| Schedule of Error Correcetion Prior Period Adjustments |
The
following tables present amounts as previously reported in 2025, the effect upon those amounts from the adoption of the new guidance
under ASU No. 2018-12, and the resulting adjusted amounts that are reflected in the condensed consolidated financial statements included
herein. The following tables only include those line items impacted by the adoption of the new guidance.
Schedule
of Error Correcetion Prior Period Adjustments
| | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | |
| Condensed
Consolidated Statements of Earnings: | |
Three
Months Ended June 30, 2025 | | |
Six
Months Ended June 30, 2025 | |
| | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | |
| Benefits and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Policyholder benefits and claims | |
$ | 25,053,422 | | |
$ | 462,118 | | |
$ | 25,515,540 | | |
$ | 51,288,499 | | |
$ | (317,785 | ) | |
$ | 50,970,714 | |
| Amortization of deferred policy and pre-need
acquisition costs and value of business acquired | |
| 5,737,675 | | |
| (2,864,168 | ) | |
| 2,873,507 | | |
| 10,434,210 | | |
| (4,763,704 | ) | |
| 5,670,506 | |
| Total benefits and expenses | |
| 81,204,530 | | |
| (2,402,050 | ) | |
| 78,802,480 | | |
| 158,373,359 | | |
| (5,081,489 | ) | |
| 153,291,870 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| (1,830,264 | ) | |
| (537,650 | ) | |
| (2,367,914 | ) | |
| (3,062,866 | ) | |
| (1,141,646 | ) | |
| (4,204,512 | ) |
| Net earnings | |
$ | 6,506,355 | | |
$ | 1,864,400 | | |
$ | 8,370,755 | | |
$ | 10,844,647 | | |
$ | 3,939,843 | | |
$ | 14,784,490 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net earnings per Class A equivalent common
share (1) | |
$ | 0.25 | | |
$ | 0.07 | | |
$ | 0.32 | | |
$ | 0.42 | | |
$ | 0.15 | | |
$ | 0.57 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net earnings per Class A equivalent common
share - assuming dilution (1) | |
$ | 0.24 | | |
$ | 0.07 | | |
$ | 0.31 | | |
$ | 0.40 | | |
$ | 0.15 | | |
$ | 0.55 | |
| (1) |
Adjusted retroactively for the effect of annual stock
dividends |
| | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | |
| Condensed
Consolidated Statements of Comprehensive Income: | |
Three
Months Ended June 30, 2025 | | |
Six
Months Ended June 30, 2025 | |
| | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | | |
As
Previously Reported | | |
Effect of
Change | | |
As
Currently Reported | |
| Net earnings | |
$ | 6,506,355 | | |
$ | 1,864,400 | | |
$ | 8,370,755 | | |
$ | 10,844,647 | | |
$ | 3,939,843 | | |
$ | 14,784,490 | |
| Other comprehensive income: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unrealized gains on fixed maturity securities
available for sale | |
| 2,693,245 | | |
| 78,989 | | |
| 2,772,234 | | |
| 6,481,974 | | |
| 151,517 | | |
| 6,633,491 | |
| Interest rate remeasurement of future policy
benefits | |
| - | | |
| (2,038,836 | ) | |
| (2,038,836 | ) | |
| - | | |
| (10,161,681 | ) | |
| (10,161,681 | ) |
| Other comprehensive income (loss), before income
tax | |
| 2,687,276 | | |
| (1,959,847 | ) | |
| 727,429 | | |
| 6,483,107 | | |
| (10,010,164 | ) | |
| (3,527,057 | ) |
| Income tax benefit (expense) | |
| (563,765 | ) | |
| 411,568 | | |
| (152,197 | ) | |
| (1,361,984 | ) | |
| 2,102,136 | | |
| 740,152 | |
| Other comprehensive income (loss), net of income
tax | |
| 2,123,511 | | |
| (1,548,279 | ) | |
| 575,232 | | |
| 5,121,123 | | |
| (7,908,028 | ) | |
| (2,786,905 | ) |
| Comprehensive income (loss) | |
$ | 8,629,866 | | |
$ | 316,121 | | |
$ | 8,945,987 | | |
$ | 15,965,770 | | |
$ | (3,968,185 | ) | |
$ | 11,997,585 | |
| | |
As Previously
Reported | | |
Effect of
Change | | |
As Currently
Reported | |
| Condensed
Consolidated Statements of Stockholders’ Equity: | |
Six
Months Ended June 30, 2025 | |
| | |
As Previously
Reported | | |
Effect of
Change | | |
As Currently
Reported | |
| Accumulated other comprehensive
income (loss) | |
$ | (1,830,143 | ) | |
$ | 32,762,867 | | |
$ | 30,932,724 | |
| Retained earnings | |
| 225,043,793 | | |
| 6,385,096 | | |
| 231,428,889 | |
| Total stockholders’ equity | |
$ | 354,754,718 | | |
$ | 39,147,963 | | |
$ | 393,902,681 | |
|