 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.</p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:402.1pt'><tr style='height:15.05pt'><td valign="top" style='width:175.95pt'><p style='margin:0'> </p></td><td valign="top" style='width:17.85pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt'><p align="center" style='margin:0'>Amortized</p></td><td valign="bottom" style='width:17.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt'><p align="center" style='margin:0'>Estimated Fair</p></td></tr><tr style='height:15.05pt'><td valign="top" style='width:175.95pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:17.85pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Cost</p></td><td valign="bottom" style='width:17.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Due in 1 year </p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> $ 104,805,927 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> $ 104,845,243 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Due in 2-5 years</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 67,412,618 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 69,126,500 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Due in 5-10 years</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 71,110,341 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 76,249,550 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Due in more than 10 years</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 63,461,305 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 73,559,690 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 31,475,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 31,832,498 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 364,339 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 364,339 </p></td></tr><tr style='height:15.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Total held to maturity</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 338,629,810 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 355,977,820 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). The Company pledged a total of $60,000,000, par value, of United States Treasury fixed maturity securities with the FHLB at December 31, 2019. These securities are used as collateral on any cash borrowings from the FHLB. As of December 31, 2019, the Company did not have any outstanding amounts owed to the FHLB and its estimated maximum borrowing capacity was $57,727,738. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Investment Related Earnings</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s net realized gains and losses from sales, calls, and maturities, and other than temporary impairments from investments and other assets for the years ended December 31 are summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:384.6pt'><tr style='height:12.75pt'><td valign="top" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="top" style='width:20.15pt'><p align="center" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Fixed maturity securities held to maturity:</p></td><td valign="top" style='width:65.7pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:65.7pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="justify" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gross realized gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 459,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 522,937 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Gross realized losses</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (162,649)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (669,303)</p></td><td valign="top" style='width:20.15pt'><p align="center" style='margin:0'> </p></td></tr><tr style='height:6.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Equity securities:</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gains (losses) on securities sold</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 256,520 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (173,413)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:25.5pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Unrealized gains (losses) on securities held at the end of the period</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 1,086,116 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (1,053,756)</p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Other assets:</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gross realized gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 2,844,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 26,553,814 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="justify" style='margin:0'>(1)</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Gross realized losses</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (3,755,579)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (1,239,100)</p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 728,367 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 23,941,179 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:221.95pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:17.1pt'><td colspan="4" valign="bottom" bgcolor="#E2F8FE" style='width:364.45pt'><p style='margin:0'>(1) Includes a one-time gain of $22,252,000 from the sale of Dry Creek at East Village Apartments.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The net realized gains and losses on the sale of securities are recorded on the trade date, and the cost of the securities sold is determined using the specific identification method.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The carrying amount of held to maturity securities sold was $4,950,041 and $5,808,244, for the years ended December 31, 2019 and 2018, respectively. The net realized gain related to these sales was $43,039, for the year ended December 31, 2019, and the net realized loss related to these sales was $268,823, for the year ended December 31, 2018.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Major categories of net investment income for the years ended December 31, were as follows: </p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:67.72%'><tr style='height:15pt'><td valign="top" style='width:196.2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:67pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Fixed maturity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> $ 10,372,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> $ 10,041,349 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Equity securities</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 309,918 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 233,555 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 18,405,010 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 18,716,226 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Real estate held for investment and sale</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 8,782,959 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 8,375,257 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 554,969 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 409,589 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 16,086,059 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 14,771,336 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 184,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 227,930 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" style='width:67pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,824,443 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,264,611 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Gross investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 56,520,356 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 54,039,853 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Investment expenses</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> (13,500,883)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> (14,126,586)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Net investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,019,473 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 39,913,267 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Net investment income includes net investment income earned by the restricted assets of the cemeteries and mortuaries of $448,754 and $386,659 for the years ended December 31, 2019 and 2018, respectively.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Net investment income on real estate consists primarily of rental revenue. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Securities on deposit for regulatory authorities as required by law amounted to $9,633,818 and $9,220,520 at December 31, 2019 and 2018, respectively. The restricted securities are included in various assets under investments on the accompanying consolidated balance sheets.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>There were no investments, aggregated by issuer, in excess of 10% of shareholders’ equity (before net unrealized gains and losses on equity securities) at December 31, 2019, other than investments issued or guaranteed by the United States Government.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'><b>Real Estate Held for Investment and Held for Sale</b></p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>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 segments in the form of acquisition, development and mortgage foreclosures. The Company reports real estate held for investment and held for sale pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements. </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'><font style='border-bottom:1px solid #000000'>Commercial Real Estate Held for Investment and Held for Sale</font></p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>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.</p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>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 assets that provide operational efficiencies. </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>The Company currently owns and operates 16 commercial properties in 5 states. These properties include industrial warehouses, office buildings, retail centers, and includes the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company also holds undeveloped land that may be used for future commercial developments. The Company does use debt in strategic cases to leverage established yields or to acquire a higher quality or different class of asset. See Note 20 regarding commercial real estate held for investment in Louisiana acquired with the acquisition of Kilpatrick Life Insurance Company. </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>The aggregated net ending balance of commercial real estate that serves as collateral for bank borrowings was approximately $87,815,000 and $84,880,000 as of December 31, 2019 and 2018, respectively. The associated bank loan carrying values totaled approximately $54,917,000 and $52,237,000 as of December 31, 2019 and 2018, respectively.</p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>During the years ended December 31, 2019 and 2018, the Company recorded impairment losses on commercial real estate held for investment of $2,768,979 and $-0-, respectively. The impairment loss of $2,768,979 recognized relates to an office building in Kansas held by the life insurance segment for which the Company received an unsolicited bid from a potential buyer that was significantly below the building’s carrying value. Although management did not consider the offer as representative of fair value, the Company evaluated the unsolicited bid as a potential impairment indicator. The Company performed an impairment analysis internally and obtained an independent appraisal from an outside commercial real estate valuation firm, concluding that the fair value of the building was less than its carrying value. This office building was recently listed for sale and is included in commercial real estate held for sale. This impairment loss is included in gains (losses) on investments and other assets on the consolidated statements of earnings.</p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'>The Company’s commercial real estate held for investment for the years ended December 31, is summarized as follows: </p><p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><table style='border-collapse:collapse;width:370.75pt'><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:158.8pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:117.7pt;white-space:nowrap'><p align="center" style='margin:0'>Total Square Footage</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Arizona</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Kansas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 6,861,898 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 222,679 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Louisiana</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 6,009,079 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 467,694 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 125,114 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 7,063 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Mississippi</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 2,951,478 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 3,329,948 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 21,521 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 33,821 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>New Mexico</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 7,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 300,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 81,266,083 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 81,080,251 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 465,230 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 502,129 </p></td></tr><tr style='height:5.45pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,226,640 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 92,050,791 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 611,865 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 765,692 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:146.4pt;white-space:nowrap'><p style='margin:0'>(1) Undeveloped Land</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" style='width:146.4pt;white-space:nowrap'><p style='margin:0'>(2) Improved commercial pad</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="6" valign="bottom" bgcolor="#E2F8FE" style='width:253.05pt;white-space:nowrap'><p style='margin:0'>(3) Includes Center53 phase 1 completed in July 2017</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The Company’s commercial real estate held for sale for the years ended December 31, is summarized as follows:</p><p style='margin:0'> </p><table style='border-collapse:collapse;width:360.25pt'><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:151.6pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:117.55pt;white-space:nowrap'><p align="center" style='margin:0'>Total Square Footage</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Arizona</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,500 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Kansas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 4,800,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 222,679 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Mississippi</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 318,322 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 12,300 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Nevada</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 655,499 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 4,800 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 300,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:5.45pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,076,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 239,779 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:8.25pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:142.45pt;white-space:nowrap'><p style='margin:0'>(1) Undeveloped land</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" style='width:142.45pt;white-space:nowrap'><p style='margin:0'>(2) Improved commercial pad</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>These properties are all actively being marketed with the assistance of commercial real estate brokers in the markets where the properties are located. The Company expects these properties to sell within the coming 12 months. </p><p style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'>Residential Real Estate Held for Investment and Held for Sale</font></p><p style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>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. As an orderly and active market for these homes returns, the Company has the option to dispose or to continue and hold them for cash flow and acceptable returns. The Company also invests in residential subdivision developments.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company established Security National Real Estate Services (“SNRE”) 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.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>As of December 31, 2019, SNRE manages 38 residential properties in 6 states across the United States.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>During the years ended December 31, 2019 and 2018, the Company recorded impairment losses on residential real estate held for investment of $700,134 and $486,457, respectively. These impairment losses are included in gains (losses) on investments and other assets on the consolidated statements of earnings.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The net ending balance of foreclosed residential real estate included in residential real estate held for investment is approximately $12,434,000 and $23,532,000 as of December 31, 2019 and 2018, respectively. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company’s residential real estate held for investment for the years ended December 31, is summarized as follows:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:257.25pt'><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:158pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>California</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'>$ 2,644,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Florida</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 2,487,723 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 6,534,277 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>Nevada</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 293,516 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Ohio</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Oklahoma</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Tennessee</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 105,260 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 139,174 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 9,462,886 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1) </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 19,598,218 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1) </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Washington</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 286,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 476,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,530,306 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 29,507,431 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:9pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="5" valign="bottom" style='width:237.1pt;white-space:nowrap'><p style='margin:0'>(1) Includes subdivision developments</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The Company’s residential real estate held for sale for the years ended December 31, is summarized as follows:</p><p style='margin:0'> </p><table style='border-collapse:collapse;width:222pt'><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:147pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>California</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 640,452 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Florida</p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 1,300,641 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>Ohio</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 5,880,213 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Washington</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 190,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,021,306 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>These properties are all actively being marketed with the assistance of residential real estate brokers in the markets where the properties are located. The Company expects these properties to sell within the coming 12 months. </p><p style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'>Real Estate Owned and Occupied by the Company</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The primary business units of the Company occupy a portion of the commercial real estate owned by the Company. As of December 31, 2019, real estate owned and occupied by the Company is summarized as follows:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:43.65pt'><td valign="bottom" style='width:40.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'>Location</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'>Business Segment</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Approximate Square Footage</p></td><td valign="bottom" style='width:2.2%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Square Footage Occupied by the Company</p></td></tr><tr style='height:20.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>121 W. Election Rd., Draper, UT</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%'><p style='margin:0'>Corporate Offices, Life Insurance and Cemetery/Mortuary Operations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>78,979</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>18%</p></td></tr><tr style='height:13.05pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>5201 Green Street, Salt Lake City, UT (1)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%'><p style='margin:0'>Life Insurance and Mortgage Operations</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>39,157</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>73%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1044 River Oaks Dr., Flowood, MS</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Operations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>19,694</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>28%</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1818 Marshall Street, Shreveport, LA (1)(2)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Operations</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>12,274</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>909 Foisy Street, Alexandria, LA (1)(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>8,059</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>812 Sheppard Street, Minden, LA (1)(2)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>1,560</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1550 N 3rd Street, Jena, LA (1)(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>1,737</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><b>Mortgage Loans Held for Investment</b></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company reports mortgage loans held for investment pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>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 nine 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 December 31, 2019, the Company had 48%, 16%, 10%, 6%, 6% and 5% of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, California, Nevada and Arizona, respectively. </font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>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:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:497.3pt'><tr style='height:11.25pt'><td colspan="8" valign="bottom" style='width:497.3pt;white-space:nowrap'><p align="center" style='margin:0'>Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment</p></td></tr><tr style='height:11.25pt'><td colspan="8" valign="bottom" style='width:497.3pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:6.75pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:22.5pt'><td valign="bottom" style='width:229pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Commercial </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential Construction </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Allowance for credit losses:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Beginning balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,125,623 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,347,972 </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> Charge-offs</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (32,692)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (32,692)</p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> Provision</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> 129,775 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> 7,982 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> 137,757 </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,222,706 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,202 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,453,037 </p></td></tr><tr style='height:8.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 195,993 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 195,993 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,026,713 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,202 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,257,044 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Mortgage loans:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,752,207 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,895,926 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 34,229,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 109,291,758 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 232,296,496 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Allowance for credit losses:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Beginning balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,546,447 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,768,796 </p></td></tr><tr style='height:9pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> Charge-offs</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (5,725)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (5,725)</p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> Provision</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (415,099)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (415,099)</p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,125,623 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,347,972 </p></td></tr><tr style='height:8.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,185 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,185 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,051,438 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,273,787 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Mortgage loans:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 71,366,544 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,939,651 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,638,824 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,589,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 86,995,949 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 70,863,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 185,449,247 </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The following is a summary of the aging of mortgage loans held for investment for the periods presented.</p><p style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:12pt'><td colspan="12" valign="bottom" style='width:100%'><p align="center" style='margin:0'>Age Analysis of Past Due Mortgage Loans Held for Investment </p></td></tr><tr style='height:12pt'><td colspan="12" valign="bottom" style='width:100%'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:29.25pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> 30-59 Days Past Due </p></td><td valign="bottom" style='width:8.14%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> 60-89 Days Past Due </p></td><td valign="bottom" style='width:8.38%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Greater Than 90 Days (1) </p></td><td valign="bottom" style='width:8.82%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> In Process of Foreclosure (1) </p></td><td valign="bottom" style='width:8.3%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total Past Due </p></td><td valign="bottom" style='width:8.54%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Current </p></td><td valign="bottom" style='width:9.22%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total Mortgage Loans </p></td><td valign="bottom" style='width:8.68%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Allowance for Loan Losses </p></td><td valign="bottom" style='width:8.22%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unamortized deferred loan fees, net </p></td><td valign="bottom" style='width:8.14%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unamortized discounts, net </p></td><td valign="bottom" style='width:8.54%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Mortgage Loans </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,872,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,360,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 32,357,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,129)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> $ (88,918)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 37,788,901 </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> 10,609,296 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> 4,085,767 </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 2,100,742 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 1,651,465 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 18,447,270 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 94,596,695 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 113,043,965 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (1,222,706)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (1,567,581)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 110,253,678 </p></td></tr><tr style='height:18.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (43,202)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (735,068)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,481,296 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,085,767 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,244,461 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,651,465 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 25,462,989 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 215,729,433 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,453,037)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,391,567)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 236,694,546 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,588,424 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,784,606 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 23,001,321 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,129)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 32,003 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,630,801 </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> 9,899,380 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> 2,312,252 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 1,715,362 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 1,224,289 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 15,151,283 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 74,784,317 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 89,935,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (1,125,623)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (862,411)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 87,947,566 </p></td></tr><tr style='height:18.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 70,863,553 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 71,366,544 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (35,220)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (444,622)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,487,804 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,312,252 </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,911,544 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,727,280 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 20,438,880 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 168,649,191 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,347,972)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,275,030)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 186,465,069 </p></td></tr><tr style='height:9.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b> </b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12pt'><td colspan="7" valign="bottom" style='width:57.2%;white-space:nowrap'><p style='margin:0'>(1) There was not any interest income recognized on loans past due greater than 90 days or in foreclosure.</p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'>Impaired Mortgage Loans Held for Investment</font></p><p align="justify" style='margin:0'> </p><p style='margin:0'>Impaired mortgage loans held for investment 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: </p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:11.25pt'><td colspan="10" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Impaired Loans</p></td></tr><tr style='height:11.25pt'><td colspan="10" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:33.75pt'><td valign="bottom" style='width:29.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Recorded Investment </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unpaid Principal Balance </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Related Allowance </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Average Recorded Investment </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Interest Income Recognized </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With no related allowance recorded:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,499,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 2,254,189 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,254,189 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 3,367,151 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,457,278 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With an allowance recorded:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,498,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,498,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 195,993 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 665,270 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>Total:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,499,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 195,993 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 4,032,421 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,457,278 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With no related allowance recorded:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 98,023 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,612,164 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,612,164 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 2,423,135 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 675,950 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With an allowance recorded:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,327,487 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,327,487 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 74,185 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,543,416 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>Total:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 98,023 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 74,185 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 3,966,551 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 675,950 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Credit Risk Profile Based on Performance Status </font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s mortgage loan held for investment 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. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s performing and non-performing mortgage loans held for investment were as follows: </p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Mortgage Loans Held for Investment Credit Exposure</p></td></tr><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Credit Risk Profile Based on Payment Activity</p></td></tr><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:4.15pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Commercial </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.7%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential Construction </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:22.06%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Performing</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> $ 34,229,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,589,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> $ 109,291,758 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> $ 86,995,949 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 70,863,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> $ 232,296,496 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 185,449,247 </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Non-performing</p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> 4,488,719 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 196,182 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> 8,895,926 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 3,638,824 </p></td></tr><tr style='height:6.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:9.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,430,237 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 71,366,544 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Non-Accrual Mortgage Loans Held for Investment</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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. Payments received for loans on a non-accrual status are recognized on a cash basis. Interest income recognized from any payments received for loans on a non-accrual status was immaterial. Accrual of interest resumes if a loan is brought current. Interest not accrued on these loans totals approximately $203,000 and $151,000 as of December 31, 2019 and 2018, respectively.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following is a summary of mortgage loans held for investment on a non-accrual status for the periods presented.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:291pt'><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164pt;white-space:nowrap'><p align="center" style='margin:0'>Mortgage Loans on Non-accrual Status</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,895,926 </p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,638,824 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Principal Amounts Due</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The amortized cost and contractual payments on mortgage loans held for investment by category as of December 31, 2019 are shown below. Expected principal payments may differ from contractual obligations because certain borrowers may elect to pay off mortgage obligations with or without early payment penalties.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:434pt'><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'>Due in</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'>Due in</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'>Due </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>1 Year</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2-5 Years</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Thereafter</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:122pt;white-space:nowrap'><p style='margin:0'>Residential </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> $ 6,234,913 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> $ 27,161,628 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> $ 79,647,424 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> $ 60,376,688 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> $ 29,053,549 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:122pt;white-space:nowrap'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> 24,175,464 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 4,020,999 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> 10,521,757 </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:81pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,787,065 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 60,236,176 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,169,181 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amortized Cost</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Gains</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:44.28%'><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>December 31, 2019</font>:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'>Fixed maturity securities available for sale at estimated fair value:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>U.S. Treasury securities and obligations of U.S. Government agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 142,740,641 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 632,185 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ (25,215)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 143,347,611 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Obligations of states and political subdivisions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>7,450,366 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>87,812 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(9,026)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>7,529,152 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Corporate securities including public utilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>156,599,184 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>16,768,449 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(463,413)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>172,904,220 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>31,475,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>597,395 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(240,177)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>31,832,498 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>364,339 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>364,339 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Total fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 338,629,810 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 18,085,841 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (737,831)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 355,977,820 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%;white-space:nowrap'><p style='margin:0'>Equity securities at estimated fair value:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Common stock:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Industrial, miscellaneous and all other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,900,537 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 1,139,799 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (769,171)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 7,271,165 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.28%'><p style='margin:0'>Total equity securities at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,900,537 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,139,799 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (769,171)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,271,165 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Mortgage loans held for investment at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 38,718,220 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Less: Unamortized deferred loan fees, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> (2,391,567)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Less: Allowance for loan losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> (1,453,037)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Less: Net discounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 236,694,546 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'>Real estate held for investment - net of accumulated depreciation:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,530,306 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 90,226,640 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total real estate held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 102,756,946 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'>Real estate held for sale:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 8,021,306 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 6,076,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Total real estate held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,097,627 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Other investments and policy loans at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Policy loans</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ 14,762,805 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 41,062,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Federal Home Loan Bank stock (1)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 894,300 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> 4,973,225 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Less: Allowance for doubtful accounts</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,448,026)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Total policy loans and other investments</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 60,245,269 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,833,232 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%'><p style='margin:0'>Total investments</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 781,876,605 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings.</p></td></tr></table>
142740641
632185
25215
143347611
7450366
87812
9026
7529152
156599184
16768449
463413
172904220
597395
240177
0
0
338629810
18085841
737831
355977820
6900537
1139799
769171
7271165
6900537
1139799
769171
7271165
113043965
89430237
38718220
2391567
-1453037
-653272
236694546
12530306
90226640
102756946
8021306
6076321
14097627
14762805
41062965
894300
4973225
-1448026
60245269
4833232
781876605
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amortized Cost</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Gains</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Gross Unrealized Losses</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'><font style='border-bottom:1px solid #000000'>December 31, 2018</font>:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'>Fixed maturity securities held to maturity at amortized cost:</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.18%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:11.76%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.22%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>U.S. Treasury securities and obligations of U.S. Government agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> $ 52,017,683 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 264,891 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> $ (727,798)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 51,554,776 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Obligations of states and political subdivisions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>6,959,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>32,274 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(111,271)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>6,880,240 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Corporate securities including public utilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>157,639,860 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>7,002,864 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(3,704,137)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>160,938,587 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>15,358,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'>227,398 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(308,864)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>15,277,280 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'>103,197 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,903 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'>(5,125)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>99,975 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.92%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.92%'><p style='margin:0'>Total fixed maturity securities held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 232,078,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,529,330 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (4,857,195)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 234,750,858 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%;white-space:nowrap'><p style='margin:0'>Equity securities at estimated fair value:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Common stock:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Industrial, miscellaneous and all other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,312,158 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 422,528 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (1,176,075)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 5,558,611 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:43.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.1%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.76%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.22%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:43.94%'><p style='margin:0'>Total equity securities at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,312,158 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 422,528 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.76%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,176,075)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,558,611 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Mortgage loans held for investment at amortized cost:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 71,366,544 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 27,785,927 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Less: Unamortized deferred loan fees, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> (1,275,030)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Less: Allowance for loan losses</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,347,972)</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Total mortgage loans held for investment</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 186,465,069 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'>Real estate held for investment - net of accumulated depreciation:</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 29,507,431 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 92,050,791 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Total real estate held for investment</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 121,558,222 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Other investments and policy loans at amortized cost:</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 35,239,396 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Federal Home Loan Bank stock (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 2,548,700 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'>Other investments</p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> 3,497,762 </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Less: Allowance for doubtful accounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (1,092,528)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Total policy loans and other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 46,617,655 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.34%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,566,146 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%'><p style='margin:0'>Total investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 595,844,426 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="bottom" style='width:100%;white-space:nowrap'><p style='margin:0'>(1) Includes $708,700 of Membership stock and $1,840,000 of Activity stock due to short-term borrowings.</p></td></tr></table>
52017683
264891
727798
51554776
6959237
32274
111271
6880240
157639860
7002864
3704137
160938587
15358746
227398
308864
15277280
103197
1903
5125
99975
232078723
7529330
4857195
234750858
6312158
422528
1176075
5558611
6312158
422528
1176075
5558611
89935600
71366544
27785927
1275030
-1347972
186465069
29507431
92050791
121558222
6424325
35239396
2548700
3497762
-1092528
46617655
3566146
595844426
338629810
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100.14%'><tr style='height:34.65pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Unrealized Losses for Less than Twelve Months</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Unrealized Losses for More than Twelve Months</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Unrealized Loss</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Fair Value</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>At December 31, 2019</font></p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%'><p style='margin:0'>U.S. Treasury Securities and Obligations </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%'><p style='margin:0'> of U.S. Government Agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%'><p align="right" style='margin:0'> $ 20,211 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 30,629,288 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> $ 5,004 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 10,000,400 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> $ 25,215 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> $ 40,629,688 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%'><p style='margin:0'>Obligations of States and Political Subdivisions</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%'><p align="right" style='margin:0'> 9,026 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> 3,062,889 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%'><p align="right" style='margin:0'> 9,026 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%'><p align="right" style='margin:0'> 3,062,889 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%'><p style='margin:0'>Corporate Securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%'><p align="right" style='margin:0'> 118,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 7,184,311 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> 344,667 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 3,950,509 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%'><p align="right" style='margin:0'> 463,413 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%'><p align="right" style='margin:0'> 11,134,820 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.36%;white-space:nowrap'><p style='margin:0'>Mortgage and other asset-backed securities</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.34%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 205,470 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,266,443 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 34,707 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 502,769 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.04%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 240,177 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.06%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,769,212 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.36%;white-space:nowrap'><p style='margin:0'>Total unrealized losses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.34%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 353,453 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 54,142,931 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 384,378 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,453,678 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.04%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 737,831 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.06%;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 68,596,609 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100.14%'><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>At December 31, 2018</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%'><p style='margin:0'>U.S. Treasury Securities and Obligations </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%'><p style='margin:0'> of U.S. Government Agencies</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> $ 10,519 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 695,863 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> $ 717,279 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 39,930,052 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> $ 727,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> $ 40,625,915 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%'><p style='margin:0'>Obligations of States and Political Subdivisions</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> 6,643 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 1,791,257 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 104,628 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 2,889,517 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 111,271 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 4,680,774 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%'><p style='margin:0'>Corporate Securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> 2,514,549 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 61,090,431 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 1,189,588 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 11,767,349 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 3,704,137 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 72,857,780 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Mortgage and other asset-backed securities</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%'><p align="right" style='margin:0'> 79,896 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 1,705,296 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 228,968 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 2,690,065 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%'><p align="right" style='margin:0'> 308,864 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%'><p align="right" style='margin:0'> 4,395,361 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.42%'><p align="right" style='margin:0'> 5,125 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 90,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.12%'><p align="right" style='margin:0'> 5,125 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.14%'><p align="right" style='margin:0'> 90,000 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:29.42%;white-space:nowrap'><p style='margin:0'>Total unrealized losses</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.42%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,616,732 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 65,372,847 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,240,463 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 57,276,983 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,857,195 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.14%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 122,649,830 </p></td></tr></table>
20211
30629288
5004
10000400
25215
40629688
9026
3062889
0
0
9026
3062889
118746
7184311
344667
3950509
463413
11134820
205470
13266443
34707
502769
240177
13769212
353453
54142931
384378
14453678
737831
68596609
10519
695863
717279
39930052
727798
40625915
6643
1791257
104628
2889517
111271
4680774
2514549
61090431
1189588
11767349
3704137
72857780
79896
1705296
228968
2690065
308864
4395361
5125
90000
0
0
5125
90000
2616732
65372847
2240463
57276983
4857195
122649830
0.9890
0.9620
0
0
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:402.1pt'><tr style='height:15.05pt'><td valign="top" style='width:175.95pt'><p style='margin:0'> </p></td><td valign="top" style='width:17.85pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt'><p align="center" style='margin:0'>Amortized</p></td><td valign="bottom" style='width:17.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt'><p align="center" style='margin:0'>Estimated Fair</p></td></tr><tr style='height:15.05pt'><td valign="top" style='width:175.95pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:17.85pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Cost</p></td><td valign="bottom" style='width:17.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Due in 1 year </p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> $ 104,805,927 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> $ 104,845,243 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Due in 2-5 years</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 67,412,618 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 69,126,500 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Due in 5-10 years</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 71,110,341 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 76,249,550 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Due in more than 10 years</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 63,461,305 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 73,559,690 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Mortgage-backed securities</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 31,475,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 31,832,498 </p></td></tr><tr style='height:15.05pt'><td valign="bottom" style='width:175.95pt'><p style='margin:0'>Redeemable preferred stock</p></td><td valign="top" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:91.9pt;white-space:nowrap'><p align="right" style='margin:0'> 364,339 </p></td><td valign="bottom" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:98.55pt;white-space:nowrap'><p align="right" style='margin:0'> 364,339 </p></td></tr><tr style='height:15.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175.95pt'><p style='margin:0'>Total held to maturity</p></td><td valign="top" bgcolor="#E2F8FE" style='width:17.85pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:91.9pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 338,629,810 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.85pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:98.55pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 355,977,820 </p></td></tr></table>
104805927
104845243
67412618
69126500
71110341
76249550
63461305
73559690
31475280
31832498
364339
364339
338629810
57727738
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:384.6pt'><tr style='height:12.75pt'><td valign="top" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="top" style='width:20.15pt'><p align="center" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Fixed maturity securities held to maturity:</p></td><td valign="top" style='width:65.7pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:65.7pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="justify" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gross realized gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 459,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 522,937 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Gross realized losses</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (162,649)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (669,303)</p></td><td valign="top" style='width:20.15pt'><p align="center" style='margin:0'> </p></td></tr><tr style='height:6.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Equity securities:</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gains (losses) on securities sold</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 256,520 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (173,413)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:25.5pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Unrealized gains (losses) on securities held at the end of the period</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 1,086,116 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (1,053,756)</p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Other assets:</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Gross realized gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 2,844,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> 26,553,814 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="justify" style='margin:0'>(1)</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:221.95pt'><p style='margin:0'>Gross realized losses</p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (3,755,579)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p align="right" style='margin:0'> (1,239,100)</p></td><td valign="top" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:221.95pt'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 728,367 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:65.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 23,941,179 </p></td><td valign="top" bgcolor="#E2F8FE" style='width:20.15pt'><p align="right" style='margin:0'> </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:221.95pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:65.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:17.1pt'><td colspan="4" valign="bottom" bgcolor="#E2F8FE" style='width:364.45pt'><p style='margin:0'>(1) Includes a one-time gain of $22,252,000 from the sale of Dry Creek at East Village Apartments.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
459286
522937
162649
669303
-256520
173413
1086116
-1053756
2844673
26553814
3755579
1239100
728367
23941179
4950041
5808244
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:67.72%'><tr style='height:15pt'><td valign="top" style='width:196.2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:67pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Fixed maturity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> $ 10,372,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> $ 10,041,349 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Equity securities</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 309,918 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 233,555 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 18,405,010 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 18,716,226 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Real estate held for investment and sale</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 8,782,959 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 8,375,257 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 554,969 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 409,589 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Insurance assignments</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 16,086,059 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 14,771,336 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 184,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 227,930 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" style='width:67pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,824,443 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,264,611 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Gross investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 56,520,356 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> 54,039,853 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:196.2pt'><p style='margin:0'>Investment expenses</p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> (13,500,883)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67pt;white-space:nowrap'><p align="right" style='margin:0'> (14,126,586)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:196.2pt'><p style='margin:0'>Net investment income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,019,473 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 39,913,267 </p></td></tr></table>
10372559
10041349
309918
233555
18405010
18716226
8782959
8375257
554969
409589
16086059
14771336
184439
227930
1824443
1264611
56520356
54039853
13500883
14126586
43019473
39913267
448754
386659
9633818
9220520
87815000
84880000
54917000
52237000
2768979
0
<p align="justify" style='margin-top:5pt;margin-bottom:5pt'> </p><table style='border-collapse:collapse;width:370.75pt'><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:158.8pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:117.7pt;white-space:nowrap'><p align="center" style='margin:0'>Total Square Footage</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Arizona</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Kansas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 6,861,898 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 222,679 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Louisiana</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 6,009,079 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 467,694 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 125,114 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 7,063 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Mississippi</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 2,951,478 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 3,329,948 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 21,521 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 33,821 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>New Mexico</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 7,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 300,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> 81,266,083 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> 81,080,251 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 465,230 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> 502,129 </p></td></tr><tr style='height:5.45pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,226,640 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 92,050,791 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 611,865 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 765,692 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:146.4pt;white-space:nowrap'><p style='margin:0'>(1) Undeveloped Land</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" style='width:146.4pt;white-space:nowrap'><p style='margin:0'>(2) Improved commercial pad</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:66.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="6" valign="bottom" bgcolor="#E2F8FE" style='width:253.05pt;white-space:nowrap'><p style='margin:0'>(3) Includes Center53 phase 1 completed in July 2017</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:53.3pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
4000
6861898
222679
6009079
467694
125114
7063
2951478
3329948
21521
33821
7000
300000
81266083
81080251
465230
502129
90226640
92050791
611865
765692
<p style='margin:0'> </p><table style='border-collapse:collapse;width:360.25pt'><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:151.6pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:117.55pt;white-space:nowrap'><p align="center" style='margin:0'>Total Square Footage</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Arizona</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,500 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Kansas</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 4,800,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 222,679 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Mississippi</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 318,322 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 12,300 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'>Nevada</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 655,499 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> 4,800 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> 300,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:5.45pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:63pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:68.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,076,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 239,779 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:8.25pt'><td valign="bottom" style='width:63pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:68.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:142.45pt;white-space:nowrap'><p style='margin:0'>(1) Undeveloped land</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56.45pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:50pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="3" valign="bottom" style='width:142.45pt;white-space:nowrap'><p style='margin:0'>(2) Improved commercial pad</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:63.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56.45pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:50pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
2500
0
4800000
222679
318322
12300
655499
4800
300000
0
6076321
0
239779
0
700134
486457
12434000
23532000
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:257.25pt'><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:158pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>California</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'>$ 2,644,321 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Florida</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 2,487,723 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 6,534,277 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>Nevada</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 293,516 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Ohio</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Oklahoma</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Tennessee</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 105,260 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Texas</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 139,174 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 9,462,886 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1) </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 19,598,218 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1) </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Washington</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p align="right" style='margin:0'> 286,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 476,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:71.85pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,530,306 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 29,507,431 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:9pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td colspan="5" valign="bottom" style='width:237.1pt;white-space:nowrap'><p style='margin:0'>(1) Includes subdivision developments</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
0
2644321
2487723
6534277
293516
0
0
10000
0
0
0
105260
0
139174
9462886
19598218
286181
476181
12530306
29507431
<p style='margin:0'> </p><table style='border-collapse:collapse;width:222pt'><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:147pt;white-space:nowrap'><p align="center" style='margin:0'>Net Ending Balance</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>California</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 640,452 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt'><p style='margin:0'>Florida</p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 1,300,641 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt'><p style='margin:0'>Ohio</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'>Utah</p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 5,880,213 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Washington</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.5pt;white-space:nowrap'><p align="right" style='margin:0'> 190,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,021,306 </p></td><td valign="bottom" style='width:2.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td></tr></table>
640452
1300641
10000
5880213
190000
8021306
0
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:43.65pt'><td valign="bottom" style='width:40.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'>Location</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'>Business Segment</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Approximate Square Footage</p></td><td valign="bottom" style='width:2.2%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Square Footage Occupied by the Company</p></td></tr><tr style='height:20.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>121 W. Election Rd., Draper, UT</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%'><p style='margin:0'>Corporate Offices, Life Insurance and Cemetery/Mortuary Operations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>78,979</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>18%</p></td></tr><tr style='height:13.05pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>5201 Green Street, Salt Lake City, UT (1)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%'><p style='margin:0'>Life Insurance and Mortgage Operations</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>39,157</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>73%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1044 River Oaks Dr., Flowood, MS</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Operations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>19,694</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>28%</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1818 Marshall Street, Shreveport, LA (1)(2)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Operations</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>12,274</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>909 Foisy Street, Alexandria, LA (1)(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>8,059</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:40.38%;white-space:nowrap'><p style='margin:0'>812 Sheppard Street, Minden, LA (1)(2)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>1,560</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:40.38%;white-space:nowrap'><p style='margin:0'>1550 N 3rd Street, Jena, LA (1)(2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:30.78%;white-space:nowrap'><p style='margin:0'>Life Insurance Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.22%;white-space:nowrap'><p align="right" style='margin:0'>1,737</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>100%</p></td></tr></table>
78979
0.1800
39157
0.7300
19694
0.2800
12274
1.0000
8059
1.0000
1560
1.0000
1737
1.0000
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:497.3pt'><tr style='height:11.25pt'><td colspan="8" valign="bottom" style='width:497.3pt;white-space:nowrap'><p align="center" style='margin:0'>Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment</p></td></tr><tr style='height:11.25pt'><td colspan="8" valign="bottom" style='width:497.3pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:6.75pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:22.5pt'><td valign="bottom" style='width:229pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Commercial </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential Construction </p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Allowance for credit losses:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Beginning balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,125,623 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,347,972 </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> Charge-offs</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (32,692)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (32,692)</p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> Provision</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> 129,775 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> 7,982 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> 137,757 </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,222,706 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,202 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,453,037 </p></td></tr><tr style='height:8.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 195,993 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 195,993 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,026,713 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 43,202 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,257,044 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Mortgage loans:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,752,207 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,895,926 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 34,229,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 109,291,758 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 232,296,496 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Allowance for credit losses:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Beginning balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,546,447 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,768,796 </p></td></tr><tr style='height:9pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> Charge-offs</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (5,725)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (5,725)</p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> Provision</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> (415,099)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> (415,099)</p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,125,623 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,347,972 </p></td></tr><tr style='height:8.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,185 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,185 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,129 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,051,438 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 35,220 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,273,787 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'>Mortgage loans:</p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 71,366,544 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: individually evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,939,651 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,638,824 </p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:229pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:56pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:62pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:229pt;white-space:nowrap'><p style='margin:0'>Ending balance: collectively evaluated for impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,589,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 86,995,949 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:56pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 70,863,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:62pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 185,449,247 </p></td></tr></table>
32692
32692
129775
7982
137757
187129
1222706
43202
1453037
195993
195993
187129
1026713
43202
1257044
4488719
3752207
655000
8895926
34229501
109291758
88775237
232296496
187129
1546447
35220
1768796
5725
0
5725
-415099
-415099
187129
1125623
35220
1347972
74185
74185
187129
1051438
35220
1273787
196182
2939651
502991
3638824
27589745
86995949
70863553
185449247
<p style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:12pt'><td colspan="12" valign="bottom" style='width:100%'><p align="center" style='margin:0'>Age Analysis of Past Due Mortgage Loans Held for Investment </p></td></tr><tr style='height:12pt'><td colspan="12" valign="bottom" style='width:100%'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:29.25pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> 30-59 Days Past Due </p></td><td valign="bottom" style='width:8.14%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> 60-89 Days Past Due </p></td><td valign="bottom" style='width:8.38%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Greater Than 90 Days (1) </p></td><td valign="bottom" style='width:8.82%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> In Process of Foreclosure (1) </p></td><td valign="bottom" style='width:8.3%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total Past Due </p></td><td valign="bottom" style='width:8.54%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Current </p></td><td valign="bottom" style='width:9.22%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total Mortgage Loans </p></td><td valign="bottom" style='width:8.68%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Allowance for Loan Losses </p></td><td valign="bottom" style='width:8.22%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unamortized deferred loan fees, net </p></td><td valign="bottom" style='width:8.14%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unamortized discounts, net </p></td><td valign="bottom" style='width:8.54%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Mortgage Loans </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,872,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,360,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 32,357,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,129)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> $ (88,918)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 37,788,901 </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> 10,609,296 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> 4,085,767 </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 2,100,742 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 1,651,465 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 18,447,270 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 94,596,695 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 113,043,965 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (1,222,706)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (1,567,581)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 110,253,678 </p></td></tr><tr style='height:18.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (43,202)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (735,068)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,481,296 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,085,767 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,244,461 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,651,465 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 25,462,989 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 215,729,433 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,453,037)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,391,567)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (653,272)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 236,694,546 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Commercial</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,588,424 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,784,606 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 23,001,321 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,129)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> $ 32,003 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,630,801 </p></td></tr><tr style='height:12pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'>Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> 9,899,380 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> 2,312,252 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> 1,715,362 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 1,224,289 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 15,151,283 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 74,784,317 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 89,935,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (1,125,623)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (862,411)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 87,947,566 </p></td></tr><tr style='height:18.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 70,863,553 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> 71,366,544 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> (35,220)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> (444,622)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td></tr><tr style='height:3.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:6.86%'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:8.16%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,487,804 </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,312,252 </p></td><td valign="bottom" style='width:8.38%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,911,544 </p></td><td valign="bottom" style='width:8.82%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,727,280 </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 20,438,880 </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 168,649,191 </p></td><td valign="bottom" style='width:9.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,347,972)</p></td><td valign="bottom" style='width:8.22%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (1,275,030)</p></td><td valign="bottom" style='width:8.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 186,465,069 </p></td></tr><tr style='height:9.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:6.86%'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b> </b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.38%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.82%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12pt'><td colspan="7" valign="bottom" style='width:57.2%;white-space:nowrap'><p style='margin:0'>(1) There was not any interest income recognized on loans past due greater than 90 days or in foreclosure.</p></td><td valign="bottom" style='width:9.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.68%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.54%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
1872000
0
4488719
0
6360719
32357501
38718220
-187129
-88918
-653272
37788901
10609296
4085767
2100742
1651465
18447270
94596695
113043965
-1222706
-1567581
0
110253678
0
0
655000
0
655000
88775237
89430237
-43202
-735068
0
88651967
12481296
4085767
7244461
1651465
25462989
215729433
241192422
-1453037
-2391567
-653272
236694546
4588424
0
196182
0
4784606
23001321
27785927
-187129
32003
0
27630801
9899380
2312252
1715362
1224289
15151283
74784317
89935600
-1125623
-862411
0
87947566
0
0
0
502991
502991
70863553
71366544
-35220
-444622
0
70886702
14487804
2312252
1911544
1727280
20438880
168649191
189088071
-1347972
-1275030
0
186465069
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:11.25pt'><td colspan="10" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Impaired Loans</p></td></tr><tr style='height:11.25pt'><td colspan="10" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:33.75pt'><td valign="bottom" style='width:29.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Recorded Investment </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Unpaid Principal Balance </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Related Allowance </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Average Recorded Investment </p></td><td valign="bottom" style='width:2.58%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Interest Income Recognized </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2019</b></font></p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With no related allowance recorded:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,499,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 2,254,189 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,254,189 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 3,367,151 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,457,278 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With an allowance recorded:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,498,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,498,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 195,993 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 665,270 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>Total:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,499,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 195,993 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 4,032,421 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,457,278 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>2018</b></font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With no related allowance recorded:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 98,023 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,612,164 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,612,164 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 2,423,135 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 675,950 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'>With an allowance recorded:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,327,487 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,327,487 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 74,185 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 1,543,416 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'>Total:</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 98,023 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 74,185 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 3,966,551 </p></td><td valign="bottom" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:29.46%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.2%;white-space:nowrap'><p align="right" style='margin:0'> 675,950 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.4%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr></table>
4488719
1499043
2254189
3367151
655000
1457278
1498018
1498018
195993
665270
4488719
4488719
1499043
3752207
3752207
195993
4032421
655000
655000
1457278
196182
98023
1612164
2423135
502991
675950
1327487
1327487
74185
1543416
196182
196182
98023
2939651
2939651
74185
3966551
502991
502991
675950
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Mortgage Loans Held for Investment Credit Exposure</p></td></tr><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Credit Risk Profile Based on Payment Activity</p></td></tr><tr style='height:11.25pt'><td colspan="16" valign="bottom" style='width:100%;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:4.15pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Commercial </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:20.7%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Residential Construction </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:22.06%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:7.5pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:11.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Performing</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> $ 34,229,501 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 27,589,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> $ 109,291,758 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> $ 86,995,949 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 88,775,237 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 70,863,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> $ 232,296,496 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 185,449,247 </p></td></tr><tr style='height:11.25pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Non-performing</p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> 4,488,719 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 196,182 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> 8,895,926 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> 3,638,824 </p></td></tr><tr style='height:6.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:9.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.96%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.6%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12pt'><td valign="bottom" style='width:9.3%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 38,718,220 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 27,785,927 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.96%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,935,600 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 89,430,237 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 71,366,544 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.6%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 189,088,071 </p></td></tr></table>
34229501
27589745
109291758
86995949
88775237
70863553
232296496
185449247
4488719
196182
3752207
2939651
655000
502991
8895926
3638824
38718220
27785927
113043965
89935600
89430237
71366544
241192422
189088071
203000
151000
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:291pt'><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164pt;white-space:nowrap'><p align="center" style='margin:0'>Mortgage Loans on Non-accrual Status</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,488,719 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ 196,182 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Residential</p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> 3,752,207 </p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,939,651 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Residential construction</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79.75pt;white-space:nowrap'><p align="right" style='margin:0'> 655,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:82.35pt;white-space:nowrap'><p align="right" style='margin:0'> 502,991 </p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:79.75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,895,926 </p></td><td valign="bottom" style='width:1.9pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:82.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,638,824 </p></td></tr></table>
4488719
196182
3752207
2939651
655000
502991
8895926
3638824
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:434pt'><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'> Principal </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'> Amounts</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="center" style='margin:0'>Due in</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="center" style='margin:0'>Due in</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="center" style='margin:0'>Due </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>1 Year</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2-5 Years</p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Thereafter</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:122pt;white-space:nowrap'><p style='margin:0'>Residential </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> $ 113,043,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> $ 6,234,913 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> $ 27,161,628 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> $ 79,647,424 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'>Residential Construction</p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 89,430,237 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> $ 60,376,688 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> $ 29,053,549 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:122pt;white-space:nowrap'><p style='margin:0'>Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 38,718,220 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:70pt;white-space:nowrap'><p align="right" style='margin:0'> 24,175,464 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:66pt;white-space:nowrap'><p align="right" style='margin:0'> 4,020,999 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> 10,521,757 </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:122pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:81pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 241,192,422 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:70pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,787,065 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:66pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 60,236,176 </p></td><td valign="bottom" style='width:8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,169,181 </p></td></tr></table>
113043965
6234913
27161628
79647424
89430237
60376688
29053549
0
38718220
24175464
4020999
10521757
241192422
90787065
60236176
90169181
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>3)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Loans Held for Sale</font> </p><p style='margin:0'> </p><p align="justify" style='margin:0'>The Company has elected the fair value option for loans held for sale as disclosed in Note 1. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on mortgage loans held for investment and is included in mortgage fee income on the consolidated statement of earnings. There are five loans with an aggregate unpaid principal balance of $1,130,028 that are 90 or more days past due and on a nonaccrual status as of December 31, 2019. See Note 17 of the Notes to Consolidated Financial Statements for additional disclosures regarding loans held for sale.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following is a summary of the aggregate fair value and the aggregate unpaid principal balance of loans held for sale for the periods presented:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:318.1pt'><tr style='height:12.6pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:97pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>As of December 31 2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>As of December 31 2018</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:113pt;white-space:nowrap'><p style='margin:0'>Aggregate fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> $ 136,210,853 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p style='margin:0'>Unpaid principal balance</p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 206,417,122 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 131,663,946 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:113pt;white-space:nowrap'><p style='margin:0'>Unrealized gain</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 7,040,510 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 4,546,907 </p></td></tr></table><p style='margin:0'>8)</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Mortgage Fee Income</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Mortgage fee income consists of origination fees, processing fees, interest income and certain other income related to the origination and sale of mortgage loans held for sale. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Major categories of mortgage fee income for loans held for sale for the years ended December 31, were as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:61.72%'><tr style='height:15pt'><td valign="top" style='width:147.95pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:76pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Loan fees</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> $ 28,660,966 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> $ 27,429,237 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Interest income</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 6,978,930 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 6,156,796 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Secondary gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 93,581,956 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 80,416,718 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Change in fair value of loan commitments</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 899,417 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (404,773)</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Change in fair value of loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 2,498,097 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 3,736,209 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Provision for loan loss reserve</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (643,284)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (1,148,334)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Mortgage fee income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 131,976,082 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 116,185,853 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Loan Loss Reserve</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>When a repurchase demand corresponding to a mortgage loan previously held for sale and sold to a third-party investor 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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following is a summary of the loan loss reserve which is included in other liabilities and accrued expenses:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:345.6pt'><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:162.5pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Balance, beginning of period</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 3,604,869 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,571,524 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Provision for current loan originations (1)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 643,284 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 1,148,334 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Charge-offs, net of recaptured amounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> (201,865)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> (114,989)</p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Balance, at December 31</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,046,288 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,604,869 </p></td></tr><tr style='height:6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>(1) Included in Mortgage fee income </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company maintains reserves for estimated losses on current production volumes. The Company also retains loss reserves for loans that the Company originated between 2005 and 2007, in which the possibility of an investor claim or potential settlement may still exist. During 2019, reserves were added at a rate of 2.5 basis points per loan originated, the equivalent of $250 per $1,000,000 in loans originated. During 2018, reserves were added at an average rate of 5.0 basis points per loan originated.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Based on the Company’s best estimate for potential loan losses and considering published industry data, loss reserve basis points are established to create an adequate reserve. The reserve is intended to cover both expected losses on recent period loan production and possible losses on earlier loans that were sold. The strong housing market over the last several years has reduced the Company’s exposure to losses on more recent loan production, but exposure still remains on older loans. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>During the period from 2006 to 2019, over $60 million has been reserved for loan losses. A large majority of that reserve has been used to settle investor claims or potential claims on alternative documentation loans originated between 2005 to 2007. As the time since the origination of these loans has increased, estimating the potential of a claim being made, when it might be made, the validity of the claim, and the amount of such claim becomes more difficult. However, because some loans remain from the original 2005 to 2007 time period that have not been settled, the Company still includes a reserve for the potential of future loan demands and potential settlements of such loans. As of December 31, 2019, the loan loss reserve includes an estimate of approximately $3,000,000 for remaining losses still to be settled on loans from this time period with a general reserve for more recent loan production. Thus, the Company believes that the final loan loss reserve as of December 31, 2019, represents its best estimate for adequate loss reserves on loans sold.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company believes that actual loan loss experience could change in the near-term from the established reserve based upon claims that could be asserted by a third-party investor. The Company believes there is potential to resolve any alleged claims by a third-party investor on acceptable terms. If the Company is unable to resolve such claims on acceptable terms, legal action may ensue. In the event of legal action by any third-party investor, the Company believes it has significant defenses to any such action and intends to vigorously defend itself against such action.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:318.1pt'><tr style='height:12.6pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:97pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>As of December 31 2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>As of December 31 2018</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:113pt;white-space:nowrap'><p style='margin:0'>Aggregate fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> $ 136,210,853 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:113pt;white-space:nowrap'><p style='margin:0'>Unpaid principal balance</p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 206,417,122 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 131,663,946 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:113pt;white-space:nowrap'><p style='margin:0'>Unrealized gain</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 7,040,510 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:97pt;white-space:nowrap'><p align="right" style='margin:0'> 4,546,907 </p></td></tr></table><p style='margin:0'>8)</p>
213457632
136210853
206417122
131663946
7040510
4546907
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:61.72%'><tr style='height:15pt'><td valign="top" style='width:147.95pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:76pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Loan fees</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> $ 28,660,966 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> $ 27,429,237 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Interest income</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 6,978,930 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 6,156,796 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Secondary gains</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 93,581,956 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 80,416,718 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Change in fair value of loan commitments</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 899,417 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (404,773)</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Change in fair value of loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 2,498,097 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> 3,736,209 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:147.95pt'><p style='margin:0'>Provision for loan loss reserve</p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (643,284)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76pt;white-space:nowrap'><p align="right" style='margin:0'> (1,148,334)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:147.95pt'><p style='margin:0'>Mortgage fee income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 131,976,082 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 116,185,853 </p></td></tr></table>
28660966
27429237
6978930
6156796
93581956
80416718
899417
-404773
2498097
3736209
-643284
-1148334
131976082
116185853
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:345.6pt'><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:162.5pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Balance, beginning of period</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 3,604,869 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,571,524 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Provision for current loan originations (1)</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 643,284 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 1,148,334 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Charge-offs, net of recaptured amounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> (201,865)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> (114,989)</p></td></tr><tr style='height:13.5pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Balance, at December 31</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,046,288 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,604,869 </p></td></tr><tr style='height:6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>(1) Included in Mortgage fee income </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
2571524
643284
1148334
201865
114989
4046288
3604869
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>4)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Receivables</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Receivables consist of the following:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:347.4pt'><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164.3pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Trade contracts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,795,471 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,816,225 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Receivables from sales agents</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 2,962,571 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 3,079,688 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,202,444 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,559,272 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Total receivables</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 10,960,486 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 10,455,185 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Allowance for doubtful accounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> (1,724,156)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> (1,519,842)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Net receivables</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,236,330 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,935,343 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:347.4pt'><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:164.3pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Trade contracts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,795,471 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,816,225 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Receivables from sales agents</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 2,962,571 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 3,079,688 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,202,444 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,559,272 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Total receivables</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 10,960,486 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> 10,455,185 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:172pt;white-space:nowrap'><p style='margin:0'>Allowance for doubtful accounts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> (1,724,156)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.6pt;white-space:nowrap'><p align="right" style='margin:0'> (1,519,842)</p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:172pt;white-space:nowrap'><p style='margin:0'>Net receivables</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,236,330 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 8,935,343 </p></td></tr></table>
2795471
2816225
2962571
3079688
5202444
4559272
10960486
10455185
1724156
1519842
9236330
8935343
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>5) </kbd><kbd style='margin-left:35.1pt'></kbd><font style='border-bottom:1px solid #000000'>Value of Business Acquired, Intangible Assets and Goodwill</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Information with regard to value of business acquired was as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:374.8pt'><tr style='height:12.2pt'><td valign="top" style='width:198.05pt'><p style='margin:0'> </p></td><td valign="top" style='width:10.55pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:166.2pt'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.2pt'><td valign="top" style='width:198.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Balance at beginning of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 5,765,190 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,588,759 </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,962,831 </p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Imputed interest at 7% included in earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 472,916 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 421,122 </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Amortization included in earnings</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (1,320,456)</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (1,244,691)</p></td></tr><tr style='height:24.4pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Shadow amortization included in other comprehensive income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (3,834)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Net amortization</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (851,374)</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (823,569)</p></td></tr><tr style='height:12.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Balance at end of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,876,647 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,765,190 </p></td></tr><tr style='height:6.1pt'><td valign="bottom" style='width:198.05pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.2pt'><td colspan="5" valign="top" bgcolor="#E2F8FE" style='width:374.8pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Presuming no additional acquisitions, net amortization charged to income is expected to approximate $1,194,000, $1,065,000, $985,000, $916,000, and $845,000 for the years 2020 through 2025 . Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2019, value of business acquired is being amortized over a weighted average life of 6.8 years. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The carrying value of the Company’s intangible assets were as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:432.25pt'><tr style='height:13.45pt'><td valign="top" style='width:183.9pt'><p style='margin:0'> </p></td><td valign="top" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:156.15pt'><p align="center" style='margin:0'>December 31</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="top" style='width:183.9pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:60.95pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Useful Life</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:64.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt'><p style='margin:0'>Intangible asset - customer lists</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:60.95pt'><p align="center" style='margin:0'>15 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 890,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 890,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:13.45pt'><td valign="bottom" style='width:183.9pt'><p style='margin:0'>Intangible asset - trade name</p></td><td valign="bottom" style='width:60.95pt'><p align="center" style='margin:0'>15 years</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 610,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt'><p style='margin:0'>Less accumulated amortization</p></td><td valign="top" bgcolor="#E2F8FE" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> (98,222)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> (34,611)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:14.1pt'><td valign="bottom" style='width:183.9pt'><p style='margin:0'>Balance at end of year</p></td><td valign="top" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,401,778 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:64.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 855,389 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:7.4pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:60.95pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td colspan="6" valign="top" style='width:412.1pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Beta Capital Corp.</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td colspan="6" valign="top" bgcolor="#E2F8FE" style='width:412.1pt'><p style='margin:0'>(2) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Information regarding goodwill by segment was as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:410.3pt'><tr style='height:29.25pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Life Insurance </p></td><td valign="bottom" style='width:11.6pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Cemetery/Mortuary </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at January 1, 2018:</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,765,570 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:4.95pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at December 31, 2018:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:5.6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Acquisition</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'>(1)</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td></tr><tr style='height:4.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at December 31, 2019:</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 3,519,588 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 754,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,519,588 </p></td></tr><tr style='height:8.05pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.05pt'><td colspan="6" valign="top" bgcolor="#E2F8FE" style='width:410.3pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Goodwill of $3,519,588 is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for the years ended December 31, 2019 and 2018.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:374.8pt'><tr style='height:12.2pt'><td valign="top" style='width:198.05pt'><p style='margin:0'> </p></td><td valign="top" style='width:10.55pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:166.2pt'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.2pt'><td valign="top" style='width:198.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Balance at beginning of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 5,765,190 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,588,759 </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,962,831 </p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Imputed interest at 7% included in earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 472,916 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 421,122 </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Amortization included in earnings</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (1,320,456)</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (1,244,691)</p></td></tr><tr style='height:24.4pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Shadow amortization included in other comprehensive income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (3,834)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.2pt'><td valign="bottom" style='width:198.05pt'><p style='margin:0'>Net amortization</p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (851,374)</p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (823,569)</p></td></tr><tr style='height:12.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:198.05pt'><p style='margin:0'>Balance at end of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.55pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,876,647 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,765,190 </p></td></tr><tr style='height:6.1pt'><td valign="bottom" style='width:198.05pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:10.55pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:19.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.2pt'><td colspan="5" valign="top" bgcolor="#E2F8FE" style='width:374.8pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company</p></td></tr></table>
6588759
4962831
0
472916
421122
-1320456
-1244691
-3834
0
-851374
-823569
9876647
5765190
-1194000
-1065000
-985000
-916000
-845000
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:432.25pt'><tr style='height:13.45pt'><td valign="top" style='width:183.9pt'><p style='margin:0'> </p></td><td valign="top" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:156.15pt'><p align="center" style='margin:0'>December 31</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="top" style='width:183.9pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:60.95pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Useful Life</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:20.15pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:64.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt'><p style='margin:0'>Intangible asset - customer lists</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:60.95pt'><p align="center" style='margin:0'>15 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 890,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 890,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:13.45pt'><td valign="bottom" style='width:183.9pt'><p style='margin:0'>Intangible asset - trade name</p></td><td valign="bottom" style='width:60.95pt'><p align="center" style='margin:0'>15 years</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 610,000 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(2)</p></td><td valign="bottom" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt'><p style='margin:0'>Less accumulated amortization</p></td><td valign="top" bgcolor="#E2F8FE" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p align="right" style='margin:0'> (98,222)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p align="right" style='margin:0'> (34,611)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:14.1pt'><td valign="bottom" style='width:183.9pt'><p style='margin:0'>Balance at end of year</p></td><td valign="top" style='width:60.95pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:71.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,401,778 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:64.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 855,389 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:7.4pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:183.9pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:60.95pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71.3pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:64.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td colspan="6" valign="top" style='width:412.1pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Beta Capital Corp.</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.45pt'><td colspan="6" valign="top" bgcolor="#E2F8FE" style='width:412.1pt'><p style='margin:0'>(2) See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
P15Y
890000
890000
P15Y
610000
0
-98222
-34611
1401778
855389
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:410.3pt'><tr style='height:29.25pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Life Insurance </p></td><td valign="bottom" style='width:11.6pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Cemetery/Mortuary </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Total </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at January 1, 2018:</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,765,570 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:4.95pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at December 31, 2018:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 2,765,570 </p></td></tr><tr style='height:5.6pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Acquisition</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'>(1)</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td></tr><tr style='height:4.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Balance at December 31, 2019:</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> 3,519,588 </p></td></tr><tr style='height:12.45pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'>Accumulated impairment</p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.35pt;white-space:nowrap'><p style='margin:0'> Total goodwill, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:93pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 754,018 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:21.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,519,588 </p></td></tr><tr style='height:8.05pt'><td valign="bottom" style='width:166.35pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:93pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:21.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59.1pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:13.05pt'><td colspan="6" valign="top" bgcolor="#E2F8FE" style='width:410.3pt'><p style='margin:0'>(1) See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home</p></td></tr></table>
2765570
2765570
2765570
2765570
2765570
2765570
2765570
2765570
754018
754018
2765570
754018
3519588
2765570
3519588
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>6) </kbd><kbd style='margin-left:35.1pt'></kbd><font style='border-bottom:1px solid #000000'>Property and Equipment</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The cost of property and equipment is summarized below:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:329pt'><tr style='height:12.75pt'><td valign="top" style='width:166.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.95pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:153.2pt'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.75pt'><td valign="top" style='width:166.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Land and buildings </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 15,131,301 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,775,922 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Furniture and equipment </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 18,987,984 </p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,731,457 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 34,119,285 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 24,507,379 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Less accumulated depreciation </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (19,518,891)</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (17,496,601)</p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Total </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,600,394 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,010,778 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Depreciation expense for the years ended December 31, 2019 and 2018 was $1,711,369 and $1,867,001, respectively. During 2019, the Company transferred $3,261,259 from real estate held for investment to property and equipment. This transfer is shown as a non cash item on the consolidated statements of cash flows. See Note 20 for additional information regarding property and equipment acquired through acquisitions.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:329pt'><tr style='height:12.75pt'><td valign="top" style='width:166.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.95pt'><p align="justify" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:153.2pt'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.75pt'><td valign="top" style='width:166.85pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Land and buildings </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 15,131,301 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,775,922 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Furniture and equipment </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 18,987,984 </p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,731,457 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 34,119,285 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap'><p align="right" style='margin:0'> 24,507,379 </p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Less accumulated depreciation </p></td><td valign="bottom" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (19,518,891)</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (17,496,601)</p></td></tr><tr style='height:13.5pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:166.85pt;white-space:nowrap'><p style='margin:0'> Total </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.95pt;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 14,600,394 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,010,778 </p></td></tr></table>
15131301
7775922
18987984
16731457
34119285
24507379
19518891
17496601
14600394
7010778
1711369
1867001
3261259
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>7)</kbd><kbd style='margin-left:36pt'></kbd>Bank and Other Loans Payable </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Bank and other loans payable are summarized as follows: </p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:96.1%'><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:26.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> December 31 </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:27.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>2.25% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate note payable in monthly principal payments of $13,167 plus interest, collateralized by real property with a book value of approximately $4,244,000, due September 2021.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,659,769 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,817,775 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.27% fixed note payable in monthly installments of $53,881 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2021.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,238,619 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,817,905 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>Prime rate note payable in monthly installments of $75,108 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2024.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,000,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:4.8pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.40% fixed note payable in monthly installments of $46,825 including principal and interest, collateralized by real property with a book value of approximately $12,923,000, due January 2026.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 7,247,651 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 7,492,140 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:27.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.329% fixed note payable in monthly installments of $9,775 including principal and interest, collateralized by real property with a book value of approximately $3,261,000, due September 2025.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,896,450 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,929,725 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.65pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>2.5% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate construction loan payable in monthly principal payments of $113,000 plus interest, collateralized by real property with a book value of approximately $49,378,000, due August 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 33,811,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 30,796,861 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:17pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $18,009,000, due June 2028.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 9,200,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 9,200,000 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:17.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures June 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 88,509,536 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 60,438,156 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:19.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures September 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 67,537,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 25,680,649 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Other short-term borrowings (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,250,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 47,250,000 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Finance lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 153,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Other loans payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 67,989 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 97,977 </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Total bank and other loans</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 217,572,612 </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 187,521,188 </p></td></tr><tr style='height:3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Less current installments</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 192,985,602 </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 165,219,632 </p></td></tr><tr style='height:9.15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Bank and other loans, excluding current installments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 24,587,010 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 22,301,556 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>(1) Federal Home Loan Bank and Revolving Lines of Credit</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'><b>Sources of Liquidity</b></p><p style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'>Federal Home Loan Bank Membership</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Federal Home Loan Banks (“the FHLBs”) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities.  The Company is a member of the FHLB based in Des Moines, Iowa and based in Dallas, Texas.  As a member of the FHLB, the Company is required to maintain a minimum investment in capital stock of the FHLB and may pledge collateral to the bank for advances of funds to be used in its operations.  </font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><i>Federal Home Loan Bank of Des Moines</i></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>At December 31, 2019, the amount available for borrowings from the FHLB of Des Moines was approximately $57,727,738, compared with $534,579 at December 31, 2018. United States Treasury fixed maturity securities with an estimated fair value of $59,877,900 at December 31, 2019 have been pledged at the FHLB of Des Moines as collateral for current and potential borrowings compared with $49,342,210 at December 31, 2018. At December 31, 2019, the Company had no outstanding FHLB borrowings. At December 31, 2019, the Company’s total investment in FHLB stock was $806,500 compared with $2,548,700 at December 31, 2018. The Company’s decreased investment in FHLB stock was a result of its decrease in short-term FHLB borrowings during 2019. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><i>Federal Home Loan Bank of Dallas</i></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The membership of the FHLB of Dallas was acquired with the acquisition of Kilpatrick Life Insurance Company. See Note 20 regarding this acquisition. At December 31, 2019, the Company’s total investment in FHLB stock was $87,800. The Company does not have any collateral pledged at the FHLB of Dallas or any outstanding borrowings. </p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='border-bottom:1px solid #000000;line-height:12pt'>Revolving Lines of Credit</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company has a $2,000,000 revolving line-of-credit with a bank with interest payable at the prime rate minus .75%, secured by the capital stock of Security National Life and maturing September 30, 2020, renewable annually. At December 31, 2019, the Company was contingently liable under a standby letter of credit aggregating $625,405, to be used as collateral to cover any contingency related to additional risk assessments pertaining to the Company's captive insurance program. The Company does not expect any material losses to result from the issuance of the standby letter of credit. The standby letter of credit will draw on the line of credit if necessary. The Company does not expect any material losses to result from the issuance of the standby letter of credit because claims are not expected to exceed premiums paid. As of December 31, 2019, there were no amounts outstanding under the revolving line-of-credit.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company also has a $2,500,000 revolving line-of-credit with a bank with interest payable at the overnight LIBOR rate plus 2.25% maturing September 30, 2020. As of December 31, 2019, there was $1,250,000 outstanding under the revolving line-of-credit.</p><p align="justify" style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'>Debt Covenants for Mortgage Warehouse Lines of Credit</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its subsidiary SecurityNational Mortgage, has a $100,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month LIBOR rate plus 2.1% and matures on June 16, 2020. SecurityNational Mortgage is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, the ratio of indebtedness to adjusted tangible net worth, and the liquidity overhead coverage ratio, and a quarterly gross profit of at least $1.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company, through its subsidiary SecurityNational Mortgage, also uses a line of credit with Texas Capital Bank N.A. This agreement with the bank allows SecurityNational Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. SecurityNational Mortgage is currently approved to borrow $30,000,000 of the $100,000,000 available. The agreement charges interest at the 1-Month LIBOR rate plus 3% and matures on September 9, 2020. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1 on a rolling four-quarter basis. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The agreements for both warehouse lines include cross default provisions in that a covenant violation under one agreement constitutes a covenant violation under the other agreement. As of December 31, 2019, the Company had approximately $67,538,000 and $88,510,000 outstanding on the Texas Capital Bank and Wells Fargo warehouse lines, respectively, and was in compliance with all debt covenants.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following tabulation shows the combined maturities of bank and other loans payable:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:172.6pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 192,985,602 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2020</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 4,256,684 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2021</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,151,703 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2022</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,218,742 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2023</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,247,461 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 16,712,420 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 217,572,612 </p></td></tr></table><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Interest expense in 2019 and 2018 was </font><font style='line-height:12pt'>$7,386,688</font><font style='line-height:12pt'> and </font><font style='line-height:12pt'>$6,956,707</font><font style='line-height:12pt'>, respectively. Interest paid in 2019 and 2018 was </font><font style='line-height:12pt'>$7,284,078</font><font style='line-height:12pt'> and </font><font style='line-height:12pt'>$6,878,048</font><font style='line-height:12pt'>, respectively.</font></p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:96.1%'><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:26.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> December 31 </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:27.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>2.25% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate note payable in monthly principal payments of $13,167 plus interest, collateralized by real property with a book value of approximately $4,244,000, due September 2021.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,659,769 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,817,775 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.27% fixed note payable in monthly installments of $53,881 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2021.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,238,619 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,817,905 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>Prime rate note payable in monthly installments of $75,108 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2024.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,000,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:4.8pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.25pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.40% fixed note payable in monthly installments of $46,825 including principal and interest, collateralized by real property with a book value of approximately $12,923,000, due January 2026.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 7,247,651 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 7,492,140 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:27.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.329% fixed note payable in monthly installments of $9,775 including principal and interest, collateralized by real property with a book value of approximately $3,261,000, due September 2025.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,896,450 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,929,725 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:26.65pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>2.5% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate construction loan payable in monthly principal payments of $113,000 plus interest, collateralized by real property with a book value of approximately $49,378,000, due August 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 33,811,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 30,796,861 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:17pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $18,009,000, due June 2028.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 9,200,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 9,200,000 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:17.45pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures June 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 88,509,536 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 60,438,156 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:19.2pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%'><p style='margin:0'>1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures September 2020.</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 67,537,600 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 25,680,649 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Other short-term borrowings (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,250,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 47,250,000 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Finance lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 153,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Other loans payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 67,989 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 97,977 </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Total bank and other loans</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 217,572,612 </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 187,521,188 </p></td></tr><tr style='height:3pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Less current installments</p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p align="right" style='margin:0'> 192,985,602 </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 165,219,632 </p></td></tr><tr style='height:9.15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>Bank and other loans, excluding current installments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 24,587,010 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 22,301,556 </p></td></tr><tr style='height:3pt'><td valign="bottom" style='width:70.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:8.7pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:70.9%;white-space:nowrap'><p style='margin:0'>(1) Federal Home Loan Bank and Revolving Lines of Credit</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
2659769
2817775
1238619
1817905
4000000
0
7247651
7492140
1896450
1929725
33811559
30796861
9200000
9200000
88509536
60438156
67537600
25680649
1250000
47250000
0
67989
97977
-165219632
22301556
The Company has a $2,000,000 revolving line-of-credit with a bank with interest payable at the prime rate minus .75%, secured by the capital stock of Security National Life and maturing September 30, 2020, renewable annually
2000000
The Company also has a $2,500,000 revolving line-of-credit with a bank with interest payable at the overnight LIBOR rate plus 2.25% maturing September 30, 2020
2500000
The Company, through its subsidiary SecurityNational Mortgage, has a $100,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month LIBOR rate plus 2.1% and matures on June 16, 2020
100000000
The Company, through its subsidiary SecurityNational Mortgage, also uses a line of credit with Texas Capital Bank N.A. This agreement with the bank allows SecurityNational Mortgage to borrow up to $100,000,000 for the sole purpose of funding mortgage loans. SecurityNational Mortgage is currently approved to borrow $30,000,000 of the $100,000,000 available. The agreement charges interest at the 1-Month LIBOR rate plus 3% and matures on September 9, 2020
100000000
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:172.6pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> $ 192,985,602 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2020</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 4,256,684 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2021</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,151,703 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2022</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,218,742 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>2023</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 1,247,461 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:94.6pt;white-space:nowrap'><p align="right" style='margin:0'> 16,712,420 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:78pt;white-space:nowrap'><p align="justify" style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:94.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 217,572,612 </p></td></tr></table><p align="justify" style='margin:0'> </p>
