Skip to main content
Midas Edge

SECURITY NATIONAL FINANCIAL CORP

For the period ended Jun 30, 2025. Filed Aug 14, 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.

Jun 30, 2025 · Filed Aug 14, 2025

SNFCA$9.48+1.4%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Financial Statements

Item 1. Financial Statements.

AssetsJune 30, 2025December 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)16,556,53115,771,681
Mortgage loans held for investment (net of allowance for credit losses of $2,640,744 and $1,885,390 for 2025 and 2024, respectively)324,403,996301,747,358
Real estate held for investment (net of accumulated depreciation of $34,288,777 and $31,419,539 for 2025 and 2024, respectively)213,045,016197,693,338
Real estate held for sale3,093,0401,278,033
Other investments and policy loans (net of allowance for credit losses of $1,481,032 and $1,536,926 for 2025 and 2024, respectively)85,691,48974,855,041
Accrued investment income9,659,7118,499,168
Total investments1,042,891,503966,390,748
Cash and cash equivalents79,317,770140,546,421
Loans held for sale at estimated fair value165,876,119131,181,148
Receivables (net of allowance for credit losses of $1,491,043 and $1,678,531 for 2025 and 2024, respectively)15,468,67815,858,743
Restricted assets (including $13,778,778 and $12,323,535 for 2025 and 2024 respectively, at estimated fair value)29,461,82123,806,836
Cemetery perpetual care trust investments (including $6,043,952 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)9,282,6418,836,503
Receivable from reinsurers13,743,83213,831,093
Cemetery land and improvements10,494,35610,594,632
Deferred policy and pre-need contract acquisition costs123,153,276122,661,298
Mortgage servicing rights, net2,714,3102,939,878
Property and equipment, net18,653,28819,047,688
Value of business acquired6,965,5277,491,600
Goodwill5,253,7835,253,783
Other20,701,20321,366,843
Total Assets$1,543,978,107$1,489,807,214

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

June 30, 2025December 31, 2024
Liabilities and Stockholders’ Equity
Liabilities
Future policy benefits and unpaid claims$959,492,863$944,811,843
Unearned premium reserve1,912,8972,011,679
Bank and other loans payable122,931,941106,740,104
Deferred pre-need cemetery and mortuary contract revenues21,589,24220,168,405
Cemetery perpetual care obligation5,788,6305,642,693
Accounts payable6,232,3172,937,293
Other liabilities and accrued expenses55,982,26355,633,661
Income taxes15,293,23613,079,257
Total liabilities1,189,223,3891,151,024,935
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, 202444,783,27442,510,012
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, 20247,175,2286,643,666
Additional paid-in capital89,068,17979,698,367
Accumulated other comprehensive loss, net of taxes(1,830,143)(6,951,266)
Retained earnings225,043,793225,359,186
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’ equity354,754,718338,782,279
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.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues:
Mortgage fee income$29,485,104$29,619,516$54,294,345$51,451,186
Insurance premiums and other considerations30,185,85429,960,55859,965,37959,812,651
Net investment income20,580,98818,044,80839,783,61237,991,376
Net mortuary and cemetery sales7,257,7177,768,94714,557,93814,717,438
Gains (losses) on investments and other assets1,142,707(377,239)1,728,7281,292,187
Other888,779774,7461,950,8701,714,696
Total revenues89,541,14985,791,336172,280,872166,979,534
Benefits and expenses:
Death benefits15,021,63814,070,16531,067,10329,783,918
Surrenders and other policy benefits1,231,6541,042,9402,433,2092,258,733
Increase in future policy benefits8,800,1309,212,93717,788,18718,558,824
Amortization of deferred policy and pre-need acquisition costs and value of business acquired5,737,6754,301,38910,434,2109,045,302
Selling, general and administrative expenses:
Commissions13,465,33813,452,84123,903,71921,434,058
Personnel22,171,34520,802,57644,353,75340,657,711
Advertising940,448786,2171,764,3931,473,872
Rent and rent related937,1391,297,2391,925,7502,698,716
Depreciation on property and equipment599,018592,8991,214,1531,180,348
Costs related to funding mortgage loans1,891,7891,533,8813,307,0412,982,976
Other7,955,6356,999,38415,356,32213,285,294
Interest expense1,293,4381,073,8162,412,9662,101,290
Cost of goods and services sold-mortuaries and cemeteries1,159,2831,235,4592,412,5532,509,588
Total benefits and expenses81,204,53076,401,743158,373,359147,970,630
Earnings before income taxes8,336,6199,389,59313,907,51319,008,904
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)24,767,60124,474,23224,733,73324,490,545
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)25,529,06125,079,56025,623,22825,186,838
(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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
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 tax2,687,276(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 tax2,123,511(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
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.