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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 June 30, 2025

☐ 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^th Floor, 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 August 8, 2025, the registrant had 22,394,866 shares of Class A Common Stock, $2.00 par value, outstanding and 3,587,616 shares of Class C Common Stock, $2.00 par value, outstanding.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

QUARTER ENDED JUNE 30, 2025

Table of Contents

		Page No.
	Part I - Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	3-4
	Condensed Consolidated Statements of Earnings for the three and six month periods ended June 30, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended June 30, 2025 and 2024 (unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity as of June 30, 2025 and June 30, 2024 (unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2025 and 2024 (unaudited)	8-9
	Notes to Condensed Consolidated Financial Statements (unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	68
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	74
Item 4.	Controls and Procedures	74
	Part II - Other Information
Item 1.	Legal Proceedings	75
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 3.	Defaults Upon Senior Securities	76
Item 4.	Mine Safety Disclosures	76
Item 5.	Other Information	76
Item 6.	Exhibits	76
	Signatures	77

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

Part I - Financial Information

Item 1. Financial Statements.


Assets	June 30, 2025		December 31, 2024
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $393,340,165 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $486,986 and $420,993 for 2025 and 2024, respectively)	$	390,441,720	$	366,546,129
Equity securities at estimated fair value (cost of $11,657,063 and $11,386,454 for 2025 and 2024, respectively)		16,556,531		15,771,681
Mortgage loans held for investment (net of allowance for credit losses of $2,640,744 and $1,885,390 for 2025 and 2024, respectively)		324,403,996		301,747,358
Real estate held for investment (net of accumulated depreciation of $34,288,777 and $31,419,539 for 2025 and 2024, respectively)		213,045,016		197,693,338
Real estate held for sale		3,093,040		1,278,033
Other investments and policy loans (net of allowance for credit losses of $1,481,032 and $1,536,926 for 2025 and 2024, respectively)		85,691,489		74,855,041
Accrued investment income		9,659,711		8,499,168
Total investments		1,042,891,503		966,390,748
Cash and cash equivalents		79,317,770		140,546,421
Loans held for sale at estimated fair value		165,876,119		131,181,148
Receivables (net of allowance for credit losses of $1,491,043 and $1,678,531 for 2025 and 2024, respectively)		15,468,678		15,858,743
Restricted assets (including $13,778,778 and $12,323,535 for 2025 and 2024 respectively, at estimated fair value)		29,461,821		23,806,836
Cemetery perpetual care trust investments (including $6,043,952 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)		9,282,641		8,836,503
Receivable from reinsurers		13,743,832		13,831,093
Cemetery land and improvements		10,494,356		10,594,632
Deferred policy and pre-need contract acquisition costs		123,153,276		122,661,298
Mortgage servicing rights, net		2,714,310		2,939,878
Property and equipment, net		18,653,288		19,047,688
Value of business acquired		6,965,527		7,491,600
Goodwill		5,253,783		5,253,783
Other		20,701,203		21,366,843

Total Assets	$	1,543,978,107	$	1,489,807,214

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

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Unaudited)

	June 30, 2025			December 31, 2024
Liabilities and Stockholders’ Equity
Liabilities
Future policy benefits and unpaid claims	$	959,492,863		$	944,811,843
Unearned premium reserve		1,912,897			2,011,679
Bank and other loans payable		122,931,941			106,740,104
Deferred pre-need cemetery and mortuary contract revenues		21,589,242			20,168,405
Cemetery perpetual care obligation		5,788,630			5,642,693
Accounts payable		6,232,317			2,937,293
Other liabilities and accrued expenses		55,982,263			55,633,661
Income taxes		15,293,236			13,079,257
Total liabilities		1,189,223,389			1,151,024,935

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; 22,391,637 shares issued and outstanding as of June 30, 2025 and 22,321,422 (1) shares issued and outstanding as of December 31, 2024		44,783,274			42,510,012
Class B: non-voting common stock - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding		-			-
Class C: convertible common stock - $2.00 par value; 6,000,000 shares authorized; 3,587,614 shares issued and outstanding as of June 30, 2025 and 3,492,672 (1) shares issued and outstanding as of December 31, 2024		7,175,228			6,643,666
Common stock, value		7,175,228			6,643,666
Additional paid-in capital		89,068,179			79,698,367
Accumulated other comprehensive loss, net of taxes		(1,830,143	)		(6,951,266	)
Retained earnings		225,043,793			225,359,186
Treasury stock at cost - 1,161,072 Class A shares and 104,604 Class C shares as of June 30, 2025; and 1,081,281 (1) Class A shares and 104,604 (1) Class C shares as of December 31, 2024		(9,485,613	)		(8,477,686	)

Total stockholders’ equity		354,754,718			338,782,279

Total Liabilities and Stockholders’ Equity	$	1,543,978,107		$	1,489,807,214

(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)

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues:
Mortgage fee income	$	29,485,104		$	29,619,516		$	54,294,345		$	51,451,186
Insurance premiums and other considerations		30,185,854			29,960,558			59,965,379			59,812,651
Net investment income		20,580,988			18,044,808			39,783,612			37,991,376
Net mortuary and cemetery sales		7,257,717			7,768,947			14,557,938			14,717,438
Gains (losses) on investments and other assets		1,142,707			(377,239	)		1,728,728			1,292,187
Other		888,779			774,746			1,950,870			1,714,696
Total revenues		89,541,149			85,791,336			172,280,872			166,979,534

Benefits and expenses:
Death benefits		15,021,638			14,070,165			31,067,103			29,783,918
Surrenders and other policy benefits		1,231,654			1,042,940			2,433,209			2,258,733
Increase in future policy benefits		8,800,130			9,212,937			17,788,187			18,558,824
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		5,737,675			4,301,389			10,434,210			9,045,302
Selling, general and administrative expenses:
Commissions		13,465,338			13,452,841			23,903,719			21,434,058
Personnel		22,171,345			20,802,576			44,353,753			40,657,711
Advertising		940,448			786,217			1,764,393			1,473,872
Rent and rent related		937,139			1,297,239			1,925,750			2,698,716
Depreciation on property and equipment		599,018			592,899			1,214,153			1,180,348
Costs related to funding mortgage loans		1,891,789			1,533,881			3,307,041			2,982,976
Other		7,955,635			6,999,384			15,356,322			13,285,294
Interest expense		1,293,438			1,073,816			2,412,966			2,101,290
Cost of goods and services sold-mortuaries and cemeteries		1,159,283			1,235,459			2,412,553			2,509,588
Total benefits and expenses		81,204,530			76,401,743			158,373,359			147,970,630
Earnings before income taxes		8,336,619			9,389,593			13,907,513			19,008,904
Income tax expense		(1,830,264	)		(2,118,044	)		(3,062,866	)		(4,262,833	)

Net earnings	$	6,506,355		$	7,271,549		$	10,844,647		$	14,746,071

Net earnings per Class A Equivalent common share (1)	$	0.26		$	0.30		$	0.44		$	0.60

Net earnings per Class A Equivalent common share-assuming dilution (1)	$	0.25		$	0.29		$	0.42		$	0.59

Weighted-average Class A equivalent common shares outstanding (1)		24,767,601			24,474,232			24,733,733			24,490,545

Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)		25,529,061			25,079,560			25,623,228			25,186,838

(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)

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net earnings	$	6,506,355		$	7,271,549		$	10,844,647		$	14,746,071
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale	$	2,693,245			(650,489	)	$	6,481,974			(1,782,140	)
Unrealized losses on restricted assets (1)		(4,819	)		(1,694	)		(532	)		(3,583	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(1,150	)		(1,052	)		1,665			(1,825	)
Other comprehensive income (loss), before income tax		2,687,276			(653,235	)		6,483,107			(1,787,548	)
Income tax (expense) benefit		(563,765	)		136,106			(1,361,984	)		375,321
Other comprehensive income (loss), net of income tax		2,123,511			(517,129	)		5,121,123			(1,412,227	)
Comprehensive income	$	8,629,866		$	6,754,420		$	15,965,770		$	13,333,844

(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)

	Class A Common Stock		Class C Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total
	Six Months Ended June 30, 2025
	Class A Common Stock		Class C Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total

December 31, 2024	$	42,510,012	$	6,643,666		$	79,698,367		$	(6,951,266	)	$	225,359,186		$	(8,477,686	)	$	338,782,279