192985602
4256684
1151703
1218742
1247461
16712420
217572612
7386688
6956707
7284078
6878048
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>8)</kbd><kbd style='margin-left:36pt'></kbd> <font style='border-bottom:1px solid #000000'>Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>State law requires the Company to pay into endowment care trusts a portion of the proceeds from the sale of certain cemetery property interment rights for cemeteries that have established an endowment care trust. These endowment care trusts are defined as variable interest entities pursuant to GAAP. Also, management has determined that the Company is the primary beneficiary of these trusts, as it absorbs both a majority of the losses and returns associated with the trusts. The Company has consolidated cemetery endowment care trust investments with a corresponding amount recorded as Cemetery Perpetual Care Obligation in the accompanying consolidated balance sheets<i>. </i></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The components of the cemetery perpetual care investments and obligation are as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:99.38%'><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:34.86%;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,306,740 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,557,506 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%'><p style='margin:0'>Fixed maturity securities, available for sale, at estimated fair value</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 990,390 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Equity securities, at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%'><p style='margin:0'>Commerical mortgage loans held for investment</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 524,000 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,304,620 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Note receivables from Cottonwood Mortuary, Singing Hills</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Cemetery and Memorial Estates eliminated in consolidation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,541,120 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,606,155 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Total cemetery perpetual care trust investments</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,952,984 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,942,024 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care obligation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> (3,933,719)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> (3,821,979)</p></td></tr><tr style='height:13.6pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Trust investments in excess of trust obligations</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,019,265 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,120,045 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has also established certain restricted assets to provide for future merchandise and service obligations incurred in connection with its pre-need sales for its cemetery and mortuary segment. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Restricted cash also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to fund its medical benefit safe-harbor limit based on 35% of the qualified direct costs for the preceding year, and has included this amount as a component of restricted cash. These restricted cash items are for the Company’s life insurance and mortgage segments.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Restricted assets are summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:35.44%;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Cash and cash equivalents (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> $ 8,674,214 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> $ 7,179,225 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Mutual funds, at estimated fair value</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 677,795 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, available for sale, at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,258,397 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Equity securities, at estimated fair value</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 66,878 </p></td></tr><tr style='height:30pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%'><p style='margin:0'>Participating interests in mortgage loans held for investment with Security National Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 2,275,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,799,267 </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,935,317 </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,981,562 </p></td></tr><tr style='height:9pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:26.1pt'><td colspan="4" valign="top" style='width:100%'><p style='margin:0'>(1) Including cash and cash equivalents of $7,170,092 and $5,668,580 as of December 31, 2019 and 2018, respectively, for the life insurance and mortgage segments.</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>A surplus note receivable in the amount of $4,000,000 at December 31, 2019 and 2018, from Security National Life, was eliminated in consolidation. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>See Notes 1 and 17 for additional information regarding restricted assets.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:99.38%'><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:34.86%;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,306,740 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,557,506 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%'><p style='margin:0'>Fixed maturity securities, available for sale, at estimated fair value</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 990,390 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Equity securities, at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%'><p style='margin:0'>Commerical mortgage loans held for investment</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 524,000 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,304,620 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Note receivables from Cottonwood Mortuary, Singing Hills</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Cemetery and Memorial Estates eliminated in consolidation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,541,120 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,606,155 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Total cemetery perpetual care trust investments</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,952,984 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,942,024 </p></td></tr><tr style='height:12.95pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care obligation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> (3,933,719)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.24%;white-space:nowrap'><p align="right" style='margin:0'> (3,821,979)</p></td></tr><tr style='height:13.6pt'><td valign="bottom" style='width:65.14%;white-space:nowrap'><p style='margin:0'>Trust investments in excess of trust obligations</p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,019,265 </p></td><td valign="bottom" style='width:2.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,120,045 </p></td></tr></table>
1306740
1557506
975673
990390
1605451
483353
524000
0
0
1304620
1541120
1606155
5952984
5942024
3933719
3821979
2019265
2120045
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:35.44%;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Cash and cash equivalents (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> $ 8,674,214 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> $ 7,179,225 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Mutual funds, at estimated fair value</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 677,795 </p></td></tr><tr style='height:15pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, available for sale, at estimated fair value</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,258,397 </p></td></tr><tr style='height:15pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Equity securities, at estimated fair value</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 66,878 </p></td></tr><tr style='height:30pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%'><p style='margin:0'>Participating interests in mortgage loans held for investment with Security National Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 2,275,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p align="right" style='margin:0'> 1,799,267 </p></td></tr><tr style='height:15.75pt'><td valign="bottom" style='width:64.56%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,935,317 </p></td><td valign="bottom" style='width:2.4%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.52%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,981,562 </p></td></tr><tr style='height:9pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:64.56%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.4%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.52%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:26.1pt'><td colspan="4" valign="top" style='width:100%'><p style='margin:0'>(1) Including cash and cash equivalents of $7,170,092 and $5,668,580 as of December 31, 2019 and 2018, respectively, for the life insurance and mortgage segments.</p></td></tr></table>
8674214
7179225
0
677795
1008867
1258397
1976480
66878
2275756
1799267
13935317
10981562
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>9)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Income Taxes</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s income tax liability is summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:408.2pt'><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:161.35pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:73.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Current</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,410,153 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.45pt;white-space:nowrap'><p align="right" style='margin:0'> $ 473,800 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Deferred</p></td><td valign="bottom" style='width:73.75pt;white-space:nowrap'><p align="right" style='margin:0'> 17,276,819 </p></td><td valign="bottom" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.45pt;white-space:nowrap'><p align="right" style='margin:0'> 15,649,198 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 18,686,972 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 16,122,998 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:400.1pt'><tr style='height:10.8pt'><td valign="bottom" style='width:247pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:153.1pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:247pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:69.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Assets</p></td><td valign="top" style='width:69.35pt'><p style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72.65pt'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Future policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ (12,450,229)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> $ (8,293,592)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Loan loss reserve</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,053,256)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (938,496)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Unearned premium</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (760,556)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (823,299)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Available for sale securities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (366,279)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Net operating loss</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (438,420)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (593,272)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Deferred compensation</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,996,865)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (1,677,118)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Deposit obligations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (619,633)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (610,769)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,020,718)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (185,557)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Less: Valuation allowance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,439,394 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Total deferred tax assets</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (15,900,283)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (13,488,382)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Liabilities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Deferred policy acquisition costs</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 15,536,717 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 15,255,960 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Basis difference in property and equipment</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 3,638,512 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 4,309,162 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,074,096 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 1,210,690 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Deferred gains</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 5,169,104 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 6,267,373 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Trusts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 1,064,387 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 1,064,387 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Tax on unrealized appreciation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,694,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,030,008 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:247pt'><p style='margin:0'>Total deferred tax liabilities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 33,177,102 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 29,137,580 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Net deferred tax liability</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,276,819 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 15,649,198 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The valuation allowance relates to differences between recorded deferred tax assets and liabilities and ultimate anticipated realization. For the year ended December 31, 2019, the Company has recorded a valuation allowance related to Kilpatrick Life Insurance Company that was acquired in December 2019. See Note 20 regarding the acquisition.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company paid $4,861,318 and $5,701,565 in income taxes for the years ended December 31, 2019 and 2018, respectively.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s income tax expense is summarized as follows for the years ended December 31:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Current</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> Federal</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,404,041 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,933,145 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> State</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 504,272 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 166,567 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 4,908,313 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 7,099,712 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Deferred</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> Federal</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (1,551,725)</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (1,838,947)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> State</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (306,172)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (766,454)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> (1,857,897)</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> (2,605,401)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,050,416 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,494,311 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The reconciliation of income tax expense (benefit) at the U.S. federal statutory rates is as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Computed expense at statutory rate</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,928,226 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,497,882 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>State tax expense, net of federal tax benefit</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 156,499 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (473,911)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Change in valuation allowance</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 194,364 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Other, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (228,673)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (529,660)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,050,416 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,494,311 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s overall effective tax rate for the years ended December 31, 2019 and 2018 was 21.9% and 17.2%, respectively. The Company’s effective tax rates differ from the U.S. federal statutory corporate income tax rate of 21% partially due to its provision for state income taxes and an increase to the valuation allowance related to Kilpatrick Life Insurance Company that increased the effective income tax rate when compared to the prior year. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>At December 31, 2019, the Company had no significant unrecognized tax benefits. As of December 31, 2019, the Company does not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months. Federal and state income tax returns for 2016 through 2019 are subject to examination by taxing authorities. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Net Operating Losses and Tax Credit Carryforwards:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:313.8pt'><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Year of Expiration</font></p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 114,601 </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2021</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> 17,101 </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2023</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>Thereafter up through 2037</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> 1,701,126 </p></td></tr><tr style='height:4.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:14.25pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,832,828 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:408.2pt'><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:161.35pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:73.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.15pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:76.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Current</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,410,153 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.45pt;white-space:nowrap'><p align="right" style='margin:0'> $ 473,800 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Deferred</p></td><td valign="bottom" style='width:73.75pt;white-space:nowrap'><p align="right" style='margin:0'> 17,276,819 </p></td><td valign="bottom" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:76.45pt;white-space:nowrap'><p align="right" style='margin:0'> 15,649,198 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:246.85pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 18,686,972 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.15pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:76.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 16,122,998 </p></td></tr></table>
1410153
473800
17276819
15649198
18686972
16122998
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:400.1pt'><tr style='height:10.8pt'><td valign="bottom" style='width:247pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:153.1pt;white-space:nowrap'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:247pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:69.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Assets</p></td><td valign="top" style='width:69.35pt'><p style='margin:0'> </p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72.65pt'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Future policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ (12,450,229)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> $ (8,293,592)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Loan loss reserve</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,053,256)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (938,496)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Unearned premium</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (760,556)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (823,299)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Available for sale securities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (366,279)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Net operating loss</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (438,420)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (593,272)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Deferred compensation</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,996,865)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (1,677,118)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Deposit obligations</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (619,633)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (610,769)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> (1,020,718)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> (185,557)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Less: Valuation allowance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,439,394 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Total deferred tax assets</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (15,900,283)</p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (13,488,382)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Liabilities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Deferred policy acquisition costs</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 15,536,717 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 15,255,960 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Basis difference in property and equipment</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 3,638,512 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 4,309,162 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 2,074,096 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 1,210,690 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:247pt'><p style='margin:0'>Deferred gains</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 5,169,104 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 6,267,373 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Trusts</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap'><p align="right" style='margin:0'> 1,064,387 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap'><p align="right" style='margin:0'> 1,064,387 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Tax on unrealized appreciation</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 5,694,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,030,008 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:247pt'><p style='margin:0'>Total deferred tax liabilities</p></td><td valign="bottom" style='width:69.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 33,177,102 </p></td><td valign="bottom" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 29,137,580 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:247pt'><p style='margin:0'>Net deferred tax liability</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,276,819 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.65pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 15,649,198 </p></td></tr></table>
-12450229
-8293592
-1053256
-938496
-760556
-823299
0
-366279
-438420
-593272
-1996865
-1677118
-619633
-610769
-1020718
-185557
2439394
0
15900283
13488382
15536717
15255960
3638512
4309162
2074096
1210690
5169104
6267373
1064387
1064387
5694286
1030008
33177102
29137580
17276819
15649198
4861318
5701565
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Current</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> Federal</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 4,404,041 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 6,933,145 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> State</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 504,272 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 166,567 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 4,908,313 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 7,099,712 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Deferred</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> Federal</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (1,551,725)</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (1,838,947)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> State</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (306,172)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (766,454)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> (1,857,897)</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> (2,605,401)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,050,416 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,494,311 </p></td></tr></table>
4404041
6933145
504272
166567
4908313
7099712
-1551725
-1838947
-306172
-766454
-1857897
-2605401
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Computed expense at statutory rate</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,928,226 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,497,882 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>State tax expense, net of federal tax benefit</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 156,499 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (473,911)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Change in valuation allowance</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> 194,364 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Other, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (228,673)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:16.74%;white-space:nowrap'><p align="right" style='margin:0'> (529,660)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:60.2%;white-space:nowrap'><p style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,050,416 </p></td><td valign="bottom" style='width:3.16%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:16.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 4,494,311 </p></td></tr></table>
-2928226
-5497882
156499
-473911
194364
0
228673
529660
3050416
4494311
0.2190
0.1720
0
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:313.8pt'><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Year of Expiration</font></p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> $ 114,601 </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2021</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> 17,101 </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2023</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:13.55pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p align="center" style='margin:0'>Thereafter up through 2037</p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> 1,701,126 </p></td></tr><tr style='height:4.05pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:208.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:105.3pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:14.25pt'><td valign="bottom" style='width:208.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:105.3pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,832,828 </p></td></tr></table>
114601
17101
0
0
0
1701126
1832828
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>10)</kbd><kbd style='margin-left:37pt'></kbd><font style='border-bottom:1px solid #000000'>Reinsurance, Commitments and Contingencies</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Reinsurance</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company follows the procedure of reinsuring risks in excess of a specified limit, which ranged from $25,000 to $100,000 during the years 2019 and 2018. The Company is liable for these amounts in the event such reinsurers are unable to pay their portion of the claims. The Company has also assumed insurance from other companies having insurance in force amounting to approximately $99,000,000 and approximately $103,000,000 at December 31, 2019 and 2018, respectively. </p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Mortgage Loan Loss Settlements</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'>Future loan losses can be extremely difficult to estimate. However, the Company believes that its reserve methodology and its current practice of property preservation allow it to estimate potential losses on loans sold. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of December 31, 2019 and 2018, the balances were $4,046,000 and $3,605,000, respectively. </font></p><p align="justify" style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>During the period from 2006 to 2019, over $60 million has been reserved for loan losses. A large majority of that reserve has been used to settle investor claims or potential claims on alternative documentation loans originated between 2005 to 2007. As the time since the origination of these loans has increased, estimating the potential of a claim being made, when it might be made, the validity of the claim, and the amount of such claim becomes more difficult. However, because some loans remain from the original 2005 to 2007 time period that have not been settled, the Company still includes a reserve for the potential of future loan demands and potential settlements of such loans. As of December 31, 2019, the loan loss reserve includes an estimate of approximately $3,000,000 for remaining losses still to be settled on loans from this time period with a general reserve for more recent loan production. Thus, the Company believes that the final loan loss reserve as of December 31, 2019, represents its best estimate for adequate loss reserves on loans sold.</p><p align="justify" style='margin:0'> </p><p align="justify" style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>Mortgage Loan Loss Litigation</b></font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Lehman Brothers Holdings Litigation – Delaware and New York</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>In January 2014, Lehman Brothers Holdings Inc. (“Lehman Holdings”) entered into a settlement with the Federal National Mortgage Association (Fannie Mae) concerning the mortgage loan claims that Fannie Mae had asserted against Lehman Holdings, which were based on alleged breaches of certain representations and warranties by Lehman Holdings in the mortgage loans it had sold to Fannie Mae. Lehman Holdings had acquired these loans from Aurora Bank, FSB, formerly known as Lehman Brothers Bank, FSB, which in turn purchased the loans from residential mortgage loan originators, including SecurityNational Mortgage Company (“SecurityNational Mortgage”). A settlement based on similar circumstances was entered into between Lehman Holdings and the Federal Home Loan Mortgage Corporation (Freddie Mac) in February 2014.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Lehman Holdings filed a motion in May 2014 with the U.S. Bankruptcy Court of the Southern District of New York to require the mortgage loan originators, including SecurityNational Mortgage, to engage in non-binding mediations of the alleged indemnification claims against the mortgage loan originators relative to the Fannie Mae and Freddie Mac settlements with Lehman Holdings. The mediation was not successful in resolving any issues between SecurityNational Mortgage and Lehman Holdings. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On January 26, 2016, SecurityNational Mortgage filed a declaratory judgment action against Lehman Holdings in the Superior Court for the State of Delaware. In the Delaware action, SecurityNational Mortgage asserted its right</p><p align="justify" style='margin:0'>to obtain a declaration of rights in that there are allegedly millions of dollars in dispute with Lehman Holdings pertaining to approximately 136 mortgage loans. SecurityNational Mortgage sought a declaratory judgment as to its rights as it contends that it has no liability to Lehman Holdings as a result of Lehman Holdings’ settlements with Fannie Mae and Freddie Mac. Lehman Holdings filed a motion in the Delaware court seeking to stay or dismiss the declaratory judgment action. On August 24, 2016, the Court ruled that it would exercise its discretion to decline jurisdiction over the action and granted Lehman Holdings’ motion to dismiss.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On February 3, 2016, Lehman Holdings filed an adversary proceeding against approximately 150 mortgage loan originators, including SecurityNational Mortgage, in the U.S. Bankruptcy Court of the Southern District of New York seeking a declaration of rights similar in nature to the declaration that SecurityNational Mortgage sought in its Delaware lawsuit, and for damages relating to the alleged obligations of the defendants under indemnification provisions of the alleged agreements, in amounts to be determined at trial, including interest, attorneys’ fees and costs incurred by Lehman Holdings in enforcing the obligations of the defendants. No response was required to be filed relative to the Complaint or the Amended Complaint dated March 7, 2016. A Case Management Order was entered on November 1, 2016. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On December 27, 2016, pursuant to the Case Management Order, Lehman Holdings filed a Second Amended Complaint against SecurityNational Mortgage, which eliminates the declaratory judgment claim but retains a similar claim for damages as in the Complaint. Many of the defendants, including SecurityNational Mortgage, filed a joint motion in the case asserting that the Bankruptcy Court does not have subject matter jurisdiction concerning the matter and that venue is improper. Lehman Holdings’ response memorandum was filed on May 31, 2017 and a reply memorandum of the defendants filing the motion was filed on July 14, 2017. A hearing on the motion was held on June 12, 2018. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On August 13, 2018, the Court issued its Memorandum Decision and Order (“Decision”) denying the motion. On August 27, 2018, a number of the defendants, including SecurityNational Mortgage, filed a joint motion with the United States District Court (Case No. 18-mc-00392(VEC)) requesting that the Bankruptcy Court’s Decision be treated as findings of fact and conclusions of law, and for the District Court to review the Decision <i>de novo</i> as to jurisdiction. Included with the motion were proposed objections to the Bankruptcy Court’s Decision. On September 18, 2018, Lehman Holdings filed its response to the joint motion, and defendants’ reply was filed on October 2, 2018.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On September 17, 2018, certain defendants, including SecurityNational Mortgage, also filed a notice of appeal, and thereafter a motion for leave to file an interlocutory appeal as to the Bankruptcy Court’s Decision pertaining to jurisdiction and improper venue as a “protective” appeal should the District Court decide not to treat the Decision as findings of fact and conclusions of law. Separately, certain other defendants also filed a notice of appeal and motion for leave to file an interlocutory appeal with respect to the Bankruptcy Court’s Decision concerning improper venue. Lehman Holdings filed its response on October 22, 2018, and defendants filed a joint reply to Lehman Holdings’ response on November 26, 2018. The motions to file appeals were consolidated before Valerie Caproni, U.S. District Court Judge, Case No. 18-cv-08986 (VEC). Case No. 18-mc-00392 (VEC) was also before Judge Caproni.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On October 1, 2018, Lehman Holdings filed a motion for leave to file Third Amended Complaints against numerous defendants including SecurityNational Mortgage. In addition to the Fannie Mae and Freddie Mac related loans, the amendments and supplements include additional mortgage loans sold to Lehman Holdings that were packaged for securitization (“RMBS loans”). The RMBS loans had allegedly been sold by defendants to Lehman Bank that, in turn, sold them to Lehman Holdings. The allegations pertaining to the RMBS loans include, e.g., purported breaches of representations and warranties made to the securitization trusts by Lehman Holdings. Lehman Holdings asserts that it made representations and warranties purportedly based in part by representations and warranties made to Lehman Bank by loan originators, including SecurityNational Mortgage.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On May 8, 2019, Judge Caproni issued her Opinion and Order denying the motion for an interlocutory appeal of the bankruptcy court’s ruling relative to jurisdiction and venue. Further, the judge denied the motion for immediate <i>de novo</i> review of the bankruptcy court’s ruling indicating that <i>de novo </i>review can be left for the future. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The alleged RMBS loans in dispute with SecurityNational Mortgage allegedly involve millions of dollars pertaining to approximately 577 mortgage loans in addition to the Fannie Mae and Freddie Mac related loans. Lehman Holdings also moved the Court to simultaneously allow alternative dispute resolution procedures to take place including potential mediation. Over objections, at a hearing on October 29, 2018, the Court granted Lehman Holdings’ motion to amend or supplement its complaints adding the RMBS loans, and also to mandate alternative dispute resolution procedures affecting many defendants, including SecurityNational Mortgage.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Instead of filing a Third Amended Complaint to include the RMBS loans referenced above, Lehman Holdings filed the matter against SecurityNational Mortgage as a new complaint ("RMBS Complaint") (United States Bankruptcy Court, Southern District of New York, Adversary Proceeding 18-01819) pertaining to the approximately 577 RMBS loans, in addition to the Second Amended Complaint already on file. The RMBS Complaint seeks alleged damages relating to obligations under alleged contractual indemnification provisions in an amount to be determined at trial, interest, costs and expenses incurred by LBHI in enforcing alleged obligations, including attorneys' fees and costs and any expert witness fees incurred in litigation; and such other relief as the Court deems just and proper. SecurityNational Mortgage denies any liability to Lehman Holdings and intends to vigorously protect and defend its position.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>In response to a Court order, certain defendants referenced in the Second Amended Complaint and the RMBS Complaints negotiated with Lehman Holdings concerning an amended case management order pertaining to certain case procedures and management for both lawsuits including, but not limited to, timing for filing motions and answering the complaints, and provisions concerning discovery such as document production, taking depositions, and use of experts. At a hearing held on March 7, 2019, the Court considered differences of the parties as to the content of an amended case management order, and thereafter signed an amended case management order dated March 13, 2019. SecurityNational Mortgage filed an answer and amended answer in the Fannie Mae and Freddie Mac case, and in the RMBS case. Discovery is in process.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Lehman Holdings sent an Indemnification Alternative Dispute Resolution Notice to SecurityNational Mortgage dated August 1, 2019. SecurityNational Mortgage sent its Statement of Position to Lehman Brothers Holdings dated September 3, 2019 in response to the notice. Thereafter, Lehman Holdings sent its Reply dated October 2, 2019 to SecurityNational Mortgage. On January 9, 2020, SecurityNational Mortgage submitted further information to the mediator. Mediation was set to take place on January 23, 2020 in New York. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On January 15, 2020, SecurityNational Mortgage filed a motion to dismiss Lehman Holdings’ RMBS action in the Bankruptcy Court for lack of subject matter jurisdiction and standing. It was not filed in the Bankruptcy Court but in the United States District Court for the Southern District of New York. The District Court referred the matter to a magistrate judge for general pretrial, which “includes scheduling, discovery, non-dispositive pretrial motions, and settlement,” as well as for “a Report and Recommendation” as to the pending motion. The final disposition of the motion will be with the District Court judge. Lehman Holdings has asked the District Court to transfer the case to one of two other judges allegedly due to related matters. No action has been taken by the District Court on the request.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>However, a briefing schedule is in place before the original assigned magistrate judge. Lehman Holdings’ response brief to SecurityNational Mortgage’s motion is due March 6, 2020, and SecurityNational Mortgage’s reply brief is due April 6, 2020. In view of SecurityNational Mortgage’s motion to dismiss, Lehman Holdings requested that the mediation set for January 23, 2020 be adjourned “pending resolution of your [SecurityNational Mortgage] motion by the court.” On January 17, 2020, the mediator adjourned the scheduled mediation without a date.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Non-Cancelable Leases</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company leases office space and equipment under various non-cancelable agreements. See Note 24 regarding leases. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Other Contingencies and Commitments</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has entered into commitments to fund construction and land development loans and has also provided financing for land acquisition and development. As of December 31, 2019, the Company’s commitments were approximately $123,601,000, for these loans of which $90,566,000 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 and interest for these loans and the interest rate is generally fixed 5.50% to 8.00% per annum. Maturities range between six and eighteen months.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p>
99000000
103000000
4046000
3605000
123601000
90566000
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>11)</kbd><kbd style='margin-left:22.5pt'></kbd><font style='border-bottom:1px solid #000000'>Retirement Plans</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company and its subsidiaries have a noncontributory Employee Stock Ownership Plan (“ESOP”) for all eligible employees. Eligible employees are primarily those with more than one year of service, who work in excess of 1,000 hours per year. Contributions, which may be in cash or stock of the Company, are determined annually by the Board of Directors. </p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company’s contributions are allocated to eligible employees based on the ratio of each eligible employee’s compensation to total compensation for all eligible employees during each year. The Company did not make any contributions for the years ended December 31, 2019 and 2018. On November 25, 2019, the Company distributed a “Notice of Intent to Terminate” the ESOP Plan to all current plan participants. The Company also filed Form 5310 “Application for Determination for Terminating Plan”, with the IRS on December 6, 2019. The Company is awaiting approval of its application from the IRS prior to its final distribution of the ESOP Plan assets to the participants. At December 31, 2019, the ESOP held 495,618 shares of Class A and 307,491 shares of Class C common stock of the Company. All shares held by the ESOP have been allocated to the participating employees and all shares held by the ESOP are considered outstanding for purposes of computing earnings per share.</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has three 401(k) savings plans covering all eligible employees, as defined above, which includes employer participation in accordance with the provisions of Section 401(k) of the Internal Revenue Code. The plans allow participants to make pretax contributions up to a maximum of $19,000 and $18,500 for the years 2019 and 2018, respectively or the statutory limits.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Beginning January 1, 2008, the Company elected to be a “Safe Harbor” Plan for its matching 401(k) contributions. The Company matched 100% of up to 3% of an employee’s total annual compensation and matched 50% of 4% to 5% of an employee’s annual compensation. The match was in Company stock. The Company’s contribution for the years ended December 31, 2019 and 2018 was $695,560 and $1,480,913, respectively under the “Safe Harbor” plan.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>In 2001, the Company’s Board of Directors adopted a Non-Qualified Deferred Compensation Plan, and this plan was amended in 2005. Under the terms of the Plan, the Company will provide deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Board has appointed a Committee of the Company to be the Plan Administrator and to determine the employees who are eligible to participate in the plan. The employees who participate may elect to defer a portion of their compensation into the plan. The Company may contribute into the plan at the discretion of the Company’s Board of Directors. The Company did not make any contributions for 2019 and 2018.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Effective December 4, 2018, the Board members approved a motion to extend Mr. Quist’s employment agreement, dated December 4, 2012, for an additional four-year term ending December 2022. In the event of disability, Mr. Quist’s salary would be continued for up to five years at 75% of its current level of compensation.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>In the event of a sale or merger of the Company and Mr. Quist is not retained in his current position, the Company would be obligated to continue paying Mr. Quist’s current compensation and benefits for seven years following the merger or sale. The agreement further provides that Mr. Quist is entitled to receive annual retirement benefits beginning (i) one month from the date of his retirement (to commence no sooner than age 65), (ii) five years following complete disability, or (iii) upon termination of his employment without cause. These retirement benefits are to be paid for a period of twenty years in annual installments in the amount equal to 75% of his then current level of compensation. In the event that Mr. Quist dies prior to receiving all retirement benefits thereunder, the remaining benefits are to be paid to his heirs. The Company expensed $660,000 and $660,000 during the years ended December 31, 2019 and 2018, respectively, to cover the present value of anticipated retirement benefits under the employment agreement. The liability accrued was $5,722,837 and $5,191,670 as of December 31, 2019 and 2018, respectively.</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The Company, through its wholly owned subsidiary, SecurityNational Mortgage, also has an employment agreement with its former Vice President of Mortgage Operations and President of SecurityNational Mortgage, who retired from the Company on December 31, 2015. Under the terms of the employment agreement, this individual is entitled to receive retirement benefits from the Company for a period of ten years in an amount equal to 50% of his rate of compensation at the time of his retirement, which was $267,685 for the year ended December 31, 2015. Such retirement payments are paid monthly during the ten-year period. In the event that this individual dies prior to receiving all of his retirement benefits under his employment agreement, the remaining benefits will be made to his heirs. The company paid $133,843 and $133,843 in retirement compensation to this individual during the years ended December 31, 2019 and 2018, respectively. The liability accrued was $803,055 and $841,591 as of December 31, 2019 and 2018, respectively and is included in Other liabilities and accrued expenses on the consolidated balance sheets.</font></p>
The Company and its subsidiaries have a noncontributory Employee Stock Ownership Plan (“ESOP”) for all eligible employees. Eligible employees are primarily those with more than one year of service, who work in excess of 1,000 hours per year. Contributions, which may be in cash or stock of the Company, are determined annually by the Board of Directors.
495618
307491
The Company has three 401(k) savings plans covering all eligible employees, as defined above, which includes employer participation in accordance with the provisions of Section 401(k) of the Internal Revenue Code. The plans allow participants to make pretax contributions up to a maximum of $19,000 and $18,500 for the years 2019 and 2018, respectively or the statutory limits.
19000
18500
695560
1480913
Under the terms of the Plan, the Company will provide deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Board has appointed a Committee of the Company to be the Plan Administrator and to determine the employees who are eligible to participate in the plan. The employees who participate may elect to defer a portion of their compensation into the plan.
660000
660000
5722837
5191670
133843
133843
803055
841591
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>12)</kbd><kbd style='margin-left:37pt'></kbd><font style='border-bottom:1px solid #000000'>Capital Stock</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has one class of preferred stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. The preferred stock is non-voting.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has two classes of common stock with shares outstanding, Class A common shares and Class C common shares. Class C shares have 10 votes per share on all matters except for the election of one third of the directors who are elected solely by the Class A shares. Class C shares are convertible into Class A shares at any time on a one to one ratio. The decrease in treasury stock was the result of treasury stock being used to fund the company’s 401(k) Plans.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Stockholders of both Class A and Class C common stock have received 5% stock dividends in the years 1990 through 2019, as authorized by the Company’s Board of Directors. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has Class B common stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. Class B shares are non-voting stock except to any proposed amendment to the Articles of Incorporation which would affect Class B common stock.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table summarizes the activity in shares of capital stock for the two-year period ended December 31, 2019:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:375.2pt'><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Class A</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:63.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Class C  </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2017</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 14,535,577 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,089,374 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Exercise of stock options</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 38,473 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'>Stock dividends</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 730,560 </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 104,457 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Conversion of Class C to Class A</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 188 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> (188)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2018</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 15,304,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,193,643 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Exercise of stock options</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 32,517 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 191,443 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'>Stock dividends</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 767,178 </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 119,087 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Conversion of Class C to Class A</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 3,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> (3,286)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2019</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 16,107,779 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,500,887 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:363.05pt'><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Numerator:</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,893,519 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 21,686,079 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator for basic earnings</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>per share-weighted-average shares</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 18,104,681 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 17,968,062 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Effect of dilutive securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Employee stock options</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> 124,435 </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> 220,603 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Dilutive potential common shares</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 124,435 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 220,603 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator for diluted earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>per share-adjusted weighted-average</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>shares and assumed conversions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 18,229,116 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 18,188,665 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Basic earnings per share</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$0.60 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1.21 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Diluted earnings per share</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$0.60 </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1.19 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>For the years ended December 31, 2019 and 2018, there were 382,289 and 862,915 of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:375.2pt'><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Class A</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:63.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Class C  </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2017</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 14,535,577 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,089,374 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Exercise of stock options</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 38,473 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'>Stock dividends</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 730,560 </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 104,457 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Conversion of Class C to Class A</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 188 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> (188)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2018</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 15,304,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,193,643 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Exercise of stock options</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 32,517 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 191,443 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'>Stock dividends</p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 767,178 </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> 119,087 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Conversion of Class C to Class A</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 3,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> (3,286)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:201pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:63.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:201pt;white-space:nowrap'><p style='margin:0'>Outstanding shares at December 31, 2019</p></td><td valign="top" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 16,107,779 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:26pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:63.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 2,500,887 </p></td></tr></table>
14535577
2089374
38473
0
730560
104457
188
-188
15304798
2193643
32517
191443
767178
119087
3286
-3286
16107779
2500887
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:363.05pt'><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Numerator:</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,893,519 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 21,686,079 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator for basic earnings</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>per share-weighted-average shares</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 18,104,681 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 17,968,062 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Effect of dilutive securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Employee stock options</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> 124,435 </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> 220,603 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Dilutive potential common shares</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 124,435 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 220,603 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Denominator for diluted earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>per share-adjusted weighted-average</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>shares and assumed conversions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 18,229,116 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 18,188,665 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Basic earnings per share</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$0.60 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1.21 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:202.05pt;white-space:nowrap'><p style='margin:0'>Diluted earnings per share</p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$0.60 </p></td><td valign="bottom" style='width:13pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1.19 </p></td></tr></table>
10893519
21686079
18104681
17968062
124435
220603
124435
220603
18229116
18188665
0.60
1.21
0.60
1.19
382289
862915
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>13)</kbd><kbd style='margin-left:37pt'></kbd><font style='border-bottom:1px solid #000000'>Stock Compensation Plans</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $256,996 and $237,123 has been recognized under these plans for the years ended December 31, 2019 and 2018, respectively, and is included in personnel expenses on the consolidated statements of earnings. As of December 31, 2019, the total unrecognized compensation expense related to the options issued in December 2019 was $230,446, which is expected to be recognized over the vesting period of one year.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table summarizes the assumptions used in estimating the fair value of each option granted along with the weighted-average fair value of the options granted:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:52.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Assumptions </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Grant Date</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Plan</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Fair Value of Each Option</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Expected Dividend Yield</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Underlying stock FMV</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Volatility</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Risk-Free Interest Rate</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Expected Life (years)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>December 6, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 0.96 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.19 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>32.79%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>1.64%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>4.83</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>January 17, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 1.12 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.98 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>36.04%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>2.56%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>5.31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>November 30, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 1.12 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.91 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>34.61%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>2.86%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>4.56</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Activity of the stock option plans is summarized as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100.28%'><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Number ofClass A Shares</p></td><td valign="bottom" style='width:2.34%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted Average Exercise Price</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Number ofClass C Shares</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted Average Exercise Price</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at January 1, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 880,426 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.35 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 523,603 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.24 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Adjustment for the effect of stock dividends</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 48,168 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 27,491 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Granted</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 142,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 90,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercised</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (42,211)</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Cancelled</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (17,109)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> (63,814)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at December 31, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,011,274 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.49 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 577,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.15 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Adjustment for the effect of stock dividends</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 51,018 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 28,295 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Granted</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 81,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 180,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercised</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (45,834)</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> (191,443)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Cancelled</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (11,405)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,086,053 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.41 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 594,132 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.36 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercisable at end of year</p><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,002,603 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.34 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 405,132 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.40 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Available options for future grant</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 205,664 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Weighted average contractual term of options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>outstanding at December 31, 2019</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'>5.62 years</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>5.82 years</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Weighted average contractual term of options</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>exercisable at December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'>5.26 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>4.54 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Aggregated intrinsic value of options outstanding</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>at December 31, 2019 (1)</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1,291,602 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$2,177,223 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Aggregated intrinsic value of options exercisable</p></td><td valign="bottom" style='width:2.32%'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>at December 31, 2019 (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1,259,786 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$159,028 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="bottom" bgcolor="#E2F8FE" style='width:99.86%;white-space:nowrap'><p style='margin:0'>(1) The Company used a stock price of $5.57 as of December 31, 2019 to derive intrinsic value.</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 years ended December 31, 2019 and 2018 was $271,220 and $123,154, respectively.</p>
256996
237123
230446
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:52.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Assumptions </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Grant Date</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Plan</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Fair Value of Each Option</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Expected Dividend Yield</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Underlying stock FMV</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Volatility</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Risk-Free Interest Rate</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted-Average Expected Life (years)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>December 6, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 0.96 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.19 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>32.79%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>1.64%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>4.83</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>January 17, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 1.12 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.98 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>36.04%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>2.56%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>5.31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.12%;white-space:nowrap'><p align="center" style='margin:0'>November 30, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.62%;white-space:nowrap'><p align="center" style='margin:0'>All Plans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%;white-space:nowrap'><p align="right" style='margin:0'> $ 1.12 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.06%;white-space:nowrap'><p align="center" style='margin:0'>5%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.38%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.91 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>34.61%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>2.86%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.84%;white-space:nowrap'><p align="center" style='margin:0'>4.56</p></td></tr></table>
0.96
0.0500
5.19
0.3279
0.0164
P4Y9M29D
1.12
0.0500
4.98
0.3604
0.0256
P5Y3M22D
1.12
0.0500
4.91
0.3461
0.0286
P4Y6M22D
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100.28%'><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Number ofClass A Shares</p></td><td valign="bottom" style='width:2.34%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted Average Exercise Price</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Number ofClass C Shares</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted Average Exercise Price</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at January 1, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 880,426 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.35 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 523,603 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.24 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Adjustment for the effect of stock dividends</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 48,168 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 27,491 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Granted</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 142,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 90,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercised</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (42,211)</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Cancelled</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (17,109)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> (63,814)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at December 31, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,011,274 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.49 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 577,280 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.15 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Adjustment for the effect of stock dividends</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 51,018 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 28,295 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Granted</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> 81,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> 180,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercised</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (45,834)</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> (191,443)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Cancelled</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> (11,405)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Outstanding at December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,086,053 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.41 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 594,132 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.36 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Exercisable at end of year</p><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 1,002,603 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> $ 4.34 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 405,132 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 5.40 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Available options for future grant</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> 205,664 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Weighted average contractual term of options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>outstanding at December 31, 2019</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'>5.62 years</p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>5.82 years</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Weighted average contractual term of options</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>exercisable at December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'>5.26 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'>4.54 years</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Aggregated intrinsic value of options outstanding</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>at December 31, 2019 (1)</p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1,291,602 </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$2,177,223 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'>Aggregated intrinsic value of options exercisable</p></td><td valign="bottom" style='width:2.32%'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53.42%;white-space:nowrap'><p style='margin:0'>at December 31, 2019 (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$1,259,786 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.3%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.94%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$159,028 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:8.36%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:2.32%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.3%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:8.36%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="9" valign="bottom" bgcolor="#E2F8FE" style='width:99.86%;white-space:nowrap'><p style='margin:0'>(1) The Company used a stock price of $5.57 as of December 31, 2019 to derive intrinsic value.</p></td></tr></table>
880426
523603
48168
27491
142000
90000
42211
0
17109
63814
1011274
577280
5.15
51018
28295
81000
180000
45834
191443
11405
0
1086053
594132
5.36
1002603
405132
5.40
205664
0
P5Y9M25D
P4Y6M14D
1291602
2177223
1259786
159028
271220
123154
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>14)</kbd><kbd style='margin-left:37pt'></kbd><font style='border-bottom:1px solid #000000'>Statutory Financial Information and Dividend Limitations</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s insurance subsidiaries prepare their statutory-basis financial statements in conformity with accounting practices prescribed or permitted by the insurance department of the applicable state of domicile. Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>All states require domiciled insurance companies to prepare statutory-basis financial statements in conformity with the NAIC Accounting Practices and Procedures Manual, subject to any deviations prescribed or permitted by the applicable insurance commissioner and/or director. Statutory accounting practices differ from GAAP primarily since they require charging policy acquisition and certain sales inducement costs to expense as incurred, establishing life insurance reserves based on different actuarial assumptions, and valuing certain investments and establishing deferred taxes on a different basis.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Statutory net income and capital and surplus of the Company’s insurance subsidiaries, determined in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities are as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:28.72%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Statutory Net Income</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:27.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Statutory Capital and Surplus</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Amounts by insurance subsidiary:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Security National Life Insurance Company</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,589,552 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> $17,963,528 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> $ 49,390,181 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 47,184,064 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Kilpatrick Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 12,752,100 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'>(1) </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 15,208,071 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>First Guaranty Insurance Company</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,078,733 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 1,042,683 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 6,352,670 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 5,786,369 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Memorial Insurance Company of America</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> (107)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 94 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 1,088,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,088,880 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Southern Security Life Insurance Company, Inc.</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 87 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 68 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 1,588,396 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,586,915 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Trans-Western Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 3,773 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 5,460 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 512,163 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 508,390 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,424,138 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $19,011,833 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,140,040 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 56,154,618 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="8" valign="bottom" style='width:100%'><p style='margin:0'>(1) Includes 12 months even though Kilpatrick Life Insurance Company wasn't acquired by the Company until December 2019.</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Utah, Arkansas, Louisiana, Mississippi and Texas Insurance Departments impose minimum risk-based capital (RBC) requirements that were developed by the NAIC on insurance enterprises. The formulas for determining the RBC specify various factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio (the Ratio) of the enterprise’s regulatory total adjusted capital, as defined by the NAIC, to its authorized control level, as defined by the NAIC. Enterprises below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The life insurance subsidiaries each have a ratio that is greater than the first level of regulatory action as of December 31, 2019.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Generally, the net assets of the life insurance subsidiaries available for transfer to the Company are limited to the amounts of the life insurance subsidiaries net assets, as determined in accordance with statutory accounting practices, that exceed minimum statutory capital requirements. Additional requirements must be met depending on the state, and payments of such amounts as dividends are subject to approval by regulatory authorities. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Under the Utah Insurance Code, Security National Life Insurance Company is permitted to pay a stockholder dividend to the Company as long as the Company provides the Utah Insurance Commissioner (the “Utah Commissioner”) with at least 30 days notice and the aggregate amount of all such dividends in any 12 month period does not exceed the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) net gain from operations, not including realized capital gains, for the immediately preceding calendar year, not including pro rata distributions of the Company’s own securities. In determining whether a dividend is extraordinary, the Company may include carryforward net income from the previous two calendar years, excluding realized capital gains less dividends paid in the second and immediately preceding calendar years. Security National Life Insurance Company will be permitted to pay a dividend to the Company in excess of the lesser of such two amounts only if it files notice of its intention to declare such a dividend and the amount thereof with the Utah Commissioner and the Utah Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In all cases, a dividend may not be paid that would reduce the insurer’s total adjusted capital below the insurer’s company action level risk-based capital, as defined for statutory reporting purposes. Amounts available to be paid as dividends in the next 12 months totals approximately $4,795,000.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Under the Louisiana Insurance Code, First Guaranty Insurance Company and Kilpatrick Life Insurance Company are permitted to pay a stockholder dividend to Security National Life as long as their capital has been (i) fully paid in cash, (ii) is unimpaired, (iii) has a surplus beyond its capital stock and (iv) has a surplus beyond its minimum required surplus. In 2018, First Guaranty Insurance Company paid to Security National Life a cash dividend of $500,000 and Kilpatrick Life Insurance Company paid a cash dividend of $3,000,000. Amounts available to be paid as dividends at December 31, 2019 totaled approximately $2,453,000 for First Guaranty Insurance Company and totaled approximately $11,508,000 for Kilpatrick Life Insurance Company.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:28.72%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Statutory Net Income</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:27.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Statutory Capital and Surplus</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Amounts by insurance subsidiary:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Security National Life Insurance Company</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,589,552 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> $17,963,528 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> $ 49,390,181 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 47,184,064 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Kilpatrick Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 12,752,100 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'>(1) </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 15,208,071 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>First Guaranty Insurance Company</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 1,078,733 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 1,042,683 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 6,352,670 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 5,786,369 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Memorial Insurance Company of America</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> (107)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 94 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 1,088,559 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,088,880 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Southern Security Life Insurance Company, Inc.</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 87 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 68 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 1,588,396 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,586,915 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Trans-Western Life Insurance Company</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p align="right" style='margin:0'> 3,773 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p align="right" style='margin:0'> 5,460 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p align="right" style='margin:0'> 512,163 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p align="right" style='margin:0'> 508,390 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:41.42%;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:12.24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,424,138 </p></td><td valign="bottom" style='width:4.34%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.14%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $19,011,833 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.72%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 74,140,040 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 56,154,618 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:41.42%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:4.34%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.72%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="8" valign="bottom" style='width:100%'><p style='margin:0'>(1) Includes 12 months even though Kilpatrick Life Insurance Company wasn't acquired by the Company until December 2019.</p></td></tr></table>
3589552
17963528
49390181
47184064
12752100
15208071
1078733
1042683
6352670
5786369
-107
94
1088559
1088880
87
68
1588396
1586915
3773
5460
512163
508390
17424138
19011833
74140040
56154618
500000
3000000
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>15)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Business Segment Information</font> </p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Description of Products and Services by Segment</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>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.</b></font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Measurement of Segment Profit or Loss and Segment Assets</font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.</b></font></p><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>Factors Management Used to Identify the Enterprise’s Reportable Segments</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:30.22%'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:69.78%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:30.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%'><p align="center" style='margin:0'>Life</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%'><p align="center" style='margin:0'>Cemetery/</p></td><td colspan="2" valign="bottom" style='width:14.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%'><p align="center" style='margin:0'>Intercompany</p></td><td colspan="2" valign="bottom" style='width:14.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'> </p><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Insurance</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortuary</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortgage</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Eliminations</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Consolidated</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Revenues:</p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>From external sources:</p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Revenue from customers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 81,860,610 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 15,296,235 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 131,976,082 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> $ 229,132,927 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 41,610,831 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 579,995 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 828,647 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 43,019,473 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 138,330 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 530,098 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 59,939 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 728,367 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Other revenues</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,128,961 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 95,197 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 7,956,005 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 10,180,163 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Intersegment revenues:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,455,034 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 443,548 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 508,637 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Total revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 130,193,766 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,945,073 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 141,329,310 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 283,060,930 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Expenses:</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Death, surrenders and other policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 44,911,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 44,911,805 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Increase in future policy benefits</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 23,568,497 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 23,568,497 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Amortization of deferred policy and pre-need acquisition costs and value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 14,199,152 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 435,425 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 14,634,577 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Selling, general and administrative expenses:</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Commissions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,632,780 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,084,079 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 52,046,032 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 56,762,891 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Personnel</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 20,311,591 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 5,177,810 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 38,731,869 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 64,221,270 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Advertising</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 595,118 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 368,173 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,821,267 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 4,784,558 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Rent and rent related</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 451,380 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 47,525 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 6,556,551 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 7,055,456 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Depreciation on property and equipment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 477,247 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 428,633 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 805,489 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 1,711,369 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Cost related to funding mortgage loans</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 6,278,954 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 6,278,954 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Intersegment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 412,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 180,594 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 544,463 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> (1,137,910)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 11,769,097 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,241,023 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 19,912,641 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 34,922,761 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Interest expense:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Intersegment</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 490,756 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 154,615 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,623,938 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> (4,269,309)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,808,081 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 288,768 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 4,289,839 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 7,386,688 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Costs of goods and services sold-mortuaries and cemeteries</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,878,169 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 2,878,169 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Total benefits and expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 123,628,357 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 14,284,814 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 136,611,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 269,116,995 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,565,409 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 2,660,259 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 4,718,267 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 13,943,935 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Income tax benefit (expense)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (1,085,848)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (649,144)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (1,315,424)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> (3,050,416)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net earnings</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,479,561 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,011,115 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,402,843 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,893,519 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Identifiable assets</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,110,641,526 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 81,014,182 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 249,970,323 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (110,701,544)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,330,924,487 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 754,018 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,519,588 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:30.46%'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:69.54%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:30.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%'><p align="center" style='margin:0'>Life</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%'><p align="center" style='margin:0'>Cemetery/</p></td><td colspan="2" valign="bottom" style='width:14.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%'><p align="center" style='margin:0'>Intercompany</p></td><td colspan="2" valign="bottom" style='width:14.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Insurance</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortuary</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortgage</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Eliminations</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Consolidated</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Revenues:</p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:13.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>From external sources:</p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:13.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Revenue from customers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 75,928,910 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 13,726,518 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 116,185,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 205,841,281 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 38,720,365 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 283,343 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 909,559 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,913,267 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 21,396,282 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,301,342 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 243,555 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 23,941,179 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Other revenues</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,636,901 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 128,797 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 8,157,302 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 9,923,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Intersegment revenues:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,972,532 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 429,312 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 503,794 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Total revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 141,654,990 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,869,312 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 126,000,063 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 279,618,727 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Expenses:</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Death, surrenders and other policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,185,087 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,185,087 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Increase in future policy benefits</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 24,332,088 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 24,332,088 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Amortization of deferred policy and pre-need acquisition costs and value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 11,270,579 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 360,767 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 11,631,346 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Selling, general and administrative expenses:</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Commissions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,242,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,222,642 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 45,825,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 50,291,352 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Personnel</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 18,489,063 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,773,866 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 44,106,023 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 67,368,952 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Advertising</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 566,154 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 333,852 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,702,585 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,602,591 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Rent and rent related</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 321,701 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 33,138 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 7,250,536 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 7,605,375 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Depreciation on property and equipment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 400,686 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 372,469 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,093,846 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,867,001 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Cost related to funding mortgage loans</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,423,944 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,423,944 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Intersegment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 402,213 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 182,009 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 531,370 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> (1,115,592)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 10,094,626 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,046,902 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 17,873,471 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 31,014,999 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Interest expense:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Intersegment</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 481,587 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 173,807 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,134,652 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> (3,790,046)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,744,841 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 294,535 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,917,331 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,956,707 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Costs of goods and services sold-mortuaries and cemeteries</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,158,895 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,158,895 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Total benefits and expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 111,531,370 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 12,952,882 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 133,859,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 253,438,337 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 30,123,620 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 3,916,430 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (7,859,660)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 26,180,390 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Income tax benefit (expense)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (5,275,662)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (946,820)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,728,171 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (4,494,311)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net earnings</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 24,847,958 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,969,610 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (6,131,489)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 21,686,079 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Identifiable assets</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 928,251,387 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,639,130 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 159,680,649 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (130,525,613)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,048,045,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:30.22%'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:69.78%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:30.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%'><p align="center" style='margin:0'>Life</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%'><p align="center" style='margin:0'>Cemetery/</p></td><td colspan="2" valign="bottom" style='width:14.24%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%'><p align="center" style='margin:0'>Intercompany</p></td><td colspan="2" valign="bottom" style='width:14.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'> </p><p style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Insurance</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortuary</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortgage</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Eliminations</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Consolidated</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Revenues:</p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>From external sources:</p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.04%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.86%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Revenue from customers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 81,860,610 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 15,296,235 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 131,976,082 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> $ 229,132,927 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 41,610,831 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 579,995 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 828,647 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 43,019,473 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 138,330 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 530,098 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 59,939 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 728,367 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Other revenues</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,128,961 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 95,197 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 7,956,005 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 10,180,163 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Intersegment revenues:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 4,455,034 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 443,548 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 508,637 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Total revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 130,193,766 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,945,073 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 141,329,310 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 283,060,930 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Expenses:</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Death, surrenders and other policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 44,911,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 44,911,805 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Increase in future policy benefits</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 23,568,497 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 23,568,497 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Amortization of deferred policy and pre-need acquisition costs and value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 14,199,152 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 435,425 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 14,634,577 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Selling, general and administrative expenses:</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Commissions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,632,780 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 1,084,079 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 52,046,032 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 56,762,891 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Personnel</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 20,311,591 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 5,177,810 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 38,731,869 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 64,221,270 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Advertising</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 595,118 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 368,173 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,821,267 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 4,784,558 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Rent and rent related</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 451,380 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 47,525 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 6,556,551 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 7,055,456 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Depreciation on property and equipment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 477,247 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 428,633 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 805,489 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 1,711,369 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Cost related to funding mortgage loans</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 6,278,954 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 6,278,954 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%;white-space:nowrap'><p style='margin:0'>Intersegment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 412,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 180,594 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 544,463 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> (1,137,910)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 11,769,097 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,241,023 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 19,912,641 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 34,922,761 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Interest expense:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Intersegment</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 490,756 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 154,615 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 3,623,938 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> (4,269,309)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,808,081 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 288,768 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 4,289,839 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 7,386,688 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Costs of goods and services sold-mortuaries and cemeteries</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,878,169 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> 2,878,169 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Total benefits and expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 123,628,357 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 14,284,814 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 136,611,043 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,407,219)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 269,116,995 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 6,565,409 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 2,660,259 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 4,718,267 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 13,943,935 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'>Income tax benefit (expense)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (1,085,848)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (649,144)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> (1,315,424)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> (3,050,416)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Net earnings</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 5,479,561 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,011,115 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,402,843 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,893,519 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Identifiable assets</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,110,641,526 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 81,014,182 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 249,970,323 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (110,701,544)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,330,924,487 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.22%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.22%'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 754,018 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.86%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,519,588 </p></td></tr></table><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:30.46%'><p style='margin:0'> </p></td><td colspan="9" valign="bottom" style='width:69.54%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:30.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%'><p align="center" style='margin:0'>Life</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%'><p align="center" style='margin:0'>Cemetery/</p></td><td colspan="2" valign="bottom" style='width:14.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%'><p align="center" style='margin:0'>Intercompany</p></td><td colspan="2" valign="bottom" style='width:14.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Insurance</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortuary</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Mortgage</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Eliminations</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Consolidated</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Revenues:</p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:13.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>From external sources:</p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:13.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="top" style='width:12.26%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Revenue from customers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 75,928,910 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 13,726,518 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 116,185,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 205,841,281 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 38,720,365 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 283,343 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 909,559 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,913,267 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 21,396,282 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,301,342 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 243,555 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 23,941,179 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Other revenues</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,636,901 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 128,797 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 8,157,302 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 9,923,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Intersegment revenues:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net investment income</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,972,532 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 429,312 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 503,794 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Total revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 141,654,990 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 16,869,312 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 126,000,063 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 279,618,727 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Expenses:</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Death, surrenders and other policy benefits</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,185,087 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 39,185,087 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Increase in future policy benefits</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 24,332,088 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 24,332,088 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Amortization of deferred policy and pre-need acquisition costs and value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 11,270,579 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 360,767 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 11,631,346 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Selling, general and administrative expenses:</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Commissions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,242,745 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,222,642 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 45,825,965 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 50,291,352 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Personnel</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 18,489,063 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,773,866 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 44,106,023 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 67,368,952 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Advertising</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 566,154 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 333,852 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,702,585 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,602,591 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Rent and rent related</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 321,701 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 33,138 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 7,250,536 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 7,605,375 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Depreciation on property and equipment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 400,686 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 372,469 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,093,846 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,867,001 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Cost related to funding mortgage loans</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,423,944 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,423,944 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%;white-space:nowrap'><p style='margin:0'>Intersegment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 402,213 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 182,009 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 531,370 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> (1,115,592)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Other</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 10,094,626 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,046,902 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 17,873,471 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 31,014,999 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Interest expense:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Intersegment</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 481,587 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 173,807 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,134,652 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> (3,790,046)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,744,841 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 294,535 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,917,331 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 6,956,707 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Costs of goods and services sold-mortuaries and cemeteries</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,158,895 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 2,158,895 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Total benefits and expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 111,531,370 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 12,952,882 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 133,859,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (4,905,638)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 253,438,337 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 30,123,620 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 3,916,430 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (7,859,660)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 26,180,390 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'>Income tax benefit (expense)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (5,275,662)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (946,820)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> 1,728,171 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> (4,494,311)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Net earnings</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 24,847,958 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,969,610 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (6,131,489)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 21,686,079 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Identifiable assets</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 928,251,387 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 90,639,130 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 159,680,649 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (130,525,613)</p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,048,045,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:30.46%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.1%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:30.46%'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.1%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:1.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,765,570 </p></td></tr></table>
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<p style='margin:0'><kbd style='position:absolute;margin-left:0pt'>16)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Related Party Transactions</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s Board of Directors has a written procedure, which requires disclosure to the Board of any material interest or any affiliation on the part of any of its officers, directors or employees that is in conflict or may be in conflict with the interests of the Company. The Company and its Board of Directors is unaware of any related party transactions that require disclosure as of December 31, 2019.</p>
<p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'>17)</kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000'>Fair Value of Financial Instruments</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'><i>Level 1:</i></kbd><kbd style='margin-left:42pt'></kbd>Financial assets and financial liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access. </p><p align="justify" style='margin:0;text-indent:-24pt;margin-left:24pt'> </p><p align="justify" style='margin:0;text-indent:-24pt;margin-left:24pt'><i>Level 2: </i>Financial assets and financial liabilities whose values are based on the following:</p><p align="justify" style='margin:0;text-indent:-12pt;margin-left:54pt'>a) Quoted prices for similar assets or liabilities in active markets;</p><p align="justify" style='margin:0;text-indent:-12pt;margin-left:54pt'>b) Quoted prices for identical or similar assets or liabilities in non-active markets; or</p><p align="justify" style='margin:0;text-indent:-12pt;margin-left:54pt'>c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.</p><p align="justify" style='margin:0;text-indent:-12pt;margin-left:54pt'> </p><p align="justify" style='margin:0'><kbd style='position:absolute;margin-left:0pt'><i>Level 3:</i></kbd><kbd style='margin-left:42pt'></kbd>Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company utilizes a combination of third-party valuation service providers, brokers, and internal valuation models to determine fair value. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following methods and assumptions were used by the Company in estimating the fair value disclosures related to significant financial instruments:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The items shown under Level 1 and Level 2 are valued as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Fixed Maturity Securities Available for Sale:</i></font> 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 (considered Level 3 investments), are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Equity Securities:</i></font> The fair values for equity securities are based on quoted market prices.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Loans Held for Sale:</i></font> The Company elected the fair value option for loans held for sale. The fair value is based on quoted market prices, when available.  When a quoted market price is not readily available, the Company uses the market price from its last sale of similar assets.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Restricted Assets:</i></font> A portion of these assets include mutual funds, equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Cemetery Perpetual Care Trust Investments</i></font><i>:</i> A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Loan Commitments and Forward Sale Commitments</i></font>: The Company’s mortgage segment enters into loan commitments with potential borrowers and forward sale commitments to sell loans to third-party investors. The Company also uses a hedging strategy for these transactions. A loan commitment binds the Company to lend funds to a qualified borrower at a specified interest rate and within a specified period of time, generally up to 30 days after issuance of the loan commitment. Loan commitments are defined to be derivatives under GAAP and are recognized at fair value on the consolidated balance sheets with changes in their fair values recorded in current earnings.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of mortgage servicing rights, and an estimate of 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 loan commitment is issued. 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 and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will fund within the terms of the commitments.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Call and Put Options</i></font><i>:</i> The Company uses quoted market prices to value its call and put options.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Additionally, there were no transfers between Level 1 and Level 2 in the fair value hierarchy.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The items shown under Level 3 are valued as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Impaired Mortgage Loans Held for Investment</i></font><i>: </i>The Company believes that the fair value of these nonperforming loans will approximate the unpaid principal balance expected to be recovered based on the fair value of the underlying collateral.  For residential and commercial properties, the collateral value is estimated by obtaining an independent appraisal.  The appraisal typically considers area comparables and property condition as well as potential rental income that could be generated (particularly for commercial properties).  For residential construction loans, the collateral is typically incomplete, so fair value is estimated as the replacement cost using data from a provider of building cost information to the real estate construction.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-right:-1pt'><font style='border-bottom:1px solid #000000'><i>Impaired Real Estate Held for Investment</i></font>: The Company believes that in an orderly market, fair value will approximate the replacement cost of a home and the rental income provides a cash flow stream for investment analysis. The Company believes the highest and best use of the properties are as income producing assets since it is the Company’s intent to hold the properties as rental properties, matching the income from the investment in rental properties with the funds required for future estimated policy claims. </p><p align="justify" style='margin:0;margin-right:-1pt'> </p><p align="justify" style='margin:0;margin-right:-1pt'>It should be noted that for replacement cost, when determining the fair value of real estate held for investment, the Company uses 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 also considers area comparables and property condition when determining fair value. </p><p align="justify" style='margin:0;margin-right:-1pt'> </p><p align="justify" style='margin:0'>In addition to this analysis performed by the Company, the Company depreciates 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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Mortgage Servicing Rights</i></font>: The Company initially recognizes MSRs at their estimated fair values derived from the net cash flows associated with the servicing contracts, where the Company assumes the obligation to service the loan in the sale transaction. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet at December 31, 2019. </p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:33.48%'><p style='margin:0'>Assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 355,977,820 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 352,761,438 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Equity securities</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 7,271,165 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 7,271,165 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 213,457,632 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Restricted assets (1)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (1)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (3)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 2,722,580 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 2,722,580 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Total assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 584,995,668 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,853,096 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 354,745,978 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 219,396,594 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Liabilities accounted for at fair value on a recurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - call options (4)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> $ (62,265)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ (62,265)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - put options (4)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> (22,282)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> (22,282)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (4)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (231,347)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (231,347)</p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Total liabilities accounted for at fair value on a recurring basis </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (315,894)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (84,547)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (231,347)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>(2) Mutual funds and equity securities</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:48.66%;white-space:nowrap'><p style='margin:0'>(3) Included in other assets on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:82.7%;white-space:nowrap'><p style='margin:0'>(4) Included in other liabilities and accrued expenses on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p align="center" style='margin:0'>Significant</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:14.02%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Range of Inputs</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="center" style='margin:0'>Fair Value at</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Valuation</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p align="center" style='margin:0'>Unobservable</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>Minimum</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>Maximum</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>Weighted</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>12/31/2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Technique</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Input(s)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Average</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Market approach</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%'><p style='margin:0'>Investor contract pricing as a percentage of unpaid principal balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>98.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>109.0%</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>103.0%</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (net)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> 2,491,233 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Market approach</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Fall-out factor</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>1.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>92.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>81.0%</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Initial-Value</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Servicing</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>0 bps</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>318 bps</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>79 bps</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> 3,216,382 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Broker quotes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Pricing quotes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="right" style='margin:0'> $ 95.02 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="right" style='margin:0'> $ 115.80 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 107.98 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Following is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Derivatives Loan Commitments </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Loans Held for Sale </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fixed Maturity Securities Available for Sale </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,591,816 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 136,210,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Originations/purchases</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> 2,606,839,175 </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> (2,580,875,055)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Transfer to mortgage loans held for investment</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> (31,881,851)</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Transfer from fixed maturity securities held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Total gains (losses):</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Included in earnings (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> 899,417 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> 83,164,510 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,491,233 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="7" valign="bottom" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) As a component of mortgage fee income on the consolidated statements of earnings</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 consolidated balance sheet at December 31, 2019.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:489.7pt'><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt'><p style='margin:0'>Assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,302,025 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,302,025 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired real estate held for investment</p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 8,375,884 </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 8,375,884 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:209pt'><p style='margin:0'>Total assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,677,909 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,677,909 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet at December 31, 2018.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Equity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,558,611 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,558,611 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 136,210,853 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 136,210,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Restricted assets (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 744,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 744,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (1)</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,969,967 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,969,967 </p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Total assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 144,967,457 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,786,637 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 138,180,820 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Liabilities accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - call options (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> $ (4,629)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ (4,629)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - put options (3)</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> (296,053)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> (296,053)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (378,151)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (378,151)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Total liabilities accounted for at fair value on a recurring basis </p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (678,833)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (300,682)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (378,151)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>(1) Mutual funds and equity securities</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:52.64%;white-space:nowrap'><p style='margin:0'>(2) Included in other assets on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:82.9%;white-space:nowrap'><p style='margin:0'>(3) Included in other liabilities and accrued expenses on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>Following is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:</p><p style='margin:0'> </p><table style='border-collapse:collapse;width:368.8pt'><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Derivatives Loan Commitments </p></td><td valign="bottom" style='width:10.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Loans Held for Sale </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2017</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,996,589 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 133,414,188 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Originations</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> 2,194,607,543 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> (2,259,145,473)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Transfer to mortgage loans held for investment</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> (10,827,797)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Total gains (losses):</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Included in earnings (1)</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> (404,773)</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> 78,162,392 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2018</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,591,816 </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 136,210,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="5" valign="bottom" style='width:368.8pt'><p style='margin:0'>(1) As a component of mortgage fee income on the consolidated statements of earnings</p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 consolidated balance sheet at December 31, 2018.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:489.7pt'><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt'><p style='margin:0'>Assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,253,302 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,253,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired real estate held for investment</p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,611,384 </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,611,384 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:209pt'><p style='margin:0'>Total assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,864,686 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,864,686 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Fair Value of Financial Instruments Carried at Other Than Fair Value</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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 December 31, 2019 and 2018. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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, 2019:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Carrying Value</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 1</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 2</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 3</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Assets</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 110,253,678 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 115,320,638 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 115,320,638 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 37,788,901 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 39,289,462 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 39,289,462 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment, net</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 236,694,546 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 243,262,067 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 243,262,067 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Insurance assignments, net (1)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,275,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,289,679 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,289,679 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 524,000 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 536,553 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 536,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 22,784,571 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 22,784,571 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Policyholder account balances (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (45,154,180)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (41,828,469)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (41,828,469)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Future policy benefits - annuities (3)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (113,579,830)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (117,304,614)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (117,304,614)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.42%;white-space:nowrap'><p style='margin:0'>(1) Included in other investments and policy loans on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>(2) Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.42%;white-space:nowrap'><p style='margin:0'>(3) Included in future policy benefits and unpaid claims on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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, 2018:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Carrying Value</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 1</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 2</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 3</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Assets</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 232,078,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ 229,668,844 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,082,014 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 234,750,858 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 87,947,566 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 92,503,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 92,503,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 27,630,801 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 28,359,205 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 28,359,205 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment, net</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 186,465,069 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 191,749,460 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 191,749,460 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Insurance assignments, net (1)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,146,868 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,168,868 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,168,868 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,258,397 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> 1,271,687 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,271,687 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Restricted assets (3)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,799,268 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,810,185 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,810,185 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 990,390 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> 983,410 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 983,410 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 20,016,822 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 28,885,316 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 28,885,316 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Liabilities</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Policyholder account balances (4)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (46,479,853)</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (37,348,289)</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (37,348,289)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Future policy benefits - annuities (4)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (98,137,615)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (97,641,146)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (97,641,146)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" bgcolor="#E2F8FE" style='width:70.5%;white-space:nowrap'><p style='margin:0'>(1) Included in other investments and policy loans on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>(2) Fixed maturity securities held to maturity</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:44.72%;white-space:nowrap'><p style='margin:0'>(3) Participation in mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.5%;white-space:nowrap'><p style='margin:0'>(4) Included in future policy benefits and unpaid claims on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Fixed Maturity Securities Held to Maturity</i></font><i>: </i>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Mortgage Loans Held for Investment</i></font>: The estimated fair value of the Company’s mortgage loans held for investment 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.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>Residential – The estimated fair value of mortgage loans is determined through a combination of discounted cash flows (estimating expected future cash flows of interest payments and discounting them using current interest rates from single family mortgages) and considering pricing of similar loans that were sold recently.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'>Residential Construction – These loans are primarily short in maturity. Accordingly, the estimated fair value is determined to be the carrying value.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:36pt'>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.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Policy Loans</i></font>: The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values because they are fully collateralized by the cash surrender value of the underlying insurance policies.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Insurance Assignments, Net</i></font>: These investments are short in maturity. Accordingly, the carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values.</p><p align="justify" style='margin:0'> </p><p style='margin:0'><font style='border-bottom:1px solid #000000'><i>Bank and Other Loans Payable</i></font>: The carrying amounts reported in the accompanying consolidated balance sheet for these financial instruments approximate their fair values due to their relatively short-term maturities and variable interest rates. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Policyholder Account Balances and Future Policy Benefits-Annuities</i></font>: 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 1.5% to 6.5%. The fair values for these investment-type insurance contracts are estimated based on the present value of liability cash flows.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>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.</p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:33.48%'><p style='margin:0'>Assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 355,977,820 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> $ 352,761,438 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Equity securities</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 7,271,165 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 7,271,165 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 213,457,632 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Restricted assets (1)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,008,867 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,976,480 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (1)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> 975,673 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> 1,605,451 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (3)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 2,722,580 </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 2,722,580 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Total assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 584,995,668 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 10,853,096 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 354,745,978 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 219,396,594 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Liabilities accounted for at fair value on a recurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - call options (4)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> $ (62,265)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ (62,265)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - put options (4)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p align="right" style='margin:0'> (22,282)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> (22,282)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (4)</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (231,347)</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (231,347)</p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:33.48%'><p style='margin:0'>Total liabilities accounted for at fair value on a recurring basis </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (315,894)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (84,547)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (231,347)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:33.48%;white-space:nowrap'><p style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:33.48%;white-space:nowrap'><p style='margin:0'>(2) Mutual funds and equity securities</p></td><td valign="bottom" style='width:15.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:48.66%;white-space:nowrap'><p style='margin:0'>(3) Included in other assets on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.18%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:82.7%;white-space:nowrap'><p style='margin:0'>(4) Included in other liabilities and accrued expenses on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.74%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
355977820
0
352761438
3216382
7271165
7271165
0
0
213457632
0
0
213457632
1008867
0
1008867
0
1976480
1976480
0
0
975673
0
975673
0
1605451
1605451
0
0
2722580
0
0
2722580
584995668
10853096
354745978
219396594
-62265
-62265
0
0
-22282
-22282
0
0
-231347
0
0
-231347
315894
84547
0
231347
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p align="center" style='margin:0'>Significant</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:14.02%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Range of Inputs</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="center" style='margin:0'>Fair Value at</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Valuation</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p align="center" style='margin:0'>Unobservable</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>Minimum</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>Maximum</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>Weighted</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>12/31/2019</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Technique</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Input(s)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Value</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Average</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Market approach</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%'><p style='margin:0'>Investor contract pricing as a percentage of unpaid principal balance</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>98.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>109.0%</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>103.0%</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (net)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> 2,491,233 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Market approach</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Fall-out factor</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>1.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>92.0%</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>81.0%</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Initial-Value</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>N/A</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Servicing</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="center" style='margin:0'>0 bps</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'>318 bps</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'>79 bps</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:27.14%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.84%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:6.92%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:7.1%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:7.2%;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:27.14%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.68%'><p align="right" style='margin:0'> 3,216,382 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.12%;white-space:nowrap'><p align="center" style='margin:0'>Broker quotes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.84%;white-space:nowrap'><p style='margin:0'>Pricing quotes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6.92%;white-space:nowrap'><p align="right" style='margin:0'> $ 95.02 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.1%;white-space:nowrap'><p align="right" style='margin:0'> $ 115.80 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:7.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 107.98 </p></td></tr></table>
0.9800
1.0900
1.0300
0.0100
0.9200
0.8100
0.9502
1.1580
1.0798
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Derivatives Loan Commitments </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Loans Held for Sale </p></td><td valign="bottom" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fixed Maturity Securities Available for Sale </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2018</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> $ 1,591,816 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> $ 136,210,853 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Originations/purchases</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> 2,606,839,175 </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> (2,580,875,055)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Transfer to mortgage loans held for investment</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> (31,881,851)</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Transfer from fixed maturity securities held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Total gains (losses):</p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Included in earnings (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> 899,417 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> 83,164,510 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:44.94%;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,491,233 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.74%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 213,457,632 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.06%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,216,382 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:44.94%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.74%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.06%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="7" valign="bottom" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) As a component of mortgage fee income on the consolidated statements of earnings</p></td></tr></table>
0
0
2606839175
0
0
-2580875055
0
0
-31881851
0
0
3216382
899417
83164510
0
2491233
213457632
3216382
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:489.7pt'><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt'><p style='margin:0'>Assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,302,025 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,302,025 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired real estate held for investment</p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 8,375,884 </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 8,375,884 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:209pt'><p style='margin:0'>Total assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,677,909 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 9,677,909 </p></td></tr></table>
1302025
0
0
1302025
8375884
0
0
8375884
9677909
0
0
9677909
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Equity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,558,611 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,558,611 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Loans held for sale</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 136,210,853 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 136,210,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Restricted assets (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 744,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 744,673 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (1)</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> 483,353 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,969,967 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,969,967 </p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Total assets accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 144,967,457 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 6,786,637 </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 138,180,820 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Liabilities accounted for at fair value on a recurring basis</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - call options (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> $ (4,629)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ (4,629)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - put options (3)</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p align="right" style='margin:0'> (296,053)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> (296,053)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'>Derivatives - loan commitments (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (378,151)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (378,151)</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:37.6%'><p style='margin:0'>Total liabilities accounted for at fair value on a recurring basis </p></td><td valign="bottom" style='width:15.04%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (678,833)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (300,682)</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (378,151)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:37.6%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:37.6%;white-space:nowrap'><p style='margin:0'>(1) Mutual funds and equity securities</p></td><td valign="bottom" style='width:15.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:52.64%;white-space:nowrap'><p style='margin:0'>(2) Included in other assets on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:82.9%;white-space:nowrap'><p style='margin:0'>(3) Included in other liabilities and accrued expenses on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.54%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.56%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
5558611
5558611
0
0
744673
744673
0
0
483353
483353
0
0
1969967
0
0
1969967
144967457
6786637
0
138180820
-4629
-4629
0
0
-296053
-296053
0
0
-378151
0
0
-378151
678833
300682
0
378151
<p style='margin:0'> </p><table style='border-collapse:collapse;width:368.8pt'><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Net Derivatives Loan Commitments </p></td><td valign="bottom" style='width:10.05pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Loans Held for Sale </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2017</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,996,589 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 133,414,188 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Originations</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> 2,194,607,543 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> (2,259,145,473)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Transfer to mortgage loans held for investment</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> (10,827,797)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Total gains (losses):</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Included in earnings (1)</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> (404,773)</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> 78,162,392 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:189.8pt;white-space:nowrap'><p style='margin:0'>Balance - December 31, 2018</p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 1,591,816 </p></td><td valign="bottom" style='width:10.05pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:78.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 136,210,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:189.8pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.05pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:78.2pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="5" valign="bottom" style='width:368.8pt'><p style='margin:0'>(1) As a component of mortgage fee income on the consolidated statements of earnings</p></td></tr></table>
1996589
133414188
2194607543
-2259145473
-10827797
-404773
78162392
1591816
136210853
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:489.7pt'><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Quoted Prices in Active Markets for Identical Assets (Level 1)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Observable Inputs (Level 2)</p></td><td valign="bottom" style='width:6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Significant Unobservable Inputs (Level 3)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt'><p style='margin:0'>Assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,253,302 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap'><p align="right" style='margin:0'> $ 1,253,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:209pt;white-space:nowrap'><p style='margin:0'>Impaired real estate held for investment</p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,611,384 </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:72.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:52.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:69pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 1,611,384 </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:209pt'><p style='margin:0'>Total assets accounted for at fair value on a nonrecurring basis</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,864,686 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:72.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:52.35pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:69pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 2,864,686 </p></td></tr></table>
1253302
0
0
1253302
1611384
0
0
1611384
2864686
0
0
2864686
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Carrying Value</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 1</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 2</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 3</p></td><td valign="bottom" style='width:2.2%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Assets</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 110,253,678 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 115,320,638 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 115,320,638 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 88,651,967 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 37,788,901 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 39,289,462 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 39,289,462 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment, net</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 236,694,546 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 243,262,067 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ 243,262,067 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 14,762,805 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Insurance assignments, net (1)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 39,614,939 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,275,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,289,679 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 2,289,679 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 524,000 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 536,553 </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 536,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 22,784,571 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> 22,784,571 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> $ (217,572,612)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Policyholder account balances (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (45,154,180)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (41,828,469)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (41,828,469)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.98%;white-space:nowrap'><p style='margin:0'>Future policy benefits - annuities (3)</p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (113,579,830)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.86%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.58%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (117,304,614)</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p align="right" style='margin:0'> (117,304,614)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.42%;white-space:nowrap'><p style='margin:0'>(1) Included in other investments and policy loans on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:31.98%;white-space:nowrap'><p style='margin:0'>(2) Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.86%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.42%;white-space:nowrap'><p style='margin:0'>(3) Included in future policy benefits and unpaid claims on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.2%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.58%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
110253678
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0
115320638
115320638
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88651967
88651967
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243262067
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39614939
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2289679
2289679
524000
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536553
536553
17155529
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22784571
22784571
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<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Carrying Value</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 1</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 2</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Level 3</p></td><td valign="bottom" style='width:2.12%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total Estimated Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Assets</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, held to maturity</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 232,078,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ 229,668,844 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,082,014 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 234,750,858 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Residential</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 87,947,566 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 92,503,553 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 92,503,553 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Residential construction</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 70,886,702 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> Commercial</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 27,630,801 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 28,359,205 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 28,359,205 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment, net</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 186,465,069 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 191,749,460 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ 191,749,460 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 6,424,325 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Insurance assignments, net (1)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,146,868 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,168,868 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 34,168,868 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Restricted assets (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,258,397 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> 1,271,687 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,271,687 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Restricted assets (3)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,799,268 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,810,185 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 1,810,185 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Cemetery perpetual care trust investments (2)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 990,390 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> 983,410 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 983,410 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 20,016,822 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 28,885,316 </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> 28,885,316 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Liabilities</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> $ (187,521,188)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Policyholder account balances (4)</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (46,479,853)</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (37,348,289)</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (37,348,289)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:32.1%;white-space:nowrap'><p style='margin:0'>Future policy benefits - annuities (4)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (98,137,615)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (97,641,146)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p align="right" style='margin:0'> (97,641,146)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" bgcolor="#E2F8FE" style='width:70.5%;white-space:nowrap'><p style='margin:0'>(1) Included in other investments and policy loans on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:32.1%;white-space:nowrap'><p style='margin:0'>(2) Fixed maturity securities held to maturity</p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:44.72%;white-space:nowrap'><p style='margin:0'>(3) Participation in mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.9%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="6" valign="bottom" style='width:70.5%;white-space:nowrap'><p style='margin:0'>(4) Included in future policy benefits and unpaid claims on the consolidated balance sheets</p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.64%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
232078723
0
229668844
5082014
234750858
87947566
0
0
92503553
92503553
70886702
0
0
70886702
70886702
27630801
0
0
28359205
28359205
186465069
0
0
191749460
191749460
6424325
0
0
6424325
6424325
34146868
0
0
34168868
34168868
1258397
0
1271687
0
1271687
1799268
0
0
1810185
1810185
990390
0
983410
0
983410
20016822
0
0
28885316
28885316
-187521188
0
0
-187521188
-187521188
-46479853
0
0
-37348289
-37348289
-98137615
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-97641146
-97641146
<p style='margin:0'><kbd style='position:absolute;margin-left:0pt'>18)</kbd><kbd style='margin-left:37pt'></kbd><font style='border-bottom:1px solid #000000'>Accumulated Other Comprehensive Income</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following summarizes the changes in accumulated other comprehensive income:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:31.7%'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01) for equity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (603,170)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Unrealized gains on fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 17,315,770 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'>Reclassification adjustment for net realized gains in net income</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Net unrealized gains before taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 17,315,770 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (3,636,311)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,679,459 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains on restricted assets (1)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 35,550 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (8,856)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 26,694 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains on cemetery perpetual care trust investments (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 29,904 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (7,449)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 22,455 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains for foreign currency translations adjustments</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 972 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (3,761)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (243)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 938 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 729 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Other comprehensive income changes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,729,337 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (605,993)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'>_______________</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following is the accumulated balances of other comprehensive income as of December 31, 2019:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:55.82%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Beginning Balance December 31, 2018</p></td><td valign="top" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Change for the period</p></td><td valign="top" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Ending Balance December 31,2019</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p style='margin:0'>Unrealized gains on fixed maturity securities available for sale</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 13,679,459 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 13,679,459 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%'><p align="justify" style='margin:0'>Unrealized gains on restricted assets (1)</p></td><td valign="top" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 26,694 </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 26,694 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p align="justify" style='margin:0'>Unrealized gains on cemetery perpetual care trust investments (1)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> 22,455 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> 22,455 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%'><p align="justify" style='margin:0'>Foreign currency translation adjustments</p></td><td valign="top" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> (2,823)</p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 729 </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> (2,094)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:55.82%'><p style='margin:0'>Other comprehensive income (loss)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,823)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,729,337 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,726,514 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p align="justify" style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following is the accumulated balances of other comprehensive income as of December 31, 2018:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:51.78%'><p style='margin:0'> </p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Beginning Balance December 31, 2017</p></td><td valign="top" style='width:2.68%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Change for the period</p></td><td valign="top" style='width:3.98%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.4%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Ending Balance December 31,2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:51.78%'><p style='margin:0'>Unrealized gains on equity securities, restricted assets and cemetery perpetual care trust investments</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 603,170 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.98%'><p align="right" style='margin:0'> $ (603,170)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.98%'><p align="right" style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.4%'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:51.78%'><p align="justify" style='margin:0'>Foreign currency translation adjustments</p></td><td valign="top" style='width:2.68%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.98%'><p align="right" style='margin:0'> (2,823)</p></td><td valign="bottom" style='width:3.98%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.4%'><p align="right" style='margin:0'> (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:51.78%'><p style='margin:0'>Other comprehensive income (loss)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 603,170 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.98%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (605,993)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.98%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.4%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:51.78%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="top" style='width:13.98%'><p style='margin:0'> </p></td><td valign="top" style='width:3.98%'><p style='margin:0'> </p></td><td valign="top" style='width:12.4%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="7" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01)</p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:31.7%'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01) for equity securities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ (603,170)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Unrealized gains on fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 17,315,770 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'>Reclassification adjustment for net realized gains in net income</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Net unrealized gains before taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 17,315,770 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (3,636,311)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p style='margin:0'>Net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 13,679,459 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains on restricted assets (1)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 35,550 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (8,856)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 26,694 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains on cemetery perpetual care trust investments (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 29,904 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (7,449)</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 22,455 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p align="justify" style='margin:0'>Unrealized gains for foreign currency translations adjustments</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 972 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (3,761)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Tax expense</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> (243)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p align="right" style='margin:0'> 938 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%;white-space:nowrap'><p style='margin:0'>Net</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 729 </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>Other comprehensive income changes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,729,337 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (605,993)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.82%'><p style='margin:0'>_______________</p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.82%'><p align="justify" style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:14.62%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
0
-603170
17315770
0
0
0
17315770
0
-3636311
0
13679459
0
35550
0
-8856
0
26694
0
29904
0
972
-3761
-243
938
729
-2823
13729337
-605993
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:55.82%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Beginning Balance December 31, 2018</p></td><td valign="top" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Change for the period</p></td><td valign="top" style='width:2.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Ending Balance December 31,2019</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p style='margin:0'>Unrealized gains on fixed maturity securities available for sale</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 13,679,459 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 13,679,459 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%'><p align="justify" style='margin:0'>Unrealized gains on restricted assets (1)</p></td><td valign="top" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 26,694 </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 26,694 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p align="justify" style='margin:0'>Unrealized gains on cemetery perpetual care trust investments (1)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> 22,455 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> 22,455 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%'><p align="justify" style='margin:0'>Foreign currency translation adjustments</p></td><td valign="top" style='width:2.24%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> (2,823)</p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> 729 </p></td><td valign="bottom" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> (2,094)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:55.82%'><p style='margin:0'>Other comprehensive income (loss)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.24%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,823)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,729,337 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 13,726,514 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:55.82%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.24%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:55.82%'><p align="justify" style='margin:0'>(1) Fixed maturity securities available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p align="justify" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.24%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
13679459
13679459
26694
26694
22455
22455
729
-2094
13729337
13726514
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:51.78%'><p style='margin:0'> </p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" style='width:12.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Beginning Balance December 31, 2017</p></td><td valign="top" style='width:2.68%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:13.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Change for the period</p></td><td valign="top" style='width:3.98%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.4%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Ending Balance December 31,2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:51.78%'><p style='margin:0'>Unrealized gains on equity securities, restricted assets and cemetery perpetual care trust investments</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%'><p align="right" style='margin:0'> $ 603,170 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.98%'><p align="right" style='margin:0'> $ (603,170)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.98%'><p align="right" style='margin:0'>(1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.4%'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:51.78%'><p align="justify" style='margin:0'>Foreign currency translation adjustments</p></td><td valign="top" style='width:2.68%'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:12.5%'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:13.98%'><p align="right" style='margin:0'> (2,823)</p></td><td valign="bottom" style='width:3.98%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:12.4%'><p align="right" style='margin:0'> (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:51.78%'><p style='margin:0'>Other comprehensive income (loss)</p></td><td valign="top" bgcolor="#E2F8FE" style='width:2.68%'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 603,170 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.68%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:13.98%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (605,993)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:3.98%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.4%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (2,823)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:51.78%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="top" style='width:12.5%'><p style='margin:0'> </p></td><td valign="top" style='width:2.68%'><p style='margin:0'> </p></td><td valign="top" style='width:13.98%'><p style='margin:0'> </p></td><td valign="top" style='width:3.98%'><p style='margin:0'> </p></td><td valign="top" style='width:12.4%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="7" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(1) Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01)</p></td></tr></table>
603170
-603170
0
-2823
-2823
603170
-605993
-2823
<p style='line-height:12pt;margin:0;margin-left:36pt'><kbd style='position:absolute;margin-left:-36pt;padding-top:1pt'><font style='line-height:12pt'>19)</font></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Derivative Instruments</font> </p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following table shows the fair value and notional amounts of derivative instruments as of December 31, 2019 and 2018.</font></p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'> </p></td><td colspan="13" valign="bottom" style='width:83.84%'><p align="center" style='margin:0'>Fair Values and Notional Amounts of Derivative Instruments</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td colspan="5" valign="bottom" style='width:33.88%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2019</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td colspan="5" valign="bottom" style='width:33.3%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Balance Sheet Location</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Notional Amount</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Asset Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Liability Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Notional Amount</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Asset Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Liability Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Derivatives not designated as hedging instruments:</p></td><td valign="bottom" style='width:12.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.88%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:16.16%'><p style='margin:0'>Loan commitments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%'><p align="center" style='margin:0'>Other assets and Other liabilities </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.46%'><p align="right" style='margin:0'> $224,202,514 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'> $2,722,580 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> $231,347 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%'><p align="right" style='margin:0'> $ 93,758,218 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'> $1,969,967 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> $378,151 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Call options</p></td><td valign="bottom" style='width:12.24%'><p align="center" style='margin:0'>Other liabilities</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%'><p align="right" style='margin:0'> 1,813,500 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p align="right" style='margin:0'> 62,265 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%'><p align="right" style='margin:0'> 805,500 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p align="right" style='margin:0'> 4,629 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.16%'><p style='margin:0'>Put options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%'><p align="center" style='margin:0'>Other liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.46%'><p align="right" style='margin:0'> 1,573,100 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> 22,282 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%'><p align="right" style='margin:0'> 4,861,700 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> 296,053 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:12.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $225,326,654 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $2,722,580 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $315,894 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 99,425,418 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $1,969,967 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $678,833 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table shows the gain (loss) on derivatives for the periods presented. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion or any amounts excluded from effective testing.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:39.22%'><p align="center" style='margin:0'>Net Amount Gain (Loss) </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:39.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Derivative</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Classification</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.06%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:24.1%;white-space:nowrap'><p style='margin:0'>Loan commitments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:31.12%;white-space:nowrap'><p style='margin:0'>Mortgage fee income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.38%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 899,417 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.06%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (404,773)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:19.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:24.1%;white-space:nowrap'><p style='margin:0'>Call and put options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:31.12%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.38%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 626,208 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.06%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,786 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'> </p></td><td colspan="13" valign="bottom" style='width:83.84%'><p align="center" style='margin:0'>Fair Values and Notional Amounts of Derivative Instruments</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td colspan="5" valign="bottom" style='width:33.88%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2019</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td colspan="5" valign="bottom" style='width:33.3%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:12.24%;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Balance Sheet Location</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Notional Amount</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Asset Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Liability Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Notional Amount</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Asset Fair Value</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Liability Fair Value</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Derivatives not designated as hedging instruments:</p></td><td valign="bottom" style='width:12.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:10.88%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:16.16%'><p style='margin:0'>Loan commitments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%'><p align="center" style='margin:0'>Other assets and Other liabilities </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.46%'><p align="right" style='margin:0'> $224,202,514 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'> $2,722,580 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> $231,347 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%'><p align="right" style='margin:0'> $ 93,758,218 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'> $1,969,967 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> $378,151 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Call options</p></td><td valign="bottom" style='width:12.24%'><p align="center" style='margin:0'>Other liabilities</p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%'><p align="right" style='margin:0'> 1,813,500 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p align="right" style='margin:0'> 62,265 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%'><p align="right" style='margin:0'> 805,500 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%'><p align="right" style='margin:0'> 4,629 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:16.16%'><p style='margin:0'>Put options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12.24%'><p align="center" style='margin:0'>Other liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.46%'><p align="right" style='margin:0'> 1,573,100 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> 22,282 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:10.88%'><p align="right" style='margin:0'> 4,861,700 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:9.74%'><p align="right" style='margin:0'>--</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:8.28%'><p align="right" style='margin:0'> 296,053 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:16.16%'><p style='margin:0'>Total</p></td><td valign="bottom" style='width:12.24%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.22%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:11.46%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $225,326,654 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $2,722,580 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $315,894 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:10.88%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 99,425,418 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:9.74%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $1,969,967 </p></td><td valign="bottom" style='width:2.22%'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:8.28%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $678,833 </p></td></tr></table>
224202514
2722580
231347
93758218
1969967
378151
1813500
0
62265
805500
0
4629
1573100
0
22282
4861700
0
296053
225326654
2722580
315894
99425418
1969967
678833
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:39.22%'><p align="center" style='margin:0'>Net Amount Gain (Loss) </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:39.22%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Derivative</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Classification</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.38%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.06%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:24.1%;white-space:nowrap'><p style='margin:0'>Loan commitments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:31.12%;white-space:nowrap'><p style='margin:0'>Mortgage fee income</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.38%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 899,417 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.06%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ (404,773)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:24.1%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:31.12%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.38%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:19.06%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:24.1%;white-space:nowrap'><p style='margin:0'>Call and put options</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:31.12%'><p style='margin:0'>Gains on investments and other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.38%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 626,208 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.78%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.06%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 187,786 </p></td></tr></table>
899417
-404773
626208
187786
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>20)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Acquisitions</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Kilpatrick Life Insurance Company</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On December 13, 2019, the Company, through its wholly owned subsidiary, Security National Life Insurance Company (“Security National Life”) completed a stock purchase transaction with Kilpatrick Life Insurance Company, a Louisiana domiciled life insurance company (“Kilpatrick Life”) and its shareholders, which resulted in the purchase of all the outstanding shares of common stock of Kilpatrick Life. The closing of the transaction was subject to approval by the Louisiana Department of Insurance of the change of control of Kilpatrick Life, which was received on December 12, 2019. Under the terms of the transaction, the total Purchase Price that Security National Life paid for all the shares held by the Kilpatrick shareholders was $23,779,940 subject to a $1,400,000 holdback, as agreed with the shareholders. </p><p style='margin:0'> </p><p align="justify" style='margin:0'>Kilpatrick Life has been in operation since 1932 and provides life insurance products and services through insurance plans such as permanent and term life insurance, asset protection plans, graded whole life insurance, and annuities. Additionally, it provides insurance services for emergencies and pre‐arranged funeral services. Kilpatrick Life is based in Shreveport, Louisiana with additional offices in Jena, Alexandria, Minden, and Arcadia, Louisiana.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Kilpatrick Life employs a staff of almost 120 associates in four offices in Louisiana and is licensed to operate in Louisiana, Texas, Arkansas, Oklahoma, and Mississippi with the home office located in Shreveport, LA. It is the mission of Kilpatrick Life to continue providing the utmost service and protection for its policyholders for generations to come.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Prior to the stock purchase transaction, Security National life and Kilpatrick Life entered into a coinsurance agreement, effective October 1, 2019. After the effective date, Security National Life, as coinsurer, agreed to be responsible for and was obligated with respect to 100% of the contractual liabilities under the Kilpatrick Life’s life insurance policies in accordance with the terms and conditions of the policies and applicable law. Unless otherwise directed by Security National Life, as coinsurer, Kilpatrick Life continued to administer the policies on behalf of Security National Life, as coinsurer, for the duration of the coinsurance agreement. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>As part of the coinsurance agreement, effective October 1, 2019, Security National Life acquired the following assets and assumed the following contractual liabilities.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:308pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Other investments and policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> $ 9,124,459 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 2,850,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 200,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Receivables</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 131,258 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 12,305,717 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (165,404,970)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (5,259,341)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (170,664,311)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Cash received for reinsurance assumed</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 158,358,594 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Contemporaneous with the stock purchase transaction, both Kilpatrick Life and Security National Life, as coinsurer, agreed terminate the coinsurance agreement, to require the recapture of the life insurance policies by Kilpatrick Life and provided notification to the Louisiana Department of Insurance. The final settlement and transfer of the coinsurance trust assets from Security National Life back to Kilpatrick Life occurred shortly thereafter.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition, on December 13, 2019, are shown in the following table. At the time of acquisition some of these assets and liabilities became intercompany items, and the Company has eliminated them for consolidation.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:335.15pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> $ 22,766,520 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, held to maturity</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 16,436 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 8,011,660 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 2,708,557 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 446,655 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 183,527 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 34,133,355 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 6,900,654 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables, net</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 5,407,736 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables from reinsurers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 168,105,064 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Property and equipment, net</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 1,498,245 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 4,962,831 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Deferred taxes</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 167,344 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 712,323 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 221,887,552 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Future policy benefits and unpaid claims</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (189,071,407)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Accounts payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (283,304)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (7,870,944)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (881,957)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (198,107,612)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 23,779,940 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid, net of cash acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 16,879,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:335.15pt'><p style='margin:0'>(1) Receivable from reinsurers of $162,907,008 and receivables, net of $5,000,000 were settled with the recapture of the coinsurance agreement by Kilpatrick Life from Security National Life.</p></td></tr></table><p align="justify" style='margin:0'>Kilpatrick Life’s revenues and net loss since the date of acquisition were $1,461,011 and $848,031, respectively.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Probst Family Funerals and Cremations and Heber Valley Funeral Home</b></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>On February 15, 2019, the Company, through its wholly-owned subsidiary, Memorial Mortuary Inc., completed an asset purchase transaction with Probst Family Funerals and Cremations, LLC. (“Probst Family Funerals”) and Heber Valley Funeral Home, Inc. (“Heber Valley Funeral Home”). These funeral homes are both located in Heber Valley, a community situated about 45 miles southeast of Salt Lake City. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Under the terms of the transaction, as set forth in the Asset Purchase Agreement, dated February 15, 2019, Memorial Mortuary Inc. paid a net purchase price of $3,315,647 for the business and assets of Probst Family Funerals and Heber Valley Funeral Home, subject to a $150,000 holdback. In August 2019, this escrow account was settled and $137,550 was paid to the prior owners.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:295pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Cash</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 53,859 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Property and equipment</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 2,475,526 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 13,620 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 21,800 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,318,823 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> (3,176)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (3,176)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,315,647 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid, net of cash acquired</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,261,788 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Probst Family Funerals and Heber Valley Funeral Home’s revenues and net earnings since the date of acquisition were $796,992 and $97,400, respectively.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Beta Capital Corp.</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>On June 1, 2018, the Company completed a stock purchase transaction with Beta Capital Corp. ("Beta Capital") and Ronald D. Maxson ("Maxson"), the sole owner of all the outstanding shares of common stock of Beta Capital, to purchase all of the outstanding shares of common stock of Beta Capital.  Beta Capital is engaged in the operation of a factoring business with the principal purpose of providing funding for funeral homes and mortuaries.  </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Under the terms of the transaction, as set forth in the Stock Purchase Agreement, dated June 1, 2018, by and among the Company, Beta Capital and Maxson, the Company paid Maxson the purchase consideration at the closing of the transaction equal to the sum of (i) $890,000 in cash plus (ii) the accounts receivable value of $2,515,783, representing the total amount of the Company's outstanding receivables as of the closing date of June 1, 2018, for a total closing payment of $3,405,783. From the $3,405,783 closing payment, a holdback amount equal to $175,000 was deposited into an interest bearing escrow account. In November 2019, this escrow account was settled and $169,190 was paid to the prior owner.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The estimated fair values of the assets acquired at the date of acquisition were as follows:</p><p style='margin:0'> </p><table style='border-collapse:collapse;width:307pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other investments - insurance assignments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,515,783 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other - customer list intangible asset</p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> 890,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,405,783 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,405,783 </p></td></tr></table>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:308pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Other investments and policy loans</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> $ 9,124,459 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 2,850,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 200,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Receivables</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> 131,258 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 12,305,717 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (165,404,970)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap'><p align="right" style='margin:0'> (5,259,341)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:73.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (170,664,311)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:234.5pt;white-space:nowrap'><p style='margin:0'>Cash received for reinsurance assumed</p></td><td valign="bottom" style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 158,358,594 </p></td></tr></table><p align="justify" style='margin:0'> </p>
9124459
2850000
200000
12305717
-165404970
5259341
170664311
158358594
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:335.15pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, available for sale</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> $ 22,766,520 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fixed maturity securities, held to maturity</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 16,436 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Mortgage loans held for investment</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 8,011,660 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Real estate held for investment</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 2,708,557 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 446,655 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Accrued investment income</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 183,527 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total investments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 34,133,355 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Cash and cash equivalents</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 6,900,654 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables, net</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 5,407,736 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables from reinsurers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 168,105,064 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'>(1)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Property and equipment, net</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 1,498,245 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Value of business acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 4,962,831 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Deferred taxes</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 167,344 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> 712,323 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 221,887,552 </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Future policy benefits and unpaid claims</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (189,071,407)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Accounts payable</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (283,304)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (7,870,944)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> (881,957)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" style='width:79pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (198,107,612)</p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 23,779,940 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid, net of cash acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 16,879,286 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:79pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:79pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:20.15pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:335.15pt'><p style='margin:0'>(1) Receivable from reinsurers of $162,907,008 and receivables, net of $5,000,000 were settled with the recapture of the coinsurance agreement by Kilpatrick Life from Security National Life.</p></td></tr></table>
22766520
16436
8011660
2708557
446655
183527
34133355
6900654
5407736
168105064
1498245
4962831
167344
712323
221887552
-189071407
283304
7870944
881957
198107612
23779940
16879286
1461011
848031
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:295pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Cash</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 53,859 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Property and equipment</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 2,475,526 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Receivables</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 13,620 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Goodwill</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 754,018 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 21,800 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,318,823 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> (3,176)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total liabilities assumed</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (3,176)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,315,647 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt'><p style='margin:0'>Fair value of net assets acquired/consideration paid, net of cash acquired</p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,261,788 </p></td></tr></table>
53859
2475526
13620
754018
21800
3318823
3176
3176
3315647
3261788
796992
97400
<p style='margin:0'> </p><table style='border-collapse:collapse;width:307pt'><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other investments - insurance assignments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,515,783 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Other - customer list intangible asset</p></td><td valign="bottom" style='width:71pt;white-space:nowrap'><p align="right" style='margin:0'> 890,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:236pt;white-space:nowrap'><p style='margin:0'>Total assets acquired</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:71pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 3,405,783 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:236pt;white-space:nowrap'><p style='margin:0'>Fair value of net assets acquired/consideration paid</p></td><td valign="bottom" style='width:71pt;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,405,783 </p></td></tr></table>
2515783
890000
3405783
3405783
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>21)</font></kbd><kbd style='margin-left:27pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Mortgage Servicing Rights</font> </p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>The Company reports MSRs pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following table presents the MSR activity for the periods presented.</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:34.54%'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:17.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Amortized cost:</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance before valuation allowance at beginning of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 20,016,822 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 21,376,937 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>MSR additions resulting from loan sales</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,194,502 </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,922,816 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Amortization (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> (7,055,795)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> (5,282,931)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%'><p style='margin:0'>Application of valuation allowance to write down MSRs with other than temporary impairment</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance before valuation allowance at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 20,016,822 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Valuation allowance for impairment of MSRs:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance at beginning of year</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Additions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%'><p style='margin:0'>Application of valuation allowance to write down MSRs with other than temporary impairment</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 20,016,822 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Estimated fair value of MSRs at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 22,784,571 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 28,885,316 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:100%;white-space:nowrap'><p style='margin:0'>(1) Included in other expenses on the consolidated statements of earnings</p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2019 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.</p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:140pt'><tr style='height:10.8pt'><td valign="bottom" style='width:53pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated MSR Amortization</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,999,452 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt'><p style='margin:0'>2021</p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 2,376,277 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,971,249 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt'><p style='margin:0'>2023</p></td><td valign="bottom" style='width:6pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,631,010 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,359,492 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt;white-space:nowrap'><p style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 6,818,049 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>During the years ended December 31, 2019 and 2018, the Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the consolidated statements of earnings:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:239.1pt'><tr style='height:10.8pt'><td valign="bottom" style='width:110pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:110pt;white-space:nowrap'><p style='margin:0'>Contractual servicing fees</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,212,164 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,561,226 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:110pt;white-space:nowrap'><p style='margin:0'>Late fees</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 365,477 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 319,244 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:110pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,577,641 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,880,470 </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio for the periods presented:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:220pt'><tr style='height:12.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="4" valign="bottom" style='width:152pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Servicing UPB</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,804,139,415 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,941,231,563 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The following key assumptions were used in determining MSR value:</font></p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:247pt'><tr style='height:10.8pt'><td valign="bottom" style='width:86pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Prepayment</font><font style='border-bottom:1px solid #000000'>Speeds </font></p></td><td valign="bottom" style='width:54pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'> Average</font><font style='border-bottom:1px solid #000000'>Life(Years) </font></p></td><td valign="bottom" style='width:46pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Discount</font><font style='border-bottom:1px solid #000000'>Rate </font></p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:86pt;white-space:nowrap'><p style='margin:0'>December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="center" style='margin:0'>15.30</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:54pt;white-space:nowrap'><p align="center" style='margin:0'>5.27</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:46pt;white-space:nowrap'><p align="center" style='margin:0'>9.51</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:86pt;white-space:nowrap'><p style='margin:0'>December 31, 2018</p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="center" style='margin:0'>11.70</p></td><td valign="bottom" style='width:54pt;white-space:nowrap'><p align="center" style='margin:0'>6.33</p></td><td valign="bottom" style='width:46pt;white-space:nowrap'><p align="center" style='margin:0'>9.51</p></td></tr></table>
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:34.54%'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:17.26%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Amortized cost:</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance before valuation allowance at beginning of year</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 20,016,822 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ 21,376,937 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>MSR additions resulting from loan sales</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> 4,194,502 </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> 3,922,816 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Amortization (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> (7,055,795)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> (5,282,931)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%'><p style='margin:0'>Application of valuation allowance to write down MSRs with other than temporary impairment</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance before valuation allowance at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ 20,016,822 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Valuation allowance for impairment of MSRs:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance at beginning of year</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Additions</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%'><p style='margin:0'>Application of valuation allowance to write down MSRs with other than temporary impairment</p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Balance at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> $ - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Mortgage servicing rights, net</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 20,016,822 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:65.46%;white-space:nowrap'><p style='margin:0'>Estimated fair value of MSRs at year end</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 22,784,571 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:17.26%;white-space:nowrap;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 28,885,316 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:65.46%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:17.26%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:100%;white-space:nowrap'><p style='margin:0'>(1) Included in other expenses on the consolidated statements of earnings</p></td></tr></table>
21376937
4194502
3922816
-7055795
-5282931
17155529
20016822
20016822
22784571
28885316
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:140pt'><tr style='height:10.8pt'><td valign="bottom" style='width:53pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Estimated MSR Amortization</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,999,452 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt'><p style='margin:0'>2021</p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 2,376,277 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,971,249 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt'><p style='margin:0'>2023</p></td><td valign="bottom" style='width:6pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,631,010 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt'><p style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 1,359,492 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:53pt;white-space:nowrap'><p style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:81pt;white-space:nowrap'><p align="right" style='margin:0'> 6,818,049 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:53pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:6pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:81pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 17,155,529 </p></td></tr></table>
2999452
2376277
1971249
1631010
1359492
6818049
17155529
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:239.1pt'><tr style='height:10.8pt'><td valign="bottom" style='width:110pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:110pt;white-space:nowrap'><p style='margin:0'>Contractual servicing fees</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,212,164 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> $ 7,561,226 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:110pt;white-space:nowrap'><p style='margin:0'>Late fees</p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 365,477 </p></td><td valign="bottom" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:59pt;white-space:nowrap'><p align="right" style='margin:0'> 319,244 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:110pt;white-space:nowrap'><p style='margin:0'>Total</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,577,641 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:11.1pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:59pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 7,880,470 </p></td></tr></table>
7212164
7561226
365477
319244
7577641
7880470
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:220pt'><tr style='height:12.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="4" valign="bottom" style='width:152pt;white-space:nowrap'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:68pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td><td valign="bottom" style='width:1.8pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:68pt;white-space:nowrap'><p style='margin:0'>Servicing UPB</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,804,139,415 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74.2pt;white-space:nowrap'><p align="right" style='margin:0'> $ 2,941,231,563 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:1.8pt;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
2804139415
2941231563
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:247pt'><tr style='height:10.8pt'><td valign="bottom" style='width:86pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:61pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Prepayment</font><font style='border-bottom:1px solid #000000'>Speeds </font></p></td><td valign="bottom" style='width:54pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'> Average</font><font style='border-bottom:1px solid #000000'>Life(Years) </font></p></td><td valign="bottom" style='width:46pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Discount</font><font style='border-bottom:1px solid #000000'>Rate </font></p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:86pt;white-space:nowrap'><p style='margin:0'>December 31, 2019</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:61pt;white-space:nowrap'><p align="center" style='margin:0'>15.30</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:54pt;white-space:nowrap'><p align="center" style='margin:0'>5.27</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:46pt;white-space:nowrap'><p align="center" style='margin:0'>9.51</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:86pt;white-space:nowrap'><p style='margin:0'>December 31, 2018</p></td><td valign="bottom" style='width:61pt;white-space:nowrap'><p align="center" style='margin:0'>11.70</p></td><td valign="bottom" style='width:54pt;white-space:nowrap'><p align="center" style='margin:0'>6.33</p></td><td valign="bottom" style='width:46pt;white-space:nowrap'><p align="center" style='margin:0'>9.51</p></td></tr></table>
0.1530
5.27
9.51
0.1170
6.33
9.51
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>22)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Future Policy Benefits and Unpaid Claims</font> </p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>The Company reports future policy benefits and unpaid claims pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.</p><p align="justify" style='margin:0;margin-right:-18pt'> </p><p align="justify" style='margin:0;margin-right:-18pt'>The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.</p><p align="justify" style='margin:0;margin-right:-18pt'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:40.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended September 30</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 654,585,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> $466,232,621 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Annuities</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 113,579,831 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 98,137,615 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Policyholder account balances</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 45,154,180 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 46,479,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Accident and health</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 667,428 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 482,693 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Other policyholder funds</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,530,227 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,431,296 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Reported but unpaid claims</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,891,922 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 3,365,872 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Incurred but not reported claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 2,191,607 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,269,764 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Gross future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 825,600,918 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $620,399,714 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Receivable from reinsurers</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 11,040,398 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 6,702,328 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Annuities</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,038,007 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,078,666 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Accident and health</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 90,113 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Reported but unpaid claims</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 569,250 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 33,108 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Incurred but not reported claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 6,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Total receivable from reinsurers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 15,747,768 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 10,820,102 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Net future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 809,853,150 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $609,579,612 </p></td></tr></table>
<p align="justify" style='margin:0;margin-right:-18pt'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:40.56%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended September 30</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 654,585,723 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> $466,232,621 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Annuities</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 113,579,831 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 98,137,615 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Policyholder account balances</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 45,154,180 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 46,479,853 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Accident and health</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 667,428 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 482,693 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Other policyholder funds</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,530,227 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,431,296 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Reported but unpaid claims</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,891,922 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 3,365,872 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Incurred but not reported claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 2,191,607 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 1,269,764 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Gross future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 825,600,918 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $620,399,714 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Receivable from reinsurers</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Life</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 11,040,398 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 6,702,328 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Annuities</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4,038,007 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 4,078,666 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Accident and health</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 90,113 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Reported but unpaid claims</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 569,250 </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 33,108 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Incurred but not reported claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 10,000 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> 6,000 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Total receivable from reinsurers</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 15,747,768 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> 10,820,102 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:59.44%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:18.48%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:59.44%;white-space:nowrap'><p style='margin:0'>Net future policy benefits and unpaid claims</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 809,853,150 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.8%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.48%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $609,579,612 </p></td></tr></table>
654585723
466232621
113579831
98137615
45154180
46479853
667428
482693
4530227
4431296
4891922
3365872
2191607
1269764
825600918
620399714
11040398
6702328
4038007
4078666
90113
0
569250
33108
10000
6000
15747768
10820102
809853150
609579612
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>23)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='line-height:12pt'> </font><font style='border-bottom:1px solid #000000;line-height:12pt'>Revenues from Contracts with Customers</font> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company reports revenues from contracts with customers pursuant to ASC No. 606, Revenue from Contracts with Customers. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Contracts with Customers</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Information about Performance Obligations and Contract Balances</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s cemetery and mortuary segment sells a variety of goods and services to customers in both at-need and pre-need situations. Due to the timing of the fulfillment of the obligation, revenue is deferred until that obligation is fulfilled. The total contract liability for future obligations is included in deferred pre-need cemetery and mortuary contract revenues on the consolidated balance sheets and, as of December 31, 2019 and 2018, the balances were $12,607,978 and 12,508,625, respectively. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company’s three types of future obligations are as follows:</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Pre-need Merchandise and Service Revenue</i></font>: All pre-need merchandise and service revenue is deferred and the funds are placed in trust until the need arises, the merchandise is received or the service is performed. The trust is then relieved, and the revenue and commissions are recognized. As of December 31, 2019 and 2018, the balances were $12,325,437 and $12,175,943, respectively. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>At-need Specialty Merchandise Revenue</i></font>: At-need specialty merchandise revenue consists of customizable merchandise ordered from a manufacturer such as markers and bases. When specialty merchandise is ordered, it can take time to manufacture and deliver the product. Revenue is deferred until the at-need merchandise is received. As of December 31, 2019 and 2018, the balances were $282,541 and $327,302, respectively. Deferred revenue for at-need specialty revenue is not placed in trust.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Deferred Pre-need Land Revenue</i></font>: Deferred pre-need revenue and corresponding commissions are deferred until 10% of the funds are received from the customer through regular monthly payments. As of December 31, 2019 and 2018, the balances were $-0- and $5,380, respectively. Deferred pre-need land revenue is not placed in trust.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Complete payment of the contract does not constitute fulfillment of the performance obligation. Goods or services are deferred until such time the service is performed or merchandise is received. Pre-need contracts are required to be paid in full prior to a customer using a good or service from a pre-need contract. Goods and services from pre-need contracts can be transferred when paid in full from one owner to another. In such cases, the Company will act as an agent in transferring the requested goods and services. A transfer of goods and services does not fulfill an obligation and revenue remains deferred.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:61.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Receivables (1) </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2019)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,816,225 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2019)</p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,778,879 </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> 12,607,978 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Increase/(decrease)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (37,346)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 99,353 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:61.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Receivables (1) </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2018)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,608,379 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,873,068 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2018)</p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,816,225 </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Increase/(decrease)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (792,154)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (364,443)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:76%;white-space:nowrap'><p style='margin:0'>(1) Included in Receivables, net on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table disaggregates the opening and closing balances of the Company’s contract balances.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:62.06%'><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:53.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,175,943 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 327,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 5,380 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2019)</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,325,437 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 282,541 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2019)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,607,978 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:53.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,620,596 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 236,572 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 15,900 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2018)</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,873,068 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,175,943 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 327,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 5,380 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2018)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The amount of revenue recognized for the years ended December 31, 2019 and 2018 that was included in the opening contract liability balance was $3,558,103 and $2,623,903, respectively.</p><p align="justify" style='margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'>The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment.</font></p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>Disaggregation of Revenue</font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table disaggregates revenue for the Company’s cemetery and mortuary contracts.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:332pt'><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:148pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:74pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Major goods/service lines</font></p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'>At-need</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 12,334,777 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 10,391,976 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'>Pre-need</p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 2,961,458 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 3,334,542 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 15,296,235 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,726,518 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Timing of Revenue Recognition</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'>Goods transferred at a point in time</p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 10,133,723 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 9,100,851 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'>Services transferred at a point in time</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 5,162,512 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 4,625,667 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 15,296,235 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,726,518 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Significant Judgments and Estimates</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company's cemetery and mortuary segment recognizes revenue on future performance obligations when goods are delivered and when services are performed and is not determined by the terms or payments of the contract as long as any good or service is paid in full prior to delivery. Prices are determined based on the market at the time a contract is created. Goods or services are not partially completed. There are no significant judgements, estimations or allocation methods when revenue should be recognized. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Practical Expedients</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company has not elected to use any of the practical expedients under ASC 606. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Contract Costs</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company's cemetery and mortuary segment defers certain costs associated with obtaining a contract on future obligations. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Pre-need Merchandise and Service Revenue</i></font>: Pre-need merchandise and service revenues are deferred until the goods or services are delivered. Recognition can be years until the obligations are satisfied. Commissions and other costs are capitalized and deferred until the obligation is satisfied. Other costs include rent on pre-need offices and training rooms, and call center costs. Costs that are allocated based on a percentage include family service advisor compensation, bonuses, utilities and supplies that are all used to procure a pre-need sale.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>At-need Specialty Merchandise Revenue</i></font>: At-need specialty merchandise is ordered from a third-party manufacturer. Generally, at-need specialty merchandise is ordered and received within 90 days of order. These orders are also short-term in nature and are deferred until the product is received from the manufacturer and the obligation is satisfied.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Deferred Pre-need Land Revenue</i></font>: Revenue is recognized on pre-need land sales when the customer has paid at least 10% toward the land price. In cases, where customers pay less than 10%, the revenue and associated commissions are deferred until such time when 10% of the contract price is received.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table disaggregates contract costs that are included in deferred policy and pre-need contract acquisition costs on the consolidated balances sheets.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:355pt'><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:180pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'>$ 3,590,266 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> $ 3,575,032 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 10,688 </p></td><td valign="bottom" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 15,926 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 1,237 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:90pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,600,954 </p></td><td valign="bottom" style='width:90pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,592,195 </p></td></tr></table><p align="justify" style='margin:0'> </p>
0
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" style='width:61.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Receivables (1) </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2019)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 2,816,225 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2019)</p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,778,879 </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> 12,607,978 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Increase/(decrease)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (37,346)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> 99,353 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:61.84%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:18.04%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Receivables (1) </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:24%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2018)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> $ 3,608,379 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,873,068 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2018)</p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p align="right" style='margin:0'> 2,816,225 </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p align="right" style='margin:0'> 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:38.16%;white-space:nowrap'><p style='margin:0'>Increase/(decrease)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:18.04%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (792,154)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.8%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> (364,443)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:38.16%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" style='width:18.04%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.8%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td colspan="3" valign="bottom" bgcolor="#E2F8FE" style='width:76%;white-space:nowrap'><p style='margin:0'>(1) Included in Receivables, net on the consolidated balance sheets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
2778879
-37346
99353
3608379
2816225
-792154
0
-364443
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:62.06%'><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:53.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,175,943 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 327,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 5,380 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2019)</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,325,437 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 282,541 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2019)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,607,978 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" bgcolor="#E2F8FE" style='width:53.78%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Balances</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Asset</p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Contract Liability</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,620,596 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 236,572 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 15,900 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Opening (1/1/2018)</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,873,068 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> $ 12,175,943 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 327,302 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" style='width:24.56%;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:29.2%;white-space:nowrap'><p align="right" style='margin:0'> 5,380 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:46.22%;white-space:nowrap'><p style='margin:0'>Closing (12/31/2018)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:24.56%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:29.2%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 12,508,625 </p></td></tr></table>
12325437
282541
12607978
0
12620596
236572
15900
0
12873068
0
12175943
327302
5380
0
12508625
3558103
2623903
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:332pt'><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:148pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:74pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:74pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Major goods/service lines</font></p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'>At-need</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 12,334,777 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 10,391,976 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'>Pre-need</p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 2,961,458 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 3,334,542 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 15,296,235 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,726,518 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Timing of Revenue Recognition</font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'>Goods transferred at a point in time</p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 10,133,723 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'>$ 9,100,851 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:184pt;white-space:nowrap'><p style='margin:0'>Services transferred at a point in time</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 5,162,512 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:74pt;white-space:nowrap'><p align="right" style='margin:0'> 4,625,667 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:184pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 15,296,235 </p></td><td valign="bottom" style='width:74pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,726,518 </p></td></tr></table>
12334777
10391976
2961458
3334542
10133723
9100851
5162512
4625667
15296235
13726518
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:355pt'><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td colspan="2" valign="bottom" style='width:180pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Years Ended December 31</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Pre-need merchandise and services</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'>$ 3,590,266 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> $ 3,575,032 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>At-need specialty merchandise</p></td><td valign="bottom" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 10,688 </p></td><td valign="bottom" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 15,926 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Pre-need land sales</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:90pt;white-space:nowrap'><p align="right" style='margin:0'> 1,237 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:90pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,600,954 </p></td><td valign="bottom" style='width:90pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 3,592,195 </p></td></tr></table><p align="justify" style='margin:0'> </p>
3590266
3575032
10688
15926
0
1237
3600954
3592195
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>24)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Leases</font> </p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'>On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02 regarding Leases ASC Topic 842. See Note 1 regarding the adoption of this standard. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. The Company determines if a contract is a lease at the inception of the contract. At the commencement date of a lease, the Company measures the lease liability at the present value of the lease payments over the lease term, discounted using the discount rate for the lease. The Company uses the rate implicit in the lease, if available, otherwise the Company uses its incremental borrowing rate. Also, at the commencement date of a lease, the Company measures the cost of the related right-of-use asset which consists of the amount of the initial measurement of the lease liability, any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred by the Company. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Information about the Nature of Leases and Subleases</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company leases office space and equipment from third-parties under various non-cancelable agreements. The Company has operating leases for office space for its segments in areas where it conducts business. The Company subleases some of this office space. The Company also has finance leases for certain equipment, such as copy machines and postage machines. The Company does not have any lease agreements with variable lease payments. The Company has not included any options to extend or terminate leases in the recognition of the right-of-use assets or lease liabilities because of the uncertainty that they will be exercised. No residual value guarantees have been provided to the Company. The Company does not have any restrictions or covenants imposed by leases.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Leases that have not Commenced</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company does not have any leases that have not commenced that create significant rights or obligations for the Company. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Related Party Lease Transactions</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company does not have any related party lease transactions that require disclosure as of December 31, 2019.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Short-term Leases</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company made an accounting policy election not to apply the recognition requirements of ASC 842 to short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying assets that the lessee is reasonably certain to exercise. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'><b>Significant Judgments and Assumptions</b></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company does not use any significant judgments or assumptions regarding the determination of whether a contract contains a lease; the allocation of the consideration in a contract between lease and nonlease components; or the determination of the discount rates for the leases.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table presents the Company’s total lease cost recognized in earnings, amounts capitalized as right-of- use assets and cash flows from lease transactions for the period presented:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:67.78%'><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Year Ended December 31</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:19.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'><b>Lease Cost</b></p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Finance lease cost:</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Amortization of right-of-use assets (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>$ 38,351 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Interest on lease liabilities (2)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 9,001 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Operating lease cost (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 5,706,490 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Short-term lease cost (3)(4)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 233,318 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Sublease income (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> (663,242)</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Total lease cost</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 5,323,918 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'><b>Other Information</b></p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%'><p style='margin:0'>Cash paid for amounts included in the measurement of lease liabilities:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating cash flows from operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,567,761 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating cash flows from finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 9,001 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Financing cash flows from finance leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 95,931 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%'><p style='margin:0'>Right-of-use assets obtained in exchange for lease liabilities:</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 16,544,406 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 252,763 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Weighted-average remaining lease term (in years)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 3.23 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4.67 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Weighted-average discount rate</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>5.47%</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>5.06%</p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" style='width:100%'><p style='margin:0'>(1) Included in Depreciation on property and equipment on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(2) Included in Interest expense on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" style='width:100%'><p style='margin:0'>(3) Included in Rent and rent related expenses on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>(4) Includes leases with a term of 12 months or less</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table presents the maturity analysis of the Company’s lease liabilities.</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:382pt'><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Finance Leases</p></td><td valign="bottom" style='width:84pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Operating Leases</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>Lease payments due in:</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 62,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,241,547 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>2021</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 45,086 </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 2,932,404 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 32,646 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,780,183 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>2023</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 25,408 </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,383,538 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 2,542 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,061,520 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 2,919,074 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>Total undiscounted lease payments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 168,438 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 14,318,266 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt'><p style='margin:0'>Less: Discount on cash flows</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> (14,999)</p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> (2,912,290)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>Present value of lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 153,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 11,405,976 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The following table presents the Company’s right-of-use assets and lease liabilities for the period presented:</p><p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:394pt'><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Balance Sheet Location</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:80pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Year Ended December 31 2019</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:127pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Operating Leases</font></p></td><td valign="middle" style='width:175pt'><p style='margin:0'> </p></td><td valign="middle" style='width:12pt'><p style='margin:0'> </p></td><td valign="middle" style='width:80pt'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 11,267,247 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 11,405,976 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:127pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Finance Leases</font></p></td><td valign="middle" bgcolor="#E2F8FE" style='width:175pt'><p style='margin:0'> </p></td><td valign="middle" bgcolor="#E2F8FE" style='width:12pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 248,565 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Accumulated amortization</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> (98,351)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets, net</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>Property and equipment, net</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 150,214 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Lease liabilities</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 153,439 </p></td></tr></table><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>The Company is also a lessor and has operating lease agreements with various tenants that lease its commercial and residential properties. See Note 2 for information about the Company’s real estate held for investment. </p><p align="justify" style='margin:0'> </p>
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:67.78%'><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:19.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Year Ended December 31</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:19.28%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'><b>Lease Cost</b></p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Finance lease cost:</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Amortization of right-of-use assets (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>$ 38,351 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Interest on lease liabilities (2)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 9,001 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Operating lease cost (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 5,706,490 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Short-term lease cost (3)(4)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 233,318 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Sublease income (3)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> (663,242)</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Total lease cost</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 5,323,918 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'><b>Other Information</b></p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%'><p style='margin:0'>Cash paid for amounts included in the measurement of lease liabilities:</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating cash flows from operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 5,567,761 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating cash flows from finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 9,001 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Financing cash flows from finance leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 95,931 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%'><p style='margin:0'>Right-of-use assets obtained in exchange for lease liabilities:</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> $ 16,544,406 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 252,763 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Weighted-average remaining lease term (in years)</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 3.23 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> 4.67 </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'>Weighted-average discount rate</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Finance leases</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>5.47%</p></td></tr><tr style='height:10.1pt'><td valign="bottom" style='width:80.7%;white-space:nowrap'><p style='margin:0'> Operating leases</p></td><td valign="bottom" style='width:19.28%;white-space:nowrap'><p align="right" style='margin:0'>5.06%</p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'><font style='border-bottom:1px solid #000000'> </font></p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" style='width:100%'><p style='margin:0'>(1) Included in Depreciation on property and equipment on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" bgcolor="#E2F8FE" style='width:100%'><p style='margin:0'>(2) Included in Interest expense on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td colspan="2" valign="top" style='width:100%'><p style='margin:0'>(3) Included in Rent and rent related expenses on the consolidated statements of earnings</p></td></tr><tr style='height:10.1pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:80.7%;white-space:nowrap'><p style='margin:0'>(4) Includes leases with a term of 12 months or less</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:19.28%;white-space:nowrap'><p style='margin:0'> </p></td></tr></table>
38351
9001
5706490
233318
663242
5323918
5567761
9001
95931
16544406
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:382pt'><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Finance Leases</p></td><td valign="bottom" style='width:84pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Operating Leases</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>Lease payments due in:</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2020</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> $ 62,756 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> $ 4,241,547 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>2021</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 45,086 </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 2,932,404 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2022</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 32,646 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,780,183 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>2023</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 25,408 </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,383,538 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>2024</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> 2,542 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 1,061,520 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt;white-space:nowrap'><p style='margin:0'>Thereafter</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> - </p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> 2,919,074 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>Total undiscounted lease payments</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 168,438 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> 14,318,266 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:223pt'><p style='margin:0'>Less: Discount on cash flows</p></td><td valign="bottom" style='width:75pt;white-space:nowrap'><p align="right" style='margin:0'> (14,999)</p></td><td valign="bottom" style='width:84pt;white-space:nowrap'><p align="right" style='margin:0'> (2,912,290)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:223pt;white-space:nowrap'><p style='margin:0'>Present value of lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:75pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 153,439 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:84pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 11,405,976 </p></td></tr></table>
62756
4241547
45086
2932404
32646
1780183
25408
1383538
2542
1061520
0
2919074
168438
14318266
-14999
-2912290
153439
11405976
<p align="justify" style='margin:0'> </p><table style='border-collapse:collapse;width:394pt'><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Balance Sheet Location</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:80pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Year Ended December 31 2019</p></td></tr><tr style='height:10.8pt'><td valign="middle" style='width:127pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Operating Leases</font></p></td><td valign="middle" style='width:175pt'><p style='margin:0'> </p></td><td valign="middle" style='width:12pt'><p style='margin:0'> </p></td><td valign="middle" style='width:80pt'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Other assets</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 11,267,247 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Lease liabilities</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'>Other liabilities and accrued expenses</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 11,405,976 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="middle" bgcolor="#E2F8FE" style='width:127pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'>Finance Leases</font></p></td><td valign="middle" bgcolor="#E2F8FE" style='width:175pt'><p style='margin:0'> </p></td><td valign="middle" bgcolor="#E2F8FE" style='width:12pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 248,565 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'>Accumulated amortization</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> (98,351)</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Right-of-use assets, net</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>Property and equipment, net</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> $ 150,214 </p></td></tr><tr style='height:10.8pt'><td valign="bottom" bgcolor="#E2F8FE" style='width:127pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:175pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:80pt;white-space:nowrap'><p style='margin:0'> </p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:127pt;white-space:nowrap'><p style='margin:0'>Lease liabilities</p></td><td valign="bottom" style='width:175pt;white-space:nowrap'><p style='margin:0'>Bank and other loans payable</p></td><td valign="bottom" style='width:12pt;white-space:nowrap'><p style='margin:0'> </p></td><td valign="bottom" style='width:80pt;white-space:nowrap'><p align="right" style='margin:0'> $ 153,439 </p></td></tr></table>
11267247
11405976
248565
-98351
150214
153439
<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>25)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Quarterly Financial Data (Unaudited)</font> </p><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="center" style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Three Months Ended</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>March 31</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>June 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>September 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 61,493,835 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 68,445,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 75,379,659 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> $ 77,742,254 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Benefits and expenses</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 59,061,676 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 63,821,339 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 70,619,837 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 75,614,143 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,432,159 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,623,843 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,759,822 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 2,128,111 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (501,841)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,143,789)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,142,408)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> (262,378)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 1,930,318 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,480,054 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,617,414 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 1,865,733 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%;white-space:nowrap'><p align="justify" style='margin:0'>Net earnings per common share (1)</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.19 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.20 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'>$0.10 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p style='margin:0'>Net earnings per common share assuming dilution (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.19 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.20 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'>$0.10 </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="center" style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Three Months Ended</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>March 31</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>June 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>September 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 82,076,109 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 68,865,126 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 67,223,093 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 61,454,399 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Benefits and expenses</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 60,888,928 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 64,702,895 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 65,011,295 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 62,835,219 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 21,187,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,162,231 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,211,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,380,820)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (4,261,258)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (924,014)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (198,052)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 889,013 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 16,925,923 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,238,217 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,013,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (491,807)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%;white-space:nowrap'><p align="justify" style='margin:0'>Net earnings per common share (1)</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.95 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.18 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>($0.03)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p style='margin:0'>Net earnings per common share assuming dilution (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.94 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.18 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>($0.03)</p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>_______________________</b></font></p><p style='line-height:12pt;margin:0;margin-left:21pt'><kbd style='position:absolute;margin-left:-18pt;padding-top:1pt'>(1)</kbd><font style='line-height:12pt'>Earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.</font> </p><p style='line-height:12pt;margin:0;margin-left:21pt'> </p>
<p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap'><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="center" style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Three Months Ended</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>March 31</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>June 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>September 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 61,493,835 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 68,445,182 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 75,379,659 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> $ 77,742,254 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Benefits and expenses</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 59,061,676 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 63,821,339 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 70,619,837 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 75,614,143 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,432,159 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,623,843 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,759,822 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 2,128,111 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (501,841)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,143,789)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,142,408)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> (262,378)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 1,930,318 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,480,054 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,617,414 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'> 1,865,733 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%;white-space:nowrap'><p align="justify" style='margin:0'>Net earnings per common share (1)</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.19 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.20 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'>$0.10 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p style='margin:0'>Net earnings per common share assuming dilution (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.19 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.20 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.32%;white-space:nowrap'><p align="right" style='margin:0'>$0.10 </p></td></tr></table><p style='line-height:12pt;margin:0'> </p><table style='border-collapse:collapse;width:100%'><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap'><p align="center" style='margin:0'>2018</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="center" style='margin:0'> </p></td><td colspan="7" valign="bottom" style='width:68.66%;white-space:nowrap;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Three Months Ended</p></td></tr><tr style='height:10.8pt'><td valign="bottom" style='width:31.34%;white-space:nowrap'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>March 31</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>June 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>September 30</p></td><td valign="bottom" style='width:2.42%'><p align="center" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Revenues</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 82,076,109 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 68,865,126 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 67,223,093 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> $ 61,454,399 </p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Benefits and expenses</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 60,888,928 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 64,702,895 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 65,011,295 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 62,835,219 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Earnings before income taxes</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 21,187,181 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 4,162,231 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,211,798 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (1,380,820)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%'><p align="justify" style='margin:0'>Income tax expense</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (4,261,258)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (924,014)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (198,052)</p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 889,013 </p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p align="justify" style='margin:0'>Net earnings</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 16,925,923 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 3,238,217 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> 2,013,746 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'> (491,807)</p></td></tr><tr style='height:10.8pt'><td valign="top" style='width:31.34%;white-space:nowrap'><p align="justify" style='margin:0'>Net earnings per common share (1)</p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.95 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.18 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>($0.03)</p></td></tr><tr style='height:10.8pt'><td valign="top" bgcolor="#E2F8FE" style='width:31.34%'><p style='margin:0'>Net earnings per common share assuming dilution (1)</p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.94 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.18 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>$0.11 </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:2.42%;white-space:nowrap'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#E2F8FE" style='width:15.36%;white-space:nowrap'><p align="right" style='margin:0'>($0.03)</p></td></tr></table><p style='line-height:12pt;margin:0'> </p><p style='line-height:12pt;margin:0'><font style='line-height:12pt'><b>_______________________</b></font></p><p style='line-height:12pt;margin:0;margin-left:21pt'><kbd style='position:absolute;margin-left:-18pt;padding-top:1pt'>(1)</kbd><font style='line-height:12pt'>Earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends.</font> </p><p style='line-height:12pt;margin:0;margin-left:21pt'> </p>
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<p style='line-height:12pt;margin:0'><kbd style='position:absolute;margin-left:0pt;padding-top:1pt'><font style='line-height:12pt'>26)</font></kbd><kbd style='margin-left:36pt'></kbd><font style='border-bottom:1px solid #000000;line-height:12pt'>Subsequent Events</font> </p><p style='line-height:12pt;margin:0'> </p><p align="justify" style='margin:0'><font style='border-bottom:1px solid #000000'>COVID-19 </font></p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>Since December 31, 2019, the outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Corporation and its operating subsidiaries in future periods. Further, these uncertainties have the potential to negatively affect the risk of credit default for the issuers of the Company’s debt securities and individual borrowers with mortgage loans held for the Company.</p>
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xbrli:pure
iso4217:USD
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xbrli:shares
Earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share
Includes $894,300 of Membership stock and $-0- of Activity stock due to short-term borrowings
Includes $708,700 of Membership stock and $1,840,000 of Activity stock due to short-term borrowings
Includes a one-time gain of $22,252,000 from the sale of Dry Creek at East Village Apartments
Undeveloped Land
Improved commercial pad
Includes Center53 phase 1 completed in July 2017
Undeveloped land
Includes subdivision developments
There was not any interest income recognized on loans past due greater than 90 days or in foreclosure.
Included in Mortgage fee income
See Note 20 regarding the acquisition of Kilpatrick Life Insurance Company
Imputed interest at 7%.
See Note 20 regarding the acquisition of Beta Capital Corp
See Note 20 regarding the acquisition of Probst Family Funerals and Cremations and Heber Valley Funeral Home
monthly principal payments of $13,167 plus interest, collateralized by real property with a book value of approximately $4,244,000, due September 2021
Monthly installments of $53,881 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2021
Monthly installments of $75,108 including principal and interest, collateralized by shares of Security National Life Insurance Company stock, due December 2024
Monthly installments of $46,825 including principal and interest, collateralized by real property with a book value of approximately $12,923,000, due January 2026
Monthly installments of $9,775 including principal and interest, collateralized by real property with a book value of approximately $3,261,000, due September 2025
Monthly LIBOR rate construction loan payable, collateralized by real property with a book value of approximately $49,378,000, due August 2020
Monthly iinstallments, collateralized by real property with a book value of approximately $18,009,000, due June 2028
1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures June 2020
1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of $100,000,000, matures September 2020
Federal Home Loan Bank and Revolving Lines of Credit
Including cash and cash equivalents of $7,170,092 and $5,668,580 as of December 31, 2019 and 2018, respectively, for the life insurance and mortgage segments
The Company used a stock price of $5.57 as of December 31, 2019 to derive intrinsic value
Includes 12 months even though Kilpatrick Life Insurance Company wasn't acquired by the Company until December 2019
Fixed maturity securities available for sale
Mutual funds and equity securities
Included in other assets on the consolidated balance sheets
Included in other liabilities and accrued expenses on the consolidated balance sheets
As a component of mortgage fee income on the consolidated statements of earnings
Included in other investments and policy loans on the consolidated balance sheets
Mortgage loans held for investment
Included in future policy benefits and unpaid claims on the consolidated balance sheets
Fixed maturity securities held to maturity
Participation in mortgage loans held for investment
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01)
Receivable from reinsurers of $162,907,008 and receivables, net of $5,000,000 were settled with the recapture of the coinsurance agreement by Kilpatrick Life from Security National Life
Included in other expenses on the consolidated statements of earnings
Included in Receivables, net on the consolidated balance sheets
Included in Depreciation on property and equipment on the consolidated statements of earnings
Included in Interest expense on the consolidated statements of earnings
Included in Rent and rent related expenses on the consolidated statements of earnings
Includes leases with a term of 12 months or less
Earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends