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Midas Edge

SECURITY NATIONAL FINANCIAL CORP

For the period ended Sep 30, 2025. Filed Nov 13, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 13, 2025

SNFCA$9.48+1.4%Stored close · as of Nov 6, 2026
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Contents

Financial Statements

Item 1. Financial Statements.

September 30, 2025December 31, 2024
Assets
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $388,640,665 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $532,868 and $420,993 for 2025 and 2024, respectively)$389,193,589$366,546,129
Equity securities at estimated fair value (cost of $12,128,914 and $11,386,454 for 2025 and 2024, respectively)17,691,02415,771,681
Mortgage loans held for investment (net of allowance for credit losses of $2,677,001 and $1,885,390 for 2025 and 2024, respectively)329,164,691301,747,358
Real estate held for investment (net of accumulated depreciation of $35,724,258 and $31,419,539 for 2025 and 2024, respectively)216,563,881197,693,338
Real estate held for sale1,619,4031,278,033
Other investments and policy loans (net of allowance for credit losses of $1,534,957 and $1,536,926 for 2025 and 2024, respectively)83,124,03074,855,041
Accrued investment income9,746,3688,499,168
Total investments1,047,102,986966,390,748
Cash and cash equivalents100,396,059140,546,421
Loans held for sale at estimated fair value159,460,525131,181,148
Receivables (net of allowance for credit losses of $1,542,731 and $1,678,531 for 2025 and 2024, respectively)15,098,06615,858,743
Restricted assets (including $15,016,744 and $12,323,535 for 2025 and 2024 respectively, at estimated fair value)31,673,03923,806,836
Cemetery perpetual care trust investments (including $6,154,575 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)9,685,6788,836,503
Receivable from reinsurers13,721,51013,831,093
Cemetery land and improvements11,160,99110,594,632
Deferred policy and pre-need contract acquisition costs122,311,900122,661,298
Mortgage servicing rights, net2,616,3722,939,878
Property and equipment, net18,746,09619,047,688
Value of business acquired6,587,3397,491,600
Goodwill5,253,7835,253,783
Other19,171,74721,366,843
Total Assets$1,562,986,091$1,489,807,214

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

September 30, 2025December 31, 2024
Liabilities and Stockholders’ Equity
Liabilities
Future policy benefits and unpaid claims$965,878,450$944,811,843
Unearned premium reserve1,863,5662,011,679
Bank and other loans payable123,096,234106,740,104
Deferred pre-need cemetery and mortuary contract revenues22,234,89220,168,405
Cemetery perpetual care obligation5,838,8795,642,693
Accounts payable5,536,0982,937,293
Other liabilities and accrued expenses57,177,45355,633,661
Income taxes15,978,66113,079,257
Total liabilities1,197,604,2331,151,024,935
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; 22,395,245 shares issued and outstanding as of September 30, 2025 and 22,321,559 (1) shares issued and outstanding as of December 31, 202444,790,49042,510,012
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; 3,587,237 shares issued and outstanding as of September 30, 2025 and 3,492,674 (1) shares issued and outstanding as of December 31, 20247,174,4746,643,666
Additional paid-in capital89,438,41579,698,367
Accumulated other comprehensive gain (loss), net of taxes826,844(6,951,266)
Retained earnings232,857,565225,359,186
Treasury stock at cost - 1,180,564 Class A shares and 104,604 Class C shares as of September 30, 2025; and 1,080,243 (1) Class A shares and 104,604 (1) Class C shares as of December 31, 2024(9,705,930)(8,477,686)
Total stockholders’ equity365,381,858338,782,279
Total Liabilities and Stockholders’ Equity$1,562,986,091$1,489,807,214
(1)Issued and outstanding shares have been adjusted retroactively for the effect of annual stock dividends.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
Mortgage fee income$29,139,245$30,224,092$83,433,590$81,675,278
Insurance premiums and other considerations29,880,78530,011,08189,846,16489,823,732
Net investment income20,109,60017,799,09659,893,21255,790,472
Net mortuary and cemetery sales7,140,9426,814,33121,698,88021,531,769
Gains on investments and other assets1,972,1981,347,6563,700,9262,639,843
Other1,083,3932,077,4313,034,2633,792,127
Total revenues89,326,16388,273,687261,607,035255,253,221
Benefits and expenses:
Death benefits15,182,80913,570,33646,249,91243,354,254
Surrenders and other policy benefits1,374,2891,194,6923,807,4983,453,425
Increase in future policy benefits8,376,9738,589,35426,165,16027,148,178
Amortization of deferred policy and pre-need acquisition costs and value of business acquired5,533,4212,287,00315,967,63111,332,305
Selling, general and administrative expenses:
Commissions13,054,11713,204,40636,957,83634,638,464
Personnel21,519,03821,249,55465,872,79161,907,265
Advertising983,291907,5282,747,6842,381,400
Rent and rent related947,6641,380,0762,873,4144,078,792
Depreciation on property and equipment607,300611,4751,821,4531,791,823
Costs related to funding mortgage loans1,813,8141,694,7915,120,8554,677,767
Other7,600,5426,191,62422,956,86419,476,918
Interest expense1,066,5281,060,6533,479,4943,161,943
Cost of goods and services sold-mortuaries and cemeteries1,113,4251,117,5133,525,9783,627,101
Total benefits and expenses79,173,21173,059,005237,546,570221,029,635
Earnings before income taxes10,152,95215,214,68224,060,46534,223,586
Income tax expense(2,337,926)(3,383,238)(5,400,792)(7,646,071)
Net earnings$7,815,026$11,831,444$18,659,673$26,577,515
Net earnings per Class A Equivalent common share (1)$0.32$0.48$0.75$1.09
Net earnings per Class A Equivalent common share-assuming dilution (1)$0.31$0.47$0.73$1.05
Weighted-average Class A equivalent common shares outstanding (1)24,709,51824,418,67924,725,93824,465,661
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)25,401,44525,272,07825,554,17725,197,013
(1)Net earnings per share 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net earnings$7,815,026$11,831,444$18,659,673$26,577,515
Other comprehensive income:
Unrealized gains on fixed maturity securities available for sale$3,353,28010,443,490$9,835,2548,661,351
Unrealized gains on restricted assets (1)7,1189,3536,5865,770
Unrealized gains on cemetery perpetual care trust investments (1)4,0564,2635,7202,438
Other comprehensive income, before income tax3,364,45410,457,1069,847,5608,669,559
Income tax expense(707,467)(2,201,866)(2,069,450)(1,826,546)
Other comprehensive income, net of income tax2,656,9878,255,2407,778,1106,843,013
Comprehensive income$10,472,013$20,086,684$26,437,783$33,420,528
(1)Fixed maturity securities available for sale
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.