Net earnings		-		-			-			-			4,338,292			-			4,338,292
Other comprehensive income		-		-			-			2,997,612			-			-			2,997,612
Stock-based compensation expense		-		-			309,260			-			-			-			309,260
Exercise of stock options		132,546		190,674			(92,965	)		-			-			(149,009	)		81,246
Vesting of restricted stock units		920		-			(920	)		-			-			-			-
Sale of treasury stock		-		-			90,895			-			-			136,367			227,262
Purchase of treasury stock		-		-			-			-			-			(242,265	)		(242,265	)
March 31, 2025	$	42,643,478	$	6,834,340		$	80,004,637		$	(3,953,654	)	$	229,697,478		$	(8,732,593	)	$	346,493,686

Net earnings		-		-			-			-			6,506,355			-			6,506,355
Other comprehensive income		-		-			-			2,123,511			-			-			2,123,511
Stock-based compensation expense		-		-			320,379			-			-			-			320,379
Vesting of restricted stock units		6,174		-			(6,174	)		-			-			-			-
Sale of treasury stock		-		-			63,807			-			-			208,399			272,206
Purchase of treasury stock		-		-			-			-			-			(961,419	)		(961,419	)
Conversion Class C to Class A		790		(790	)		-			-			-			-			-
Stock dividends		2,132,832		341,678			8,685,530			-			(11,160,040	)		-			-
June 30, 2025	$	44,783,274	$	7,175,228		$	89,068,179		$	(1,830,143	)	$	225,043,793		$	(9,485,613	)	$	354,754,718

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

December 31, 2023	$	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
Balance	$	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	)
Other comprehensive income (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
Balance	$	42,171,872	$	6,240,332		$	78,752,885		$	(8,297,785	)	$	213,570,620		$	(6,671,931	)	$	325,765,993

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2025			2024
	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net cash provided by operating activities	$	1,904,880		$	8,104,137

Cash flows from investing activities:
Purchases of fixed maturity securities		(54,885,176	)		(34,437,326	)
Sales, calls and maturities of fixed maturity securities		36,743,084			65,265,141
Purchases of equity securities		(1,602,500	)		(2,658,514	)
Sales of equity securities		1,529,484			1,996,963
Purchases of restricted assets		(2,397,575	)		(1,116,336	)
Sales, calls and maturities of restricted assets		1,330,555			483,871
Purchases of cemetery perpetual care trust investments		(144,567	)		(49,443	)
Sales, calls and maturities of perpetual care trust investments		955,014			122,773
Mortgage loans held for investment, other investments and policy loans made		(446,677,580	)		(364,394,871	)
Payments received for mortgage loans held for investment, other investments and policy loans		412,639,393			352,904,166
Purchases of property and equipment		(884,076	)		(423,139	)
Sales of property and equipment		1,200			377,521
Purchases of real estate		(38,492,419	)		(27,823,031	)
Sales of real estate		19,442,304			23,136,542
Net cash provided by (used in) investing activities		(72,442,859	)		13,384,317

Cash flows from financing activities:
Investment contract receipts		6,230,904			6,775,570
Investment contract withdrawals		(8,421,749	)		(7,864,720	)
Proceeds from stock options exercised		81,246			46,182
Purchases of treasury stock		(1,203,684	)		(1,629,135	)
Repayment of bank loans		(18,012,268	)		(939,619	)
Proceeds from bank loans		32,000,000			-
Net change in warehouse line borrowings for loans held for sale		2,164,373			(1,114,584	)
Net cash provided by (used in) financing activities		12,838,822			(4,726,306	)

Net change in cash, cash equivalents, restricted cash and restricted cash equivalents		(57,699,157	)		16,762,148

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		150,102,620			139,923,399

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	92,403,463		$	156,685,547

Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest	$	2,422,711		$	2,107,045
Income taxes (net of refunds)		2,228,099			3,024,742

Non Cash Operating, Investing and Financing Activities:
Transfer from fixed maturity securities available for sale to other investments	$	1,185,603		$	-
Right-of-use assets obtained in exchange for operating lease liabilities		1,069,880			1,130,610
Benefit plans funded with treasury stock		499,468			735,930
Loans held for sale foreclosed into real estate held for sale		380,000			858,977
Transfer of loans held for sale to mortgage loans held for investment		828,063			1,867,552

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:

	June 30, 2025		June 30, 2024
Cash and cash equivalents	$	79,317,770	$	143,632,984
Restricted assets		12,680,488		11,849,488
Cemetery perpetual care trust investments		405,205		1,203,075

Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	92,403,463	$	156,685,547
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	$	92,403,463	$	156,685,547

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (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, 2024, 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 six month periods ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

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 liability for future policy benefits; those used in determining the value of loans held for sale; and those used in determining loan loss reserve. 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

June 30, 2025 (Unaudited)

2)	Recent Accounting Pronouncements

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. In November 2020, ASU No. 2020-11: “Financial Services – Insurance (Topic 944): Effective Date and Early Application,” was issued. This ASU was issued to provide additional time for the implementation of ASU No. 2018-12 by deferring the effective date by one year. For smaller reporting companies, this update 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 adoption of this guidance is expected to have an impact on its financial position, results of operations, and disclosures, as well as systems, processes and controls. The Company continues to evaluate the impact of the new guidance on its consolidated financial statements.

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 for the annual reporting periods beginning January 1, 2025. The Company will adopt the standard commencing with its annual reporting period ending December 31, 2025. The Company does not anticipate that the adoption of ASU 2023-09 will have a material impact on the consolidated financial statements.

ASU No. 2024-03: “Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” — Issued in November 2024, ASU 2024-03 requires public business entities to disclose, in the notes to the consolidated financial statements, specified information about certain expenses at each interim and annual reporting period. ASU 2024-03 requires disclosures about specific types of expenses (i.e., (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization) included in the expense captions presented on the face of the statement of earnings as well as disclosures about selling expenses. ASU 2024-03 does not change the requirements for the presentation of expenses on the statement of earnings. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Accordingly, the Company will adopt the standard commencing with its annual reporting period ending December 31, 2027. The Company is in the process of estimating the potential 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

June 30, 2025 (Unaudited)

3)	Investments

The Company’s investments as of June 30, 2025 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
June 30, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	77,652,340		$	888,144	$	(247,044	)	$	-		$	78,293,440

Obligations of states and political subdivisions		3,550,803			15,484		(213,175	)		-			3,353,112

Corporate securities including public utilities		284,854,952			5,161,683		(4,397,245	)		(474,937	)		285,144,453

Mortgage-backed securities		26,532,070			119,743		(3,743,849	)		(12,049	)		22,895,915

Redeemable preferred stock		750,000			4,800		-			-			754,800

Total fixed maturity securities available for sale	$	393,340,165		$	6,189,854	$	(8,601,313	)	$	(486,986	)	$	390,441,720

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,657,063		$	5,506,182	$	(606,714	)				$	16,556,531

Total equity securities at estimated fair value	$	11,657,063		$	5,506,182	$	(606,714	)				$	16,556,531

Mortgage loans held for investment at amortized cost:
Residential	$	92,656,929
Residential construction		165,707,402
Commercial		71,180,249
Less: Unamortized deferred loan fees, net		(2,230,234	)
Less: Allowance for credit losses		(2,640,744	)
Less: Net discounts		(269,606	)

Total mortgage loans held for investment	$	324,403,996

Real estate held for investment - net of accumulated depreciation:
Residential	$	88,976,901
Commercial		124,068,115

Total real estate held for investment	$	213,045,016

Real estate held for sale:
Residential	$	2,941,487
Commercial		151,553

Total real estate held for sale	$	3,093,040

Other investments and policy loans at amortized cost:
Policy loans	$	14,208,030
Insurance assignments		45,161,992
Federal Home Loan Bank stock (2)		1,324,800
Other investments		26,477,699
Less: Allowance for credit losses for insurance assignments		(1,481,032	)

Total other investments and policy loans	$	85,691,489

Accrued investment income	$	9,659,711

Total investments	$	1,042,891,503

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $581,600 of Membership stock and $743,200 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

The Company’s investments as of December 31, 2024 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	74,680,606		$	327,618	$	(486,976	)	$	-		$	74,521,248

Obligations of states and political subdivisions		6,416,751			1,762		(290,448	)		-			6,128,065

Corporate securities including public utilities		262,954,278			2,444,842		(6,922,871	)		(408,944	)		258,067,305

Mortgage-backed securities		31,710,436			125,764		(4,244,640	)		(12,049	)		27,579,511

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

Total fixed maturity securities available for sale	$	376,012,071		$	2,899,986	$	(11,944,935	)	$	(420,993	)	$	366,546,129

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Total equity securities at estimated fair value	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Mortgage loans held for investment at amortized cost:
Residential	$	92,061,787
Residential construction		151,172,733
Commercial		62,753,085
Less: Unamortized deferred loan fees, net		(2,082,241	)
Less: Allowance for credit losses		(1,885,390	)
Less: Net discounts		(272,616	)

Total mortgage loans held for investment	$	301,747,358

Real estate held for investment - net of accumulated depreciation:
Residential	$	71,618,410
Commercial		126,074,928

Total real estate held for investment	$	197,693,338

Real estate held for sale:
Residential	$	1,126,480
Commercial		151,553

Total real estate held for sale	$	1,278,033

Other investments and policy loans at amortized cost:
Policy loans	$	14,019,248
Insurance assignments		48,493,858
Federal Home Loan Bank stock (2)		2,404,900
Other investments		11,473,961
Less: Allowance for credit losses for insurance assignments		(1,536,926	)

Total policy loans and other investments	$	74,855,041

Accrued investment income	$	8,499,168

Total investments	$	966,390,748

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

There were no investments in fixed maturity securities or equity securities, 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 June 30, 2025, 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 June 30, 2025 and December 31, 2024. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities that are 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
June 30, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	26,314	$	11,809,789	$	220,730	$	10,858,448	$	247,044	$	22,668,237
Obligations of states and political subdivisions		5,234		194,766		207,941		2,209,174		213,175		2,403,940
Corporate securities		572,966		38,970,717		3,824,279		71,639,210		4,397,245		110,609,927
Mortgage-backed securities		5,410		638,290		3,738,439		18,084,388		3,743,849		18,722,678
Totals	$	609,924	$	51,613,562	$	7,991,389	$	102,791,220	$	8,601,313	$	154,404,782

December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	8,737	$	986,365	$	478,239	$	22,110,495	$	486,976	$	23,096,860
Obligations of states and political subdivisions		15,003		2,167,918		275,445		3,008,385		290,448		5,176,303
Corporate securities including public utilities		1,888,022		93,562,219		5,034,849		77,975,776		6,922,871		171,537,995
Mortgage-backed securities		32,150		2,915,192		4,212,490		19,041,442		4,244,640		21,956,634
Totals	$	1,943,912	$	99,631,694	$	10,001,023	$	122,136,098	$	11,944,935	$	221,767,792

Relevant holdings were comprised of 477 securities with fair values aggregating 94.7% of the aggregate amortized cost as of June 30, 2025, compared to 706 securities with fair values aggregating 94.9% of the aggregate amortized cost as of December 31, 2024. A credit loss release of $20,313 and of $16,289 have been recognized for the three month periods ended June 30, 2025 and 2024, respectively. A credit loss provision of $65,993 and of $79,711 have been recognized for the six month periods ended June 30, 2025 and 2024, 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

June 30, 2025 (Unaudited)

3)	Investments (Continued)

Evaluation of Allowance for Credit Losses

The Company evaluates its fixed maturity securities classified as available for sale on a quarterly basis 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 NAIC rating of 1 or 2 are considered investment grade and are only reviewed for credit loss if current market data or recent company news could lead to a credit downgrade. Securities with NAIC ratings of 3 to 5 are considered non-investment grade and 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 fixed maturity security and it is less likely than not that the Company will be required to sell the 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 due 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 calculate a credit loss allowance on accrued interest income, included in accrued investment income on the condensed consolidated balance sheets, as the Company writes off any accrued interest income to net investment income if the accrued but unpaid amount exceeds 90 days.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

Credit Quality Indicators

Based on the NAIC securities designations, the Company had 98.1% and 97.7% of its fixed maturity securities rated investment grade as of June 30, 2025 and December 31, 2024, 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.

		June 30, 2025				December 31, 2024
NAIC Designation		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	1	$	201,287,345	$	199,440,878	$	188,386,980	$	183,460,027
	2		183,343,661		182,932,186		178,060,265		174,405,442
	3		6,718,721		6,289,774		7,961,422		7,342,220
	4		530,927		521,810		649,592		600,459
	5		708,496		502,272		702,643		487,981
	6		1,015		-		1,169		-
	Total	$	392,590,165	$	389,686,920	$	375,762,071	$	366,296,129

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 June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	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 - March 31, 2025	$	-	$	-	$	495,251		$	12,049	$	507,300

Additions for credit losses not previously recorded		-		-		-			-		-
Change in allowance on securities with previous allowance		-		-		(20,444	)		-		(20,444	)
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		-		-		130			-		130

Ending Balance - June 30, 2025	$	-	$	-	$	474,937		$	12,049	$	486,986

	Three Months Ended June 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 - March 31, 2024	$	-	$	-	$	398,500		$	12,049	$	410,549

Additions for credit losses not previously recorded		-		-		-			-		-
Change in allowance on securities with previous allowance		-		-		(16,289	)		-		(16,289	)
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 - June 30, 2024	$	-	$	-	$	382,211		$	12,049	$	394,260

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (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 six month periods ended June 30, 2025 and 2024:


	Six Months Ended June 30, 2025
	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 - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993

Additions for credit losses not previously recorded		-		-		72,000			-		72,000
Change in allowance on securities with previous allowance		-		-		(6,007	)		-		(6,007	)
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 - June 30, 2025	$	-	$	-	$	474,937		$	12,049	$	486,986


	Six Months Ended June 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 - December 31, 2023	$	-	$	-	$	308,500	$	6,049	$	314,549
Balance	$	-	$	-	$	308,500	$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		30,000		6,000		36,000
Change in allowance on securities with previous allowance		-		-		43,711		-		43,711
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 - June 30, 2024	$	-	$	-	$	382,211	$	12,049	$	394,260
Balance	$	-	$	-	$	382,211	$	12,049	$	394,260

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of June 30, 2025, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay its obligations.

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	13,289,170	$	13,145,351
Due in 2-5 years		136,097,256		136,429,699
Due in 5-10 years		131,592,054		133,912,390
Due in more than 10 years		85,079,615		83,303,565
Mortgage-backed securities		26,532,070		22,895,915
Redeemable preferred stock		750,000		754,800
Total	$	393,340,165	$	390,441,720

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Proceeds from sales	$	15,172		$	427,253		$	2,764,641		$	607,242
Gross realized gains		-			24,031			526			24,334
Gross realized losses		(711	)		(36,646	)		(542	)		(37,499	)

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 June 30, 2025		As of December 31, 2024
Fixed maturity securities available for sale at estimated fair value	$	7,469,005	$	6,126,589
Other investments		424,543		400,000
Cash and cash equivalents		1,526,397		1,444,654
Total assets on deposit	$	9,419,945	$	7,971,243

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

	As of June 30, 2025		As of December 31, 2024
Fixed maturity securities available for sale at estimated fair value	$	25,814,271	$	25,309,270
Cash and cash equivalents		4,766,926		4,417,683
Total assets on deposit	$	30,581,197	$	29,726,953

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 June 30, 2025, the Company owed $15,000,000 to the FHLB for advances. The Company received $32,000,000 in advances and repaid $17,000,000 of these advances during the second quarter of 2025.

	As of June 30, 2025		As of December 31, 2024
Fixed maturity securities available for sale at estimated fair value	$	62,848,520	$	63,800,454
Total assets pledged as collateral	$	62,848,520	$	63,800,454

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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, invests in and manages commercial real estate as a means of both generating investment income and providing workspace for its employees. This asset class is 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 sub-classes of investments are determined by senior management under the direction of the Board of Directors.

The Company employs full-time employees to attend to the day-to-day operations of its commercial real estate 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 generally acquires commercial real estate in connection with 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 aggregate net book value of commercial real estate serving as collateral for bank loans was $117,337,770 and $119,889,846 as of June 30, 2025 and December 31, 2024, respectively. The associated bank loan carrying values totaled $95,074,196 and $96,007,488 as of June 30, 2025 and December 31, 2024, respectively.

During the three and six month periods ended June 30, 2025 and 2024, 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 June 30, 2025 and 2024, the Company recorded depreciation expense on commercial real estate held for investment of $1,432,921 and $1,418,301, respectively, and of $2,854,937 and $2,946,094 during the six month periods ended June 30, 2025 and 2024, 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 condensed 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
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Utah (1)	$	124,049,860	$	126,056,342		546,941		546,941
Louisiana		18,255		18,586		1,622		1,622

	$	124,068,115	$	126,074,928		548,563		548,563

(1)	Includes Center53

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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

	Net Book Value
	June 30, 2025		December 31, 2024
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)	Consists of approximately 93 acres of undeveloped land

Commercial 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 June 30, 2025, 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		216,865		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

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 also looks for opportunities to acquire land that can be developed into single family lots. Once developed, finished lots are sold to builder partners and others.

During the three and six month periods ended June 30, 2025 and 2024 the Company did not record any impairment losses on residential real estate 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 June 30, 2025 and 2024, the Company recorded depreciation expense on residential real estate held for investment of $2,732 and $2,653, respectively, and $5,408 and $5,305 during the six month periods ended June 30, 2025 and 2024, 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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

	Net Book Value
	June 30, 2025		December 31, 2024
Utah (1)	$	88,976,901	$	71,618,410
	$	88,976,901	$	71,618,410

(1)	Includes multiple residential subdivision development projects, refer to the following tables.

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

	June 30, 2025		December 31, 2024
Lots developed		246		231
Lots to be developed		1,163		1,046
Book Value	$	88,807,255	$	71,443,356

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

	Net Book Value
	June 30, 2025			December 31, 2024
Utah	$	2,561,487 (1	)	$	849,900
Florida		-			276,580
Georgia		380,000			-
	$	2,941,487		$	1,126,480

(1)	Includes a residential subdivision development project for $2,106,487

The net book value of foreclosed residential real estate included in residential real estate held for sale was $835,000 and $1,126,480 as of June 30, 2025 and December 31, 2024, respectively.

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages and are generally classified in three distinct group: Commercial, Residential and Residential Construction. These mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and have amortization periods of 0 to 30 years.

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 June 30, 2025, the Company had 57%, 8%, 6%, 5%, 4% and 4%, of its mortgage loans from borrowers located in the states of Utah, Florida, Arizona, California, Texas, and Hawaii, respectively. As of December 31, 2024, the Company had 56%, 8%, 9% and 6% of its mortgage loans from borrowers located in the states of Utah, Florida, Arizona, and Texas, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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.

Evaluation of Allowance for Credit Losses

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 $343,000 and $244,000 as of June 30, 2025 and December 31, 2024, 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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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.

Residential construction (including land acquisition and development loans) – 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.

The Company advances funds in accordance with the loan agreements once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 85% of appraised value. The Company receives fees and interest for these loans and the interest rate is generally fixed at 5.25% to 8.50% per annum. Maturities range between six and eighteen months. The Company has commitments to fund existing construction and land development loans pursuant to the various loan agreements. As of June 30, 2025, the Company’s commitments were approximately $220,679,000 for these loans, of which $168,666,015 had been drawn.

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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

3)	Investments (Continued)

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 - March 31, 2025	$	1,021,730		$	647,107		$	339,755		$	2,008,592
Change in provision for credit losses (1)		157,537			482,785			(8,170	)		632,152
Charge-offs		-			-			-			-
Ending balance - June 30, 2025	$	1,179,267		$	1,129,892		$	331,585		$	2,640,744

Beginning balance - March 31, 2024	$	859,622		$	1,862,495		$	199,497		$	2,921,614
Change in provision for credit losses (1)		(10,299	)		(83,109	)		25,646			(67,762	)
Charge-offs		-			-			-			-
Ending balance - June 30, 2024	$	849,323		$	1,779,386		$	225,143		$	2,853,852

	Six Months Ended
	Commercial		Residential		Residential Construction		Total
Beginning balance - December 31, 2024	$	732,494	$	850,550	$	302,346	$	1,885,390
Change in provision for credit losses (1)

SECURITY NATIONAL FINANCIAL CORP 10-Q