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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ________

Commission File Number: 000-09341

Security National Financial Corporation

(Exact name of registrant as specified in its charter)

utah		87-0345941
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

433 Ascension Way, 6^thFloor, Salt Lake City, Utah		84123
(Address of principal executive offices)		(Zip Code)

(801) 264-1060

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Class A Common Stock		SNFCA		The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 4, 2024, the registrant had 21,155,319 shares of Class A Common Stock, $2.00 par value, outstanding and 3,120,166 shares of Class C Common Stock, $2.00 par value, outstanding.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2024

Table of Contents

		Page No.
	Part I - Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023	3-4
	Condensed Consolidated Statements of Earnings for the three and nine month periods ended September 30, 2024 and 2023 (unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income for the three and nine month periods ended September 30, 2024 and 2023 (unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity as of September 30, 2024 and September 30, 2023 (unaudited)	7-8
	Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2024 and 2023 (unaudited)	9-10
	Notes to Condensed Consolidated Financial Statements (unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	73
Item 4.	Controls and Procedures	73
	Part II - Other Information
Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74
Item 3.	Defaults Upon Senior Securities	74
Item 4.	Mine Safety Disclosures	75
Item 5.	Other Information	75
Item 6.	Exhibits	75
	Signatures	76

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

Part I - Financial Information

Item 1. Financial Statements.

	September 30, 2024		December 31, 2023
Assets
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $347,143,698 and $390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $414,602 and $314,549 for 2024 and 2023, respectively)	$	346,513,336	$	381,535,986
Equity securities at estimated fair value (cost of $11,357,095 and $10,571,505 for 2024 and 2023, respectively)		16,385,571		13,636,071
Mortgage loans held for investment (net of allowance for credit losses of $1,579,746 and $3,818,653 for 2024 and 2023, respectively)		281,734,182		275,616,837
Real estate held for investment (net of accumulated depreciation of $30,005,134 and $29,307,791 for 2024 and 2023, respectively)		200,490,556		183,419,292
Real estate held for sale		1,001,453		3,028,973
Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)		70,219,649		69,404,617
Accrued investment income		7,860,824		10,170,790
Total investments		924,205,571		936,812,566
Cash and cash equivalents		170,706,542		126,941,658
Loans held for sale at estimated fair value		142,897,741		126,549,190
Receivables (net of allowance for credit losses of $1,566,150 and $1,897,887 for 2024 and 2023, respectively)		16,451,703		15,335,315
Restricted assets (including $11,608,495 and $9,239,063 for 2024 and 2023 respectively, at estimated fair value)		27,957,336		20,028,976
Cemetery perpetual care trust investments (including $5,844,356 and $4,969,005 for 2024 and 2023, respectively, at estimated fair value)		8,945,781		8,082,917
Receivable from reinsurers		14,299,734		14,857,059
Cemetery land and improvements		9,786,769		9,163,691
Deferred policy and pre-need contract acquisition costs		121,827,365		116,351,067
Mortgage servicing rights, net		3,051,805		3,461,146
Property and equipment, net		17,745,106		19,175,099
Value of business acquired		7,643,791		8,467,613
Goodwill		5,253,783		5,253,783
Other		24,051,168		20,072,195

Total Assets	$	1,494,824,195	$	1,430,552,275

See accompanying notes to condensed consolidated financial statements (unaudited).

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Unaudited)

	September 30, 2024			December 31, 2023
Liabilities and Stockholders’ Equity
Liabilities
Future policy benefits and unpaid claims	$	937,811,456		$	916,038,616
Unearned premium reserve		2,054,164			2,543,822
Bank and other loans payable		106,989,925			105,555,137
Deferred pre-need cemetery and mortuary contract revenues		19,493,005			18,237,246
Cemetery perpetual care obligation		5,565,003			5,326,196
Accounts payable		3,245,452			2,936,968
Other liabilities and accrued expenses		56,994,869			53,266,090
Income taxes		16,348,255			13,752,981
Total liabilities		1,148,502,129			1,117,657,056

Stockholders’ Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding		-			-
Class A: common stock - $2.00 par value; 40,000,000 shares authorized; 21,117,986 shares issued and outstanding as of September 30, 2024 and 21,052,883 (1) shares issued and outstanding as of December 31, 2023		42,235,972			40,096,004
Class B: non-voting common stock - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding		-			-
Class C: convertible common stock - $2.00 par value; 6,000,000 shares authorized; 3,120,166 shares issued and outstanding as of September 30, 2024 and 3,120,432 (1) shares issued and outstanding as of December 31, 2023		6,240,332			5,943,708
Common stock value		6,240,332			5,943,708
Additional paid-in capital		78,977,933			72,424,429
Accumulated other comprehensive loss, net of taxes		(42,545	)		(6,885,558	)
Retained earnings		225,400,933			206,978,373
Treasury stock at cost - 938,919 Class A shares and 37,503 Class C shares as of September 30, 2024; and 852,338 (1) Class A shares and 37,503 (1) Class C shares as of December 31, 2023		(6,490,559	)		(5,661,737	)

Total stockholders’ equity		346,322,066			312,895,219

Total Liabilities and Stockholders’ Equity	$	1,494,824,195		$	1,430,552,275

(1)	Issued and outstanding shares have been adjusted retroactively for the effect of annual stock dividends.

See accompanying notes to condensed consolidated financial statements (unaudited).

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenues:
Mortgage fee income	$	30,224,092		$	24,936,019		$	81,675,278		$	77,003,778
Insurance premiums and other considerations		30,011,081			28,906,803			89,823,732			85,687,394
Net investment income		17,799,096			19,248,463			55,790,472			57,195,320
Net mortuary and cemetery sales		6,814,331			7,234,031			21,531,769			20,874,174
Gains (losses) on investments and other assets		1,347,656			(932,414	)		2,639,843			(4,676	)
Other		2,077,431			848,825			3,792,127			2,832,630
Total revenues		88,273,687			80,241,727			255,253,221			243,588,620

Benefits and expenses:
Death benefits		13,570,336			14,678,251			43,354,254			46,811,922
Surrenders and other policy benefits		1,194,692			1,467,066			3,453,425			3,550,416
Increase in future policy benefits		8,589,354			9,476,678			27,148,178			26,031,421
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		2,287,003			4,480,457			11,332,305			13,615,359
Selling, general and administrative expenses:
Commissions		13,204,406			10,467,796			34,638,464			30,877,232
Personnel		21,249,554			20,234,106			61,907,265			62,705,033
Advertising		907,528			994,433			2,381,400			2,863,597
Rent and rent related		1,380,076			1,677,701			4,078,792			5,285,492
Depreciation on property and equipment		611,475			590,168			1,791,823			1,765,797
Costs related to funding mortgage loans		1,694,791			1,563,172			4,677,767			5,246,881
Other		6,191,624			7,124,347			19,476,918			22,308,291
Interest expense		1,060,653			1,151,534			3,161,943			4,019,669
Cost of goods and services sold-mortuaries and cemeteries		1,117,513			1,177,328			3,627,101			3,614,599
Total benefits and expenses		73,059,005			75,083,037			221,029,635			228,695,709

Earnings before income taxes		15,214,682			5,158,690			34,223,586			14,892,911
Income tax expense		(3,383,238	)		(1,117,397	)		(7,646,071	)		(3,258,740	)

Net earnings	$	11,831,444		$	4,041,293		$	26,577,515		$	11,634,171

Net earnings per Class A Equivalent common share (1)	$	0.51		$	0.17		$	1.14		$	0.50

Net earnings per Class A Equivalent common share-assuming dilution (1)	$	0.49		$	0.17		$	1.11		$	0.49

Weighted-average Class A equivalent common shares outstanding (1)		23,240,725			23,169,141			23,287,707			23,171,889

Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)		24,053,486			23,975,784			23,984,233			23,837,693

(1)

Net 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.

See accompanying notes to condensed consolidated financial statements (unaudited).

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net earnings	$	11,831,444		$	4,041,293		$	26,577,515		$	11,634,171
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale	$	10,443,490			(6,805,602	)	$	8,661,351			(6,580,750	)
Unrealized gains (losses) on restricted assets (1)		9,353			(12,284	)		5,770			(14,340	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		4,263			(2,487	)		2,438			(3,299	)
Other comprehensive income (loss), before income tax		10,457,106			(6,820,373	)		8,669,559			(6,598,389	)
Income tax (expense) benefit		(2,201,866	)		1,432,846			(1,826,546	)		1,386,368
Other comprehensive income (loss), net of income tax		8,255,240			(5,387,527	)		6,843,013			(5,212,021	)
Comprehensive income (loss)	$	20,086,684		$	(1,346,234	)	$	33,420,528		$	6,422,150

(1)	Fixed maturity securities available for sale

See accompanying notes to condensed consolidated financial statements (unaudited).

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


	Nine Months Ended September 30, 2024
	Class A Common Stock		Class C Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total

January 1, 2024	$	40,096,004	$	5,943,708		$	72,424,429		$	(6,885,558	)	$	206,978,373		$	(5,661,737	)	$	312,895,219

Net earnings		-		-			-			-			7,474,522			-			7,474,522
Other comprehensive loss		-		-			-			(895,098	)		-			-			(895,098	)
Stock-based compensation expense		-		-			199,887			-			-			-			199,887
Vesting of restricted stock units		810		-			(810	)		-			-			-			-
Sale of treasury stock		-		-			103,788			-			-			366,733			470,521
Purchase of treasury stock		-		-			-			-			-			(41,077	)		(41,077	)
Conversion Class C to Class A		348		(348	)		-			-			-			-			-
March 31, 2024	$	40,097,162	$	5,943,360		$	72,727,294		$	(7,780,656	)	$	214,452,895		$	(5,336,081	)	$	320,103,974

Net earnings		-		-			-			-			7,271,549			-			7,271,549
Other comprehensive loss		-		-			-			(517,129	)		-			-			(517,129	)
Stock-based compensation expense		-		-			184,066			-			-			-			184,066
Exercise of stock options		64,164		-			(17,982	)		-			-			-			46,182
Vesting of restricted stock units		920		-			(920	)		-			-			-			-
Sale of treasury stock		-		-			13,201			-			-			252,208			265,409
Purchase of treasury stock		-		-			-			-			-			(1,588,058	)		(1,588,058	)
Conversion Class C to Class A		184		(184	)		-			-			-			-			-
Stock dividends		2,009,442		297,156			5,847,226			-			(8,153,824	)		-			-
June 30, 2024	$	42,171,872	$	6,240,332		$	78,752,885		$	(8,297,785	)	$	213,570,620		$	(6,671,931	)	$	325,765,993

Net earnings		-		-			-			-			11,831,444			-			11,831,444
Other comprehensive income		-		-			-			8,255,240			-			-			8,255,240
Stock-based compensation expense		-		-			196,326			-			-			-			196,326
Exercise of stock options		62,860		-			7,550			-			-			-			70,410
Vesting of restricted stock units		920		-			(920	)		-			-			-			-
Sale of treasury stock		-		-			21,281			-			-			224,469			245,750
Purchase of treasury stock		-		-			-			-			-			(43,097	)		(43,097	)
Stock dividends		320		-			811			-			(1,131	)		-			-
September 30, 2024	$	42,235,972	$	6,240,332		$	78,977,933		$	(42,545	)	$	225,400,933		$	(6,490,559	)	$	346,322,066

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)

(Unaudited)

	Nine Months Ended September 30, 2023
	Class A Common Stock		Class C Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total

January 1, 2023	$	37,516,062	$	5,779,718		$	64,767,769		$	(13,070,277	)	$	202,160,306		$	(4,366,651	)	$	292,786,927

Adoption of ASU 2016-13		-		-			-			-			(671,506	)		-			(671,506	)
Net earnings		-		-			-			-			1,240,172			-			1,240,172
Other comprehensive income		-		-			-			4,127,558			-			-			4,127,558
Stock-based compensation expense		-		-			143,671			-			-			-			143,671
Exercise of stock options		96,092		-			(62,073	)		-			-			-			34,019
Sale of treasury stock		-		-			(43,493	)		-			-			620,651			577,158
Purchase of treasury stock		-		-			-			-			-			(1,204,357	)		(1,204,357	)
Conversion Class C to Class A		1,872		(1,872	)		-			-			-			-			-
March 31, 2023	$	37,614,026	$	5,777,846		$	64,805,874		$	(8,942,719	)	$	202,728,972		$	(4,950,357	)	$	297,033,642

Net earnings		-		-			-			-			6,352,706			-			6,352,706
Other comprehensive loss		-		-			-			(3,952,052	)		-			-			(3,952,052	)
Stock-based compensation expense		-		-			141,954			-			-			-			141,954
Exercise of stock options		159,284		-			(154,424	)		-			-			-			4,860
Vesting of restricted stock units		810		-			(810	)		-			-			-			-
Sale of treasury stock		-		-			(54,350	)		-			-			623,056			568,706
Purchase of treasury stock		-		-			126,990			-			-			(1,514,049	)		(1,387,059	)
Conversion Class C to Class A		113,930		(113,930	)		-			-			-			-			-
Stock dividends		1,899,350		283,188			6,820,431			-			(9,002,969	)		-			-
June 30, 2023	$	39,787,400	$	5,947,104		$	71,685,665		$	(12,894,771	)	$	200,078,709		$	(5,841,350	)	$	298,762,757
Balance	$	39,787,400	$	5,947,104		$	71,685,665		$	(12,894,771	)	$	200,078,709		$	(5,841,350	)	$	298,762,757

Net earnings		-		-			-			-			4,041,293			-			4,041,293
Other comprehensive loss		-		-			-			(5,387,527	)		-			-			(5,387,527	)
Other comprehensive income (loss)		-		-			-			(5,387,527	)		-			-			(5,387,527	)
Stock-based compensation expense		-		-			145,973			-			-			-			145,973
Exercise of stock options		223,006		-			(196,926	)		-			-			-			26,080
Vesting of restricted stock units		810		-			(810	)		-			-			-			-
Sale of treasury stock		-		-			98,387			-			-			458,530			556,917
Purchase of treasury stock		-		-			456,166			-			-			(708,115	)		(251,949	)
Conversion Class C to Class A		3,396		(3,396	)		-			-			-			-			-
Stock dividends		610		-			1,906			-			(2,516	)		-			-
September 30, 2023	$	40,015,222	$	5,943,708		$	72,190,361		$	(18,282,298	)	$	204,117,486		$	(6,090,935	)	$	297,893,544
Balance	$	40,015,222	$	5,943,708		$	72,190,361		$	(18,282,298	)	$	204,117,486		$	(6,090,935	)	$	297,893,544

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2024			2023
Cash flows from operating activities:
Net cash provided by operating activities	$	34,894,323		$	18,383,768
Cash flows from investing activities:
Purchases of fixed maturity securities		(45,346,681	)		(50,158,586	)
Sales, calls and maturities of fixed maturity securities		89,829,379			33,160,924
Purchases of equity securities		(2,769,612	)		(6,464,200	)
Sales of equity securities		2,018,249			5,891,964
Purchases of restricted assets		(2,536,814	)		(1,836,290	)
Sales, calls and maturities of restricted assets		1,171,707			387,049
Purchases of cemetery perpetual care trust investments		(2,487,924	)		(493,833	)
Sales, calls and maturities of perpetual care trust investments		2,383,653			177,932
Mortgage loans held for investment, other investments and policy loans made		(549,027,246	)		(467,172,350	)
Payments received for mortgage loans held for investment, other investments and policy loans		540,583,700			532,511,486
Purchases of property and equipment		(575,648	)		(791,569	)
Sales of property and equipment		365,693			-
Purchases of real estate		(46,189,096	)		(17,219,245	)
Sales of real estate		28,385,283			25,727,541
Net cash provided by investing activities		15,804,643			53,720,823
Cash flows from financing activities:
Investment contract receipts		10,193,442			9,323,700
Investment contract withdrawals		(11,520,918	)		(11,657,189	)
Proceeds from stock options exercised		116,592			64,959
Purchases of treasury stock		(1,672,232	)		(2,843,365	)
Repayment of bank loans		(1,423,826	)		(69,133,305	)
Proceeds from bank loans		-			68,500,000
Net change in warehouse line borrowings for loans held for sale		2,622,976			(52,720,401	)
Net cash used in financing activities		(1,683,966	)		(58,465,601	)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents		49,015,000			13,638,990
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		139,923,399			133,483,817
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	188,938,399		$	147,122,807
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest	$	3,124,591		$	4,182,368
Income taxes (net of refunds)		6,877,342			18,911,907
Non Cash Operating, Investing and Financing Activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	1,130,610		$	139,095
Benefit plans funded with treasury stock		981,680			1,702,781
Loans held for sale foreclosed into real estate held for sale		858,977			-
Right-of-use assets obtained in exchange for finance lease liabilities		176,040			12,332
Transfer of loans held for sale to mortgage loans held for investment		-			3,017,626
Transfer from mortgage loans held for investment to restricted assets		-			1,625,961
Transfer from mortgage loans held for investment to cemetery perpetual care trust investments		-			1,611,550

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Unaudited)

Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as shown in the condensed consolidated statements of cash flows are presented in the table below:

	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents	$	170,706,542	$	134,751,854
Restricted assets		15,232,601		10,946,379
Cemetery perpetual care trust investments		2,999,256		1,424,574
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	188,938,399	$	147,122,807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	188,938,399	$	147,122,807

See accompanying notes to condensed consolidated financial statements (unaudited).

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. Actual results could differ from those estimates.

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 or sale; those used in determining the liability for future policy benefits and unearned revenue; those used in determining the estimated future costs for pre-need sales; those used in determining the value of mortgage servicing rights; those used in determining the value of loans held for sale; those used in determining allowances for credit losses; 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

2) Recent Accounting Pronouncements

Accounting Standards Adopted in 2023

ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” — Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans held for investment and held to maturity debt securities) and available for sale debt securities. For assets held at an amortized cost basis, Topic 326 eliminates the probable initial recognition threshold 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 Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The Company adopted this standard on January 1, 2023, and after a review of the affected assets, decreased the opening balance of retained earnings in stockholders’ equity by $671,506 on January 1, 2023. The allowances for credit losses increased (decreased) by the following amounts.

	Amount
Mortgage loans held for investment:
Residential	$	(192,607	)
Residential construction		301,830
Commercial		555,807
Total		665,030

Restriced assets - mortgage loans held for investment:
Residential construction		3,463

Cemetery perpetual care trust investments - mortgage loans held for investment:
Residential construction		3,013

Grand Total		671,506

Accounting Standards Issued But Not Yet Adopted

ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” — 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 standard is aimed at improving the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplifying amortization of deferred acquisition costs while improving and expanding required disclosures. ASU No. 2018-12 is effective for annual reporting periods beginning after December 15, 2024 and interim reporting periods beginning after December 15, 2025. The Company will adopt the standard commencing with its annual reporting period ending December 31, 2025. The Company is nearing completion of its analysis and implementation of the new standard, including the identification of cohorts, system updates, and design. The Company has engaged its team of actuaries, accountants, and systems specialists and consulted external system providers as part of the implementation. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

2) Recent Accounting Pronouncements (Continued)

ASU No. 2023-09: “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” — Issued in December 2023, ASU 2023-09 requires that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for the Company beginning on January 1, 2025. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

ASU No. 2023-07: “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” — Issued in November 2023, ASU 2023-07 requires enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM. ASU 2023-07 is effective for the Company for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments

The Company’s investments as of September 30, 2024 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	76,328,048		$	1,233,362	$	(451,493	)	$	-		$	77,109,917

Obligations of states and political subdivisions		5,940,034			19,228		(145,441	)		-			5,813,821

Corporate securities including public utilities		230,885,585			6,223,923		(3,885,889	)		(402,553	)		232,821,066

Mortgage-backed securities		33,740,031			361,640		(3,571,090	)		(12,049	)		30,518,532

Redeemable preferred stock		250,000			-		-			-			250,000

Total fixed maturity securities available for sale	$	347,143,698		$	7,838,153	$	(8,053,913	)	$	(414,602	)	$	346,513,336

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Total equity securities at estimated fair value	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Mortgage loans held for investment at amortized cost:
Residential	$	88,452,336
Residential construction		130,683,596
Commercial		66,462,554
Less: Unamortized deferred loan fees, net		(1,978,564	)
Less: Allowance for credit losses		(1,579,746	)
Less: Net discounts		(305,994	)

Total mortgage loans held for investment	$	281,734,182

Real estate held for investment - net of accumulated depreciation:
Residential	$	73,610,520
Commercial		126,880,036

Total real estate held for investment	$	200,490,556

Real estate held for sale:
Residential	$	849,900
Commercial		151,553

Total real estate held for sale	$	1,001,453

Other investments and policy loans at amortized cost:
Policy loans	$	13,735,282
Insurance assignments		45,954,394
Federal Home Loan Bank stock (2)		2,378,200
Other investments		9,692,608
Less: Allowance for credit losses for insurance assignments		(1,540,835	)

Total other investments and policy loans	$	70,219,649

Accrued investment income	$	7,860,824

Total investments	$	924,205,571

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

(2)	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

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

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	111,450,753		$	344,425	$	(1,416,448	)	$	-		$	110,378,730

Obligations of states and political subdivisions		6,524,083			500		(319,260	)		-			6,205,323

Corporate securities including public utilities		232,299,727			3,688,642		(7,145,507	)		(308,500	)		228,534,362

Mortgage-backed securities		40,359,878			506,647		(4,702,905	)		(6,049	)		36,157,571

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	390,884,441		$	4,550,214	$	(13,584,120	)	$	(314,549	)	$	381,535,986

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Total equity securities at estimated fair value	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Mortgage loans held for investment at amortized cost:
Residential	$	103,153,587
Residential construction		104,052,748
Commercial		74,176,538
Less: Unamortized deferred loan fees, net		(1,623,226	)
Less: Allowance for credit losses		(3,818,653	)
Less: Net discounts		(324,157	)

Total mortgage loans held for investment	$	275,616,837

Real estate held for investment - net of accumulated depreciation:
Residential	$	40,924,865
Commercial		142,494,427

Total real estate held for investment	$	183,419,292

Real estate held for sale:
Residential	$	-
Commercial		3,028,973

Total real estate held for sale	$	3,028,973

Other investments and policy loans at amortized cost:
Policy loans	$	13,264,183
Insurance assignments		45,605,322
Federal Home Loan Bank stock (2)		2,279,800
Other investments		9,809,148
Less: Allowance for credit losses for insurance assignments		(1,553,836	)

Total policy loans and other investments	$	69,404,617

Accrued investment income	$	10,170,790

Total investments	$	936,812,566

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

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

There were no investments, aggregated by issuer, of more than 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) as of September 30, 2024, other than investments issued or guaranteed by the United States Government.

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value as of September 30, 2024 and December 31, 2023. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. The table below sets forth unrealized losses by duration with the fair value of the related fixed maturity securities.

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	534	$	4,411,131	$	450,959	$	22,087,838	$	451,493	$	26,498,969
Obligations of states and political subdivisions		-		-		145,441		4,162,052		145,441		4,162,052
Corporate securities		171,711		15,096,035		3,714,178		83,653,386		3,885,889		98,749,421
Mortgage-backed securities		5,712		695,868		3,565,378		19,827,317		3,571,090		20,523,185
Totals	$	177,957	$	20,203,034	$	7,875,956	$	129,730,593	$	8,053,913	$	149,933,627

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	29,394	$	9,436,090	$	1,387,054	$	70,885,403	$	1,416,448	$	80,321,493
Obligations of states and political subdivisions		11,105		470,325		308,155		5,284,498		319,260		5,754,823
Corporate securities		529,660		32,507,773		6,615,847		107,556,216		7,145,507		140,063,989
Mortgage-backed securities		29,799		2,260,445		4,673,106		22,184,174		4,702,905		24,444,619
Totals	$	599,958	$	44,674,633	$	12,984,162	$	205,910,291	$	13,584,120	$	250,584,924

Relevant holdings were comprised of 433 securities with fair values aggregating 94.9% of the aggregate amortized cost as of September 30, 2024. Relevant holdings were comprised of 606 securities with fair values aggregating 94.9% of the aggregate amortized cost as of December 31, 2023. Credit loss provision of $20,342 and credit loss release of $1,741 have been recognized for the three month periods ended September 30, 2024 and 2023, respectively. Credit loss provision of $100,053 and $222,264 have been recognized for the nine month periods ended September 30, 2024 and 2023, respectively. Credit losses are included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. Other unrealized losses for which no credit loss was recognized are primarily the result of increases in interest rates.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

On a quarterly basis, the Company evaluates its fixed maturity securities classified as available for sale to identify any potential credit losses. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”) and other industry rating agencies. Securities with a rating of 1 or 2 are considered investment grade and are not reviewed for credit loss unless current market data or recent company news could lead to a credit downgrade. Securities with ratings of 3 to 5 are evaluated for credit loss. The evaluation involves assessing all facts and circumstances surrounding each security including, but not limited 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. Securities with a rating of 6 are automatically determined to be impaired and a credit loss is recognized in earnings.

Where the decline in fair value of fixed maturity securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and the Company anticipates recovery of all contractual or expected cash flows, the Company does not consider these securities to have credit loss because the Company does not intend to sell these securities and it is not more likely than not the Company will be required to sell these securities before a recovery of amortized cost, which may be at maturity.

If the Company intends to sell a fixed maturity security or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, a credit loss has occurred and the difference between the amortized cost and the fair value that relates to the expected credit loss is recognized as a loss in earnings, included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings.

If the Company does not intend to sell a debt security and it is less likely than not that the Company will be required to sell the debt security but the Company also does not expect to recover the entire amortized cost basis of the security, a credit loss is recognized in earnings for the amount of the expected credit loss with a corresponding allowance for credit losses as a contra-asset account. The credit loss is included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. The recognized credit loss is limited to the total unrealized loss on the security due to a change in credit.

Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or when it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost.

The Company does not measure a credit loss allowance on accrued interest receivable, included in accrued investment income on the condensed consolidated balance sheets, as the Company writes off any accrued interest receivable balance to net investment income in a timely manner (after 90 days) when the Company has concerns regarding collectability.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Credit Quality Indicators

The NAIC assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 are considered investment grade while the NAIC Class 3 through 6 designations are considered non-investment grade. Based on the NAIC designations, the Company had 97.9% and 98.2% of its fixed maturity securities rated investment grade as of September 30, 2024 and December 31, 2023, respectively. The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

	September 30, 2024				December 31, 2023
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	176,865,129	$	176,303,283	$	221,933,425	$	216,975,288
2		162,142,176		162,728,124		161,062,016		157,346,803
3		6,534,603		6,134,808		6,418,829		5,953,542
4		1,104,422		1,048,370		982,290		948,478
5		246,186		48,750		236,648		51,875
6		1,182		1		1,233		-
Total	$	346,893,698	$	346,263,336	$	390,634,441	$	381,275,986

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three month periods ended September 30, 2024:


	Three Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2024	$	-	$	-	$	382,211		$	12,049	$	394,260

Additions for credit losses not previously recorded		-		-		25,000			-		25,000
Change in allowance on securities with previous allowance		-		-		(4,658	)		-		(4,658	)
Reductions for securities sold during the period		-		-		-			-		-
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553		$	12,049	$	414,602


	Three Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2023	$	-	$	-	$	224,005		$	-	$	224,005

Additions for credit losses not previously recorded		-		-		-			-		-
Change in allowance on securities with previous allowance		-		-		(1,741	)		-		(1,741	)
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the nine month periods ended September 30, 2024:


	Nine Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total

Beginning balance - January 1, 2024	$	-	$	-	$	308,500	$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		55,000		6,000		61,000
Change in allowance on securities with previous allowance		-		-		39,053		-		39,053
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553	$	12,049	$	414,602


	Nine Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - January 1, 2023	$	-	$	-	$	-		$	-	$	-
Balance	$	-	$	-	$	-		$	-	$	-

Additions for credit losses not previously recorded		-		-		179,500			-		179,500
Change in allowance on securities with previous allowance		-		-		42,764			-		42,764
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500
Balance	$	-	$	-	$	211,500		$	-	$	211,500

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of September 30, 2024, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	7,981,489	$	7,842,911
Due in 2-5 years		136,017,903		136,085,053
Due in 5-10 years		103,303,678		106,137,140
Due in more than 10 years		65,850,597		65,679,700
Mortgage-backed securities		33,740,031		30,518,532
Redeemable preferred stock		250,000		250,000
Total	$	347,143,698	$	346,513,336

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

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Proceeds from sales	$	181,949		$	207,522		$	789,190		$	1,163,132
Gross realized gains		-			-			2,714			11,257
Gross realized losses		(20,666	)		(3,368	)		(1,522	)		(57,472	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Assets on Deposit, Held in Trust, and Pledged as Collateral

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

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	6,402,068	$	6,206,650
Other investments		400,000		400,000
Cash and cash equivalents		1,385,229		1,909,215
Total assets on deposit	$	8,187,297	$	8,515,865

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

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	26,907,601	$	27,903,952
Cash and cash equivalents		3,427,980		2,101,052
Total assets on deposit	$	30,335,581	$	30,005,004

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

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	66,564,387	$	93,903,089
Total assets pledged as collateral	$	66,564,387	$	93,903,089

Real Estate Held for Investment and Held for Sale

The Company strategically deploys resources into real estate assets to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development, and mortgage foreclosures.

Commercial Real Estate Held for Investment and Held for Sale

The Company owns and manages commercial real estate assets as a means of both generating investment income and providing workspace for its employees. 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 resources. The geographic locations and asset classes of investments are determined by senior management under the direction of the Board of Directors.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

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 where the geographic location does not warrant full-time staff or through strategic lease-up periods. The Company will generally acquire assets as a result of company acquisitions or that are in regions expected to have high growth in employment and population and that provide operational efficiencies.

The Company currently owns and operates six commercial properties in two states. These properties include office buildings, flex office space, and the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company uses bank debt in strategic cases, primarily where it is anticipated to improve yields, or facilitate the acquisition of higher quality assets or asset class diversification.

The aggregated net book value of commercial real estate serving as collateral for bank loans was $120,756,194 and $124,381,467 as of September 30, 2024 and December 31, 2023, respectively. The associated bank loan carrying values totaled $96,470,650 and $97,807,614 as of September 30, 2024 and December 31, 2023, respectively.

During the three and nine month periods ended September 30, 2024 and 2023, the Company did not record any impairment losses on commercial real estate held for investment or held for sale. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three month periods ended September 30, 2024 and 2023, the Company recorded depreciation expense on commercial real estate held for investment of $1,420,367 and $1,572,494, respectively, and of $4,366,462 and $4,715,322 during the nine month periods ended September 30, 2024 and 2023, respectively. Commercial real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

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

	Net Book Value				Total Square Footage
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Utah (1)	$	126,861,284	$	142,475,177		546,941		625,920
Louisiana		18,752		19,250		1,622		1,622

	$	126,880,036	$	142,494,427		548,563		627,542

(1)	Includes Center53

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

	Net Book Value				Total Square Footage
	September 30, 2024 (1)		December 31, 2023		September 30, 2024		December 31, 2023
Mississippi	$	151,553	$	3,028,973		-		19,694

	$	151,553	$	3,028,973		-		19,694

(1)	Consists of approximately 93 acres of undeveloped land

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Residential Real Estate Held for Investment and Held for Sale

The Company occasionally acquires residential homes through the mortgage loan foreclosure process. The Company has the option to sell these properties or to continue to hold them for expected cash flow and price appreciation.

The Company established Security National Real Estate Services (“SNRE”) to manage its residential property portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the Company’s entire residential property portfolio.

During the three and nine month periods ended September 30, 2024 and 2023 the Company did not record any impairment losses on residential real estate held for sale or held for investment. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three month periods ended September 30, 2024 and 2023, the Company recorded depreciation expense on residential real estate held for investment of $2,653 and $2,648, respectively, and $7,958 and $7,944 during the nine month periods ended September 30, 2024 and 2023, respectively. Residential real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

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

	Net Book Value
	September 30, 2024		December 31, 2023
Utah (1)	$	73,610,520	$	40,924,865
	$	73,610,520	$	40,924,865

(1)	Includes multiple residential subdivision development projects

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

	September 30, 2024		December 31, 2023
Lots developed		35		42
Lots to be developed		1,304		1,145
Book Value	$	73,432,813	$	40,739,201

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

	Net Book Value
	September 30, 2024		December 31, 2023
Utah	$	849,900	$	-
	$	849,900	$	-

The net book value of foreclosed residential real estate included in residential real estate held for sale was $849,900 and nil as of September 30, 2024 and December 31, 2023, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of September 30, 2024, real estate owned and occupied by the Company is summarized as follows:

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

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets
(3)	Listed for sale

Mortgage Loans Held for Investment

Mortgage loans held for investment 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 the loans 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 the relevant debtors’ ability to honor obligations is dependent upon the economic stability of the geographic region in which the debtors do business or are employed. As of September 30, 2024, the Company had 53%, 9%, 7%, 7% and 5%, of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, Arizona, and California, respectively. As of December 31, 2023, the Company had 44%, 11%, 10%, 7% and 6% of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, and Arizona respectively.

Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts, and the related allowance for credit losses. Interest income is included in net investment income on the condensed 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 terms of the loans. Origination fees are included in net investment income on the condensed consolidated statements of earnings.

Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company requires that loans not exceed 80% of the fair market value of the respective loan collateral. For loans of more than 80% of the fair market value of the respective loan collateral, additional collateral or mortgage insurance by an approved third-party insurer is required.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the Company’s mortgage loans held for investment to present the net amount expected to be collected. The Company reports in net earnings, as a credit loss expense, the amount necessary to adjust the allowance for credit losses for the Company’s current estimate of expected credit losses on mortgage loans held for investment. This credit loss expense is included in other expenses on the condensed consolidated statements of earnings.

Once a mortgage loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and reverse any interest income that had been accrued. Given this policy, the Company does not measure a credit loss allowance on accrued interest receivable. Accrued interest receivable is included in accrued investment income on the condensed consolidated balance sheets. Payments received for mortgage loans on a non-accrual status are recognized when received. The interest income recognized from payments received for mortgage loans on a non-accrual status was immaterial. Accrual of interest resumes if a mortgage loan is brought current. Interest not accrued on these loans totaled approximately $297,000 and $237,000 as of September 30, 2024 and December 31, 2023, respectively.

The Company measures expected credit losses based on the fair value of the collateral when the Company determines that foreclosure is probable. When a mortgage loan becomes delinquent, the Company proceeds to foreclose and all expenses for foreclosure are expensed as incurred. Once foreclosed, the property is classified as real estate held for investment or held for sale.

To determine the allowance for credit 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:

Commercial - 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 secondarily on the borrower’s (or guarantor’s) ability to repay.

Commercial loans are evaluated for credit loss by analyzing common metrics that are predictors for future credit losses such as debt service coverage ratio (“DSCR”), loan to value (“LTV”), local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The fair value is assessed if the loan becomes 90 days delinquent. The Company uses these metrics to pool similar loans. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and other factors that affect the collectability of the loan. The Company applies a future loss factor to the outstanding balance of each group to arrive at the allowance for credit losses.

Residential — These loans are secured by first and second mortgages on single-family dwellings. The borrower’s ability to repay is sensitive to the life events and the general economic condition of the region. Where loan to value exceeds 80%, the loan is generally guaranteed by private mortgage insurance, the FHA, or VA.

Residential loans are evaluated for credit loss by using relevant available information from both internal and external sources. Among other things, the Company uses its historical delinquency information and considers current and forecasted economic conditions. External sources include a monthly analysis of its residential portfolio by a third party. The third party uses the Company’s current loan data and runs it through various models to project cash flows and provide a projected life of loan loss. The models consider loan features such as loan type, loan to value, payment status, age, and current property values. Analyzing the information from the various sources allows the Company to arrive at the allowance for credit losses.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Residential construction (including land acquisition and development) – These loans are 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, and factor in estimates of the value of construction projects upon completion. 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 acquisition and development loans are underwritten in accordance with the Company’s underwriting policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These loans are 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.

Residential construction mortgage loans are evaluated for credit loss by considering historical activity and current housing market trends to arrive at a per loan basis point allowance that is recognized at loan origination and for subsequent draws. The per loan basis point is reviewed at least annually or as loan losses or market trends require.

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

Schedule of Allowance for Loan Losses

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - June 30, 2024	$	849,323		$	1,779,386		$	225,143		$	2,853,852
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		(87,611	)		(127,239	)		36,229			(178,621	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - June 30, 2023	$	831,055		$	1,589,860		$	242,645		$	2,663,560
Change in provision for credit losses (2)		(20,873	)		10,310			(40,053	)		(50,616	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

	Nine Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - January 1, 2024	$	1,219,653		$	2,390,894		$	208,106		$	3,818,653
Change in provision for credit losses (2)		(457,941	)		(738,747	)		53,266			(1,143,422	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - January 1, 2023	$	187,129		$	1,739,980		$	43,202		$	1,970,311
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		67,246			52,797			(142,440	)		(22,397	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

(1)	See Note 2 of the notes to the condensed consolidated financial statements
(2)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

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

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
September 30, 2024
30-59 days past due	$	-		$	6,252,738		$	-		$	6,252,738
60-89 days past due		-			1,299,663			-			1,299,663
Over 90 days past due (1)		3,555,000			2,183,008			-			5,738,008
In process of foreclosure (1)		191,508			3,516,610			-			3,708,118
Total past due		3,746,508			13,252,019			-			16,998,527
Current		62,716,046			75,200,317			130,683,596			268,599,959
Total mortgage loans		66,462,554			88,452,336			130,683,596			285,598,486
Allowance for credit losses		(761,712	)		(556,662	)		(261,372	)		(1,579,746	)
Unamortized deferred loan fees, net		(94,848	)		(1,194,377	)		(689,339	)		(1,978,564	)
Unamortized discounts, net		(152,838	)		(153,156	)		-			(305,994	)
Net mortgage loans held for investment	$	65,453,156		$	86,548,141		$	129,732,885		$	281,734,182

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

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Credit Quality Indicators

The Company evaluates and monitors the credit quality of its commercial loans by analyzing loan to value (“LTV”) and debt service coverage ratios (“DSCR”). Monitoring a commercial mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
LTV:
Less than 65%	$	5,604,700	$	27,454,450	$	2,828,743	$	3,020,636	$	-	$	9,138,597	$	48,047,126		72.29	%
65% to 80%		10,432,942		1,840,776		823,397		-		4,913,313		-		18,010,428		27.10	%
Greater than 80%		-		-		-		405,000		-		-		405,000		0.61	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

DSCR
>1.20x	$	15,604,700	$	20,990,000	$	1,000,000	$	-	$	4,913,313	$	5,459,400	$	47,967,413		72.17	%
1.00x - 1.20x		432,942		8,305,226		2,652,140		3,425,636		-		3,679,197		18,495,141		27.83	%
<1.00x		-		-		-		-		-		-		-		0.00	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

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

Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
LTV:
Less than 65%	$	34,304,954	$	13,555,737		$	3,778,248	$	-	$	2,964,740	$	6,565,389	$	61,169,068		82.46	%
65% to 80%		1,523,926		5,115,231			1,050,000		4,913,313		-		-		12,602,470		16.99	%
Greater than 80%		-		-			405,000		-		-		-		405,000		0.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

DSCR
>1.20x	$	20,990,000	$	1,000,000		$	700,000	$	4,913,313	$	2,964,740	$	2,612,625	$	33,180,678		44.73	%
1.00x - 1.20x		8,338,880		8,496,127			3,483,248		-		-		3,952,764		24,271,019		32.72	%
<1.00x		6,500,000		9,174,841⁽¹⁾	(1)		1,050,000		-		-		-		16,724,841		22.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

(1)	Commercial construction loan

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

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

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	8,179,852	$	11,232,976	$	44,202,986	$	3,379,192	$	5,902,895	$	9,854,817	$	82,752,718		93.56	%
Non-performing (1)		-		2,819,075		541,333		684,478		588,864		1,065,868		5,699,618		6.44	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $3,516,610


LTV:
Less than 65%	$	2,624,800	$	5,055,179	$	5,981,284	$	1,796,124	$	2,452,998	$	5,348,470	$	23,258,855	26.30	%
65% to 80%		5,555,052		8,806,209		37,672,607		1,948,129		3,351,111		5,504,578		62,837,686	71.04	%
Greater than 80%		-		190,663		1,090,428		319,417		687,650		67,637		2,355,795	2.66	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336	100.00	%

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

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	15,337,828	$	53,875,389	$	7,156,934	$	7,453,796	$	2,786,562	$	12,040,357	$	98,650,866		95.63	%
Non-performing (1)		-		2,202,114		365,061		613,101		-		1,322,445		4,502,721		4.37	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587		100.00	%

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


LTV:
Less than 65%	$	3,280,144	$	7,049,522	$	1,843,286	$	1,746,970	$	446,675	$	5,206,095	$	19,572,692	18.97	%
65% to 80%		10,962,770		44,371,320		4,269,894		4,222,170		2,339,887		5,711,440		71,877,481	69.68	%
Greater than 80%		1,094,914		4,656,661		1,408,815		2,097,757		-		2,445,267		11,703,414	11.35	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587	100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential construction loans (including land acquisition and development loans) by analyzing LTV and loan performance. Monitoring a residential construction mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%
Non-performing		-		-		-		-		-		0.00	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

LTV:
Less than 65%	$	35,065,417	$	22,918,540	$	1,630,488	$	11,406,505	$	71,020,950		54.35	%
65% to 80%		57,429,690		1,158,441		453,878		-		59,042,009		45.18	%
Greater than 80%		620,637		-		-		-		620,637		0.47	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

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

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%
Non-performing		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

LTV:
Less than 65%	$	40,215,360	$	8,732,500	$	20,442,302	$	69,390,162		66.69	%
65% to 80%		20,096,319		7,891,682		6,674,585		34,662,586		33.31	%
Greater than 80%		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Insurance Assignments

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

	As of September 30, 2024			As of December 31, 2023
30-59 days past due	$	9,571,073		$	10,829,629
60-89 days past due		3,593,162			3,709,754
Over 90 days past due		5,430,234			4,329,468
Total past due		18,594,469			18,868,851
Current		27,359,925			26,736,471
Total insurance assignments		45,954,394			45,605,322
Allowance for credit losses		(1,540,835	)		(1,553,836	)
Net insurance assignments	$	44,413,559		$	44,051,486

The Company records an allowance for credit losses when the insurance assignment is funded. Once an insurance assignment moves to 90 days or legal proceedings, it is monitored for write-off and collectability, and any adjustments to the allowance are recorded at that time. See Note 2 regarding the adoption of ASU 2016-13.

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

Schedule of Allowance for Credit Losses

	Three Months Ended
Beginning balance - June 30, 2024	$	1,535,324
Change in provision for credit losses (1)		259,643
Charge-offs		(254,132	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - June 30, 2023	$	1,690,693
Change in provision for credit losses (1)		214,934
Charge-offs		(350,366	)
Ending balance - September 30, 2023	$	1,555,261

	Nine Months Ended
Beginning balance - January 1, 2024	$	1,553,836
Change in provision for credit losses (1)		752,256
Charge-offs		(765,257	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses (1)		667,260
Charge-offs		(721,950	)
Ending balance - September 30, 2023	$	1,555,261

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Investment Related Earnings

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

Schedule of Gain (Loss) on Investments

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities:
Gross realized gains	$	7,929		$	37,565		$	13,120		$	54,619
Gross realized losses		(43,184	)		(10,383	)		(61,539	)		(102,182	)
Net credit loss release (provision)		(20,342	)		1,740			(100,053	)		(222,264	)

Equity securities:
Gains (losses) on securities sold		708			324,009			(16,662	)		277,057
Unrealized gains (losses) on securities held at the end of the period		2,415,881			(1,321,511	)		3,534,285			(423,448	)

Mortgage loans held for investment:
Gross realized gains		-			-			-			-
Gross realized losses		(1,161,364	)		-			(1,161,364	)		-

Real estate held for investment and sale:
Gross realized gains		71,622			36,166			360,474			197,194
Gross realized losses		-			-			-			-

Other assets:
Gross realized gains		95,690			-			92,095			214,348
Gross realized losses		(19,284	)		-			(20,513	)		-
Total	$	1,347,656		$	(932,414	)	$	2,639,843		$	(4,676	)

The 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.

Net realized gains and losses includes gains and losses by the cemetery perpetual care trust investments and the restricted assets and of the cemeteries and mortuaries of $1,140,136 and $452,115 in net gains for the three month periods ended September 30, 2024 and 2023, respectively, and of $1,519,487 and $200,605 in net gains for the nine month periods ended September 30, 2024 and 2023, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Major categories of net investment income were as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities available for sale	$	4,301,241		$	4,242,185		$	13,050,503		$	12,398,685
Equity securities		171,767			167,348			516,363			448,564
Mortgage loans held for investment		7,032,201			9,842,845			22,867,797			27,797,908
Real estate held for investment and sale		3,093,459			3,291,047			9,893,539			11,553,643
Policy loans		225,393			191,843			715,791			599,498
Insurance assignments		5,009,043			4,340,644			14,971,607			13,570,659
Other investments		272,062			213,560			672,363			555,720
Cash and cash equivalents		1,700,898			1,083,241			5,107,765			2,651,148
Gross investment income		21,806,064			23,372,713			67,795,728			69,575,825
Investment expenses		(4,006,968	)		(4,124,250	)		(12,005,256	)		(12,380,505	)
Net investment income	$	17,799,096		$	19,248,463		$	55,790,472		$	57,195,320

Net investment income includes income earned by the cemetery perpetual care trust investments and the restricted assets of the cemeteries and mortuaries of $393,811 and $372,277 for the three month periods ended September 30, 2024 and 2023, respectively, and of $1,798,170 and $2,224,629 for the nine month periods ended September 30, 2024 and 2023, respectively.

Net investment income on real estate consists primarily of rental revenue. Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities.

Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale	$	3,798,114	$	3,984,695
Equity securities		9,437		20,451
Mortgage loans held for investment		949,979		2,661,092
Real estate held for investment		3,011,035		3,486,115
Cash and cash equivalents		92,259		18,437
Total accrued investment income	$	7,860,824	$	10,170,790

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

4) Loans Held for Sale

The Company’s loans held for sale portfolio is valued using the fair value option. Changes in the fair value of the loans are included in mortgage fee income. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on recognition of mortgage loan interest income and is included in mortgage fee income on the condensed consolidated statement of earnings. Included in loans held for sale are loans in the process of foreclosure with an aggregate unpaid principal balance of $332,848 and $1,636,090 as of September 30, 2024 and December 31, 2023, respectively. See Note 8 to the condensed consolidated financial statements for additional disclosures regarding loans held for sale.

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale:

	As of September 30, 2024		As of December 31, 2023

Aggregate fair value	$	142,897,741	$	126,549,190
Unpaid principal balance		139,678,479		127,185,867
Unrealized gain (loss)		3,219,262		(636,677	)

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income and other income related to the origination and sale of mortgage loans held for sale.

Major categories of mortgage fee income for loans held for sale are summarized as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Loan fees	$	7,358,830		$	6,033,227		$	20,245,527		$	16,408,443
Interest income		2,357,379			2,637,971			6,104,113			7,265,516
Secondary gains		17,982,124			17,625,394			51,387,693			54,884,965
Change in fair value of loan commitments		(179,836	)		(1,504,286	)		811,765			(977,716	)
Change in fair value of loans held for sale		2,959,729			(108,676	)		3,855,914			(715,799	)
Provision for loan loss reserve		(254,134	)		252,389			(729,734	)		138,369
Mortgage fee income	$	30,224,092		$	24,936,019		$	81,675,278		$	77,003,778

Loan Loss Reserve

Repurchase demands from third party investors that correspond to mortgage loans previously held for sale and sold are reviewed and relevant data is captured so that an estimated future loss can be calculated. The key factors that are used in the estimated future 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 can resolve the issues relating to the repurchase demand by the third-party investor without having to make any payments to the investor.

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	As of September 30, 2024			As of December 31, 2023
Balance, beginning of period	$	547,233		$	1,725,667
Provision on current loan originations (1)		729,734			27,164
Charge-offs, net of recaptured amounts		(444,882	)		(1,205,598	)
Balance, end of period	$	832,085		$	547,233

(1)	Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the nine month period ended September 30, 2024, $729,734 in reserves were added at a rate of 4.2 basis points per loan, the equivalent of $420 per $1,000,000 in loans originated. This is a decrease over the nine month period ended September 30, 2023, when reserves of $770,220 were added at a rate of 4.5 basis points per loan originated, the equivalent of $450 per $1,000,000 in loans originated. The Company monitors market data and trends, economic conditions (including forecasts), and its own experience to maintain adequate loss reserves on current production.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans

The Company has equity incentive plans (the “2013 Plan”, the “2014 Director Plan” and the “2022 Plan”).

Stock Options

Stock based compensation expense for stock options issued of $195,431 and $145,973 has been recognized for these plans for the three month periods ended September 30, 2024 and 2023, respectively, and $577,613 and $430,856 has been recognized for these plans for the nine month periods ended September 30, 2024 and 2023, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. As of September 30, 2024, the total unrecognized compensation expense related to the options issued was $134,239, which is expected to be recognized over the remaining vesting period.

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.

Activity of the stock option plans during the nine month period ended September 30, 2024, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2024		833,570		$	4.91		1,520,062	$	5.57
Adjustment for the effect of stock dividends		38,724					76,005
Granted		16,500					-
Exercised		(88,714	)				-
Cancelled		(17,333	)				-
Outstanding at September 30, 2024		782,747		$	5.16		1,596,067	$	5.57

As of September 30, 2024:
Options exercisable		751,872		$	5.05		1,519,817	$	5.46

As of September 30, 2024:
Available options for future grant		39,006					556,238

Weighted average contractual term of options outstanding at September 30, 2024		4.91 years					5.74 years

Weighted average contractual term of options exercisable at September 30, 2024		4.73 years					5.63 years

Aggregated intrinsic value of options outstanding at September 30, 2024 (1)	$	3,165,305				$	5,793,310

Aggregated intrinsic value of options exercisable at September 30, 2024 (1)	$	3,119,776				$	5,676,723

(1)	The Company used a stock price of $9.20 as of September 30, 2024 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the nine month period ended September 30, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price

Outstanding at January 1, 2023		976,605		$	4.56		1,157,203	$	5.31
Adjustment for the effect of stock dividends		38,266					57,859
Granted		16,000					-
Exercised		(233,180	)				-
Cancelled		-					-
Outstanding at September 30, 2023		797,691		$	4.78		1,215,062	$	5.31

As of September 30, 2023:
Options exercisable		770,066		$	4.73		1,141,312	$	5.25

As of September 30, 2023:
Available options for future grant		171,386					834,750

Weighted average contractual term of options outstanding at September 30, 2023		4.69 years					6.15 years

Weighted average contractual term of options exercisable at September 30, 2023		4.53 years					6.03 years

Aggregated intrinsic value of options outstanding at September 30, 2023 (1)	$	2,438,675				$	3,074,037

Aggregated intrinsic value of options exercisable at September 30, 2023 (1)	$	2,398,360				$	2,955,012

(1)	The Company used a stock price of $7.84 as of September 30, 2023 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

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 nine month periods ended September 30, 2024 and 2023 was $290,159 and $454,923, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Restricted Stock Units (“RSUs”)

Stock based compensation expense for RSUs issued of $895 and nil has been recognized under these plans for the three month periods ended September 30, 2024 and 2023, respectively, and of $2,666 and $742 has been recognized under these plans for the nine month periods ended September 30, 2024 and 2023, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. The fair value of each RSU granted is determined by the Company’s stock price on the date of the grant. As of September 30, 2024, the total unrecognized compensation expense related to the RSUs issued was $598, which is expected to be recognized over the remaining vesting period.

Activity of the RSUs during the nine month period ended September 30, 2024 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024		2,245		$	7.72
Granted		-
Vested		(1,325	)
Non-vested at September 30, 2024		920		$	7.99

Available RSUs for future grant		16,540

Activity of the RSUs during the nine month period ended September 30, 2023 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		1,620		$	6.48
Granted		-
Vested		(810	)
Non-vested at September 30, 2023		810		$	6.48

Available RSUs for future grant		18,380

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

6) Earnings Per Share

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:

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net earnings	$	11,831,444	$	4,041,293	$	26,577,515	$	11,634,171
Denominator:
Basic weighted-average shares outstanding		23,240,725		23,169,141		23,287,707		23,171,889
Effect of dilutive securities:
Employee stock options		812,761		806,643		696,526		665,804
Diluted weighted-average shares outstanding		24,053,486		23,975,784		23,984,233		23,837,693

Basic net earnings per share	$

SECURITY NATIONAL FINANCIAL CORP 10-Q