SECURITY NATIONAL FINANCIAL CORP

Listed Company

SNFCACIK 0000318673NasdaqAcceleratedSmaller ReportingFinance ServicesUtahFY ends Dec 31

Period

FY 2025

Revenue

$344.59M

Net Income

$32.15M

Total Assets

$1.56B

Equity

$410.37M

Shares Out

17.60M

Op. Cash Flow

$45.54M

Business

SECURITY NATIONAL FINANCIAL CORP operates as a holding company providing insurance, cemetery and mortuary services, and mortgage lending through its subsidiaries. It offers life insurance, annuities, accident and health products, pre-need and at-need cemetery and funeral products and services, and originates residential and commercial mortgage loans. The company reports three primary segments: life insurance, cemetery and mortuary operations, and mortgages. Its products are marketed in 42 states for insurance, cemeteries and mortuaries operate regionally in Utah, California and New Mexico, and mortgage origination occurs through retail offices in 26 states and other approved markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Insurance premiums and other considerations	120	120	115	105	100
Mortgage fee income	108	108	98	173	263
Net investment income	79	72	72	66	58
Net mortuary and cemetery sales	29	29	28	27	24
Gains on investments and other assets	5	2	2	−857,460	6
Other	4	5	4	19	19
Total revenues	345	335	318	390	471
Policyholder benefits and claims (including the impact of assumption updates to the liability for future policy benefits of nil and nil for 2025 and 2024, respectively)	101	101	5	5	4
Amortization of deferred policy and pre-need acquisition costs and value of business acquired	12	11	18	18	16
Commissions	47	47	40	63	118
Personnel	87	85	83	100	101
Advertising	4	3	4	6	7
Rent and rent related	4	5	7	7	7
Depreciation on property and equipment	2	2	2	2	2
Costs related to funding mortgage loans	7	6	6	8	11
Other	31	28	32	46	53
Interest expense	5	4	5	8	7
Cost of goods and services sold cemeteries and mortuaries	5	5	5	5	4
Total benefits and expenses	303	297	302	355	419
Earnings before income taxes	41	37	16	34	52
Income tax expense	−9	−8	−2	−9	−12
Net earnings	32	29	14	26	40
Net earnings per Class A equivalent common share	1.3	1.19	0.63	1.16	1.87
Net earnings per Class A equivalent common share - assuming dilution	1.26	1.16	0.61	1.12	1.8
Weighted average Class A equivalent common shares outstanding	25	24	23	22	21
Weighted average Class A equivalent common shares outstanding-assuming dilution	25	25	24	23	22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $382,401,293 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $579,450 and $420,993 for 2025 and 2024, respectively)	383	367	382	346	259
Equity securities at estimated fair value (cost of $12,206,559 and $11,386,454 for 2025 and 2024, respectively)	18	16	14	12	12
Mortgage loans held for investment (net of allowance for credit losses of $2,588,918 and $1,885,390 for 2025 and 2024, respectively)	322	302	276	308	277
Real estate held for investment (net of accumulated depreciation of $37,159,212 and $31,419,539 for 2025 and 2024, respectively)	215	198	183	191	197
Real estate held for sale	6	1	3	11	4
Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)	85	75	69	71	68
Accrued investment income	9	8	10	10	6
Total investments	1,039	966	937	949	824
Cash and cash equivalents	102	141	127	121	131
Loans held for sale at estimated fair value	156	131	127	141	303
Receivables (net of allowance for credit losses of $1,428,672 and $1,678,531 for 2025 and 2024, respectively)	16	16	15	29	18
Restricted assets (including $16,106,168 and $12,323,535 for 2025 and 2024, respectively, at estimated fair value)	29	24	20	19	17
Cemetery perpetual care trust investments (including $6,575,744 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)	10	9	8	7	8
Receivable from reinsurers	14	14	15	15	15
Cemetery land and improvements	11	11	9	9	9
Mortgage servicing rights, net	3	3	3	3	53
Property and equipment, net	18	19	19	21	22
Deferred policy and pre-need contract acquisition costs	136	127	116	109	105
Value of business acquired	7	8	8	10	8
Goodwill	5	5	5	5	5
Other	16	21	20	24	30
Total Assets	1,562	1,494	1,431	1,461	1,548
Future policy benefits and unpaid claims	800	752	916	889	863
Policyholder account balances	141	143	—	—	—
Unearned premium reserve	2	2	3	3	3
Bank and other loans payable	98	107	106	162	251
Deferred pre-need cemetery and mortuary contract revenues	23	20	18	16	15
Cemetery perpetual care obligation	6	6	5	5	5
Accounts payable	4	3	3	5	10
Other liabilities and accrued expenses	52	56	53	57	70
Income taxes	26	25	14	31	31
Total liabilities	1,151	1,113	1,118	1,168	1,248
Preferred stock - non-voting-$1.00 par value; 5,000,000 shares authorized; none issued or outstanding	—	—	—	—	—
Additional paid-in capital	90	80	72	65	58
Accumulated other comprehensive income, net of taxes	29	34	−2	−13	18
Retained earnings	249	228	207	202	185
Treasury stock, at cost - 1,095,964 Class A shares and 104,604 Class C shares as of December 31, 2025; and 1,080,243 (1) Class A shares and 104,604 (1) Class C shares as of December 31, 2024	−9	−8	−6	−4	−2
Total stockholders equity	410	382	313	293	300
Total Liabilities and Stockholders Equity	1,562	1,494	1,431	1,461	1,548

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	8	8	9	9	6
Provision for credit losses	2	55,750	2	1	965,736
Net amortization of deferred fees and costs, premiums and discounts	−3	−2	−2	−1	−1
Provision for deferred income taxes	1	998,697	−2	−10	11
Policy and pre-need acquisition costs deferred	−20	−21	−24	−20	−20
Policy and pre-need acquisition costs amortized	11	10	17	17	15
Value of business acquired amortized	493,335	534,894	—	—	—
Interest credited to policyholder account balances	5	3	—	—	—
Policy fees assessed on policyholder account balances	−2	−2	—	—	—
Mortgage servicing rights, additions	−151,056	−90,370	—	—	—
Amortization of mortgage servicing rights	562,475	611,638	587,931	9	15
Stock based compensation expense	1	800,820	601,362	—	—
Benefit plans funded with treasury stock	1	1	2	5	6
Net change in fair value of loans held for sale	−615,973	−3	478,460	9	9
Originations of loans held for sale	−2,296	−2,296	−2,173	−3,374	−5,611
Proceeds from sales of loans held for sale	2,323	2,338	2,224	3,549	5,900
Net gains on sales of loans held for sale	−52	−45	−40	−75	−178
Land and improvements held for sale	−704,651	−1	−62,217	−123,597	441,839
Future policy benefits and unpaid claims	31	32	30	27	22
Other operating assets and liabilities	7	5	−2	−815,484	−32
Net cash provided by operating activities	46	57	54	130	145
Purchases of fixed maturity securities	−68	−85	−70	−152	−19
Sales, calls and maturities of fixed maturity securities	61	101	43	25	48
Purchase of equity securities	−5	−3	−7	−4	−2
Sales of equity securities	5	2	6	3	4
Purchases of restricted assets	−8	−6	−3	−862,654	—
Sales, calls and maturities of restricted assets	5	2	840,080	—	—
Purchases of cemetery perpetual care trust investments	−1	−5	−1	—	—
Sales, calls and maturities of cemetery perpetual care trust investments	2	3	458,046	—	—
Mortgage loans held for investment, other investments and policy loans made	−857	−741	−646	−752	−839
Payments received for mortgage loans held for investment, other investments and policy loans	826	707	682	759	818
Purchases of property and equipment	−2	−2	−1	−2	−5
Sales of property and equipment	75,722	365,697	—	69,248	—
Purchases of real estate	−64	−52	−23	−20	−92
Sales of real estate	39	36	33	25	36
Net cash used in investing activities	−67	−43	15	−37	−64
Policyholder account balances - deposits	12	13	—	—	—
Policyholder account balances - withdrawals	−16	−16	—	—	—
Proceeds from stock options exercised	106,012	449,122	134,387	143,432	1
Purchase of treasury stock	−2	−3	−3	−8	−6
Repayment of bank loans	−71	−2	−70	−50	−69
Proceeds from bank loans	69	—	69	60	107
Net change in warehouse line borrowings for loans held for sale	−6	3	−55	−99	−85
Net cash used in financing activities	−14	−4	−62	−101	−55
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	−36	10	6	−8	26
Interest	5	4	5	8	7
Federal Income taxes	6	8	—	—	—
State Income taxes	101,596	157,642	—	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	3	2	160,348	2	5
Fixed maturity securities available for sale transferred into other investments	1	—	—	—	—
Mortgage loans held for investment foreclosed into real estate held for sale	874,087	671,480	—	—	—
Loans held for sale foreclosed into real estate held for sale	380,000	858,977	—	—	—
Right-of-use assets obtained in exchange for finance lease liabilities	33,500	176,040	12,332	—	—
Loans held for sale foreclosed into receivables	—	382,936	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro