SALT LAKE CITY, May 16, 2025 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended March 31, 2025. For the three months ending March 31, 2025, SNFC’s after tax earnings decreased approximately 42%, or $3.1MM, from $7,475,000 in 2024 to $4,338,000 in 2025. Pre Tax earnings decreased approximately 42%, or $4.05MM, to $5.571MM (please see the table below). Scott Quist, Chairman of the Board, President, and Chief Executive Of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ 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 ...

SALT LAKE CITY, May 08, 2025 (GLOBE NEWSWIRE) -- Security National Financial Corporation (NASDAQ: SNFCA) announces that on May 15, 2025, it will hold an earnings call to highlight its 1st Quarter earnings. The 30-minute call will commence at approximately 1PM (MDT) on May 15th and will include a review of Q1 results as well as an update from the Company’s three business segments. If time permits, the presenters will also answer questions by any participants. Shareholders may access the earnings call by clic ...

SALT LAKE CITY, March 31, 2025 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2024. For the twelve months ended December 31, 2024, SNFC's after-tax earnings from operations increased 83% from $14,495,000 in 2023 to $26,536,000 in 2024, on a 5% increase in revenues to $334,523,000. Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, "2024 marked another year of solid p ...

Development Projects - The Company has developed or is in the process of developing assets with an initial development cost exceeding $100,000,000, primarily related to the Center53 Development and multiple single-family residential projects[51] - The first phase of the Center53 Development, completed in July 2017, is currently 88% leased, while the second phase, which began in March 2020, is currently 100% leased[52] Employment and Workforce - As of December 31, 2024, the Company employed 1,186 full-time and 235 part-time employees, with 678 in the mortgage segment, 388 in the life insurance segment, and 120 in the cemetery and mortuary segment[66] - The Company sponsors a 401(k) retirement plan for each business segment, with matching contributions based on employee contributions[68] Sales and Marketing - The Company actively seeks to sell its cemetery and funeral products on a pre-need basis, employing commission-based sales representatives[46] - The Company's residential mortgage lending services are marketed primarily to real estate brokers, builders, and directly to consumers, with a strong presence in Utah, Florida, Texas, Nevada, and Arizona[50] Investment Portfolio - The Company maintains a diversified investment portfolio consisting of common stocks, preferred stocks, municipal bonds, corporate bonds, mortgage loans, real estate, and other securities[42] Regulatory Environment - The Company's life insurance subsidiaries are subject to regulations in multiple states, including Utah, Louisiana, Mississippi, and Texas, which may cause unforeseen costs and operational restrictions[54] - The Company is subject to comprehensive regulations under the Federal Trade Commission's funeral industry rules and state regulations for its cemetery and mortuary operations[56] Industry Competition - The life insurance industry is highly competitive, with approximately 700 legal reserve life insurance companies in the U.S., and the Company competes with larger firms that have more diversified product lines[61]

Core Viewpoint - The passing of Mia Love, a respected board member of Security National, is a significant loss for the company and the community, highlighting her contributions and legacy in public service and governance [1][2][3]. Company Contributions - Mia Love served as a board member of Security National, providing invaluable leadership and insight that advanced the company's mission and commitment to excellence [2]. - Her expertise in public policy and strategic development was crucial in strengthening the company's governance [2]. Leadership Impact - Scott Quist, CEO of Security National, expressed deep sorrow over Mia Love's passing, emphasizing her integrity, wisdom, and compassion as a leader [3]. - Love's contributions extended beyond the company, as she was recognized for her advocacy and commitment to improving lives through her political career [3]. Community Legacy - Mia Love is remembered for her pioneering spirit and unwavering commitment to service, leaving a lasting legacy in both the company and the broader community [3].

Revenue Growth - Total revenues increased by $8,032,000, or 10.0%, to $88,274,000 for the three-month period ended September 30, 2024, compared to $80,242,000 for the same period in 2023[264] - Total revenues increased by $11,664,000, or 4.8%, to $255,253,000 for the nine-month period ended September 30, 2024, from $243,589,000 for the same period in 2023[278] Mortgage Operations - Mortgage fee income rose by $5,288,000, or 21.2%, to $30,224,000 for the three-month period ended September 30, 2024, from $24,936,000 for the comparable period in 2023[265] - Mortgage fee income increased by $4,671,000, or 6.1%, to $81,675,000 for the nine-month period ended September 30, 2024, from $77,004,000 for the same period in 2023[279] - The fair value of loans held for sale increased by $4,834,000 for the nine-month period ended September 30, 2024, contributing to improved profitability in mortgage operations[262] - For the nine-month period ended September 30, 2024, the company originated 5,505 loans totaling $1,723,036,000, compared to 5,680 loans totaling $1,708,831,000 for the same period in 2023[260] Insurance Operations - Earnings before income taxes for the insurance operations increased by 72% to $12,358,000 for the three-month period ended September 30, 2024, compared to $7,175,000 for the same period in 2023[253] - The company experienced a 355% increase in gains on investments and other assets for the insurance operations, reaching $1,317,000 for the three-month period ended September 30, 2024, compared to a loss of $516,000 for the same period in 2023[253] - Insurance premiums and other considerations increased by $1,104,000, or 3.8%, to $30,011,000 for the three-month period ended September 30, 2024, from $28,907,000 for the same period in 2023[266] - Insurance premiums and other considerations increased by $4,136,000, or 4.8%, to $89,824,000 for the nine-month period ended September 30, 2024, from $85,688,000 for the same period in 2023[280] Cemetery and Mortuary Operations - Total revenues from cemetery and mortuary operations increased by 15% to $8,543,000 for the three-month period ended September 30, 2024, compared to $7,416,000 for the same period in 2023[256] - The company reported a 93% increase in earnings before income taxes for cemetery and mortuary operations, reaching $2,840,000 for the three-month period ended September 30, 2024, compared to $1,470,000 for the same period in 2023[256] - Net mortuary and cemetery sales decreased by $420,000, or 5.8%, to $6,814,000 for the three-month period ended September 30, 2024, from $7,234,000 for the same period in 2023[268] Investment Performance - Gains on investments and other assets increased by $2,280,000 to $1,348,000 in net gains for the three-month period ended September 30, 2024, compared to $932,000 in net losses for the same period in 2023[269] - Net investment income decreased by $1,449,000, or 7.5%, to $17,799,000 for the three-month period ended September 30, 2024, compared to $19,248,000 for the same period in 2023[267] Financial Position - The company's operations provided cash of approximately $34,894,000 for the nine-month period ended September 30, 2024, compared to approximately $18,384,000 for the same period in 2023[292] - The Company's total capitalization increased to $453,312,000 as of September 30, 2024, from $418,450,000 as of December 31, 2023, driven by a $33,427,000 rise in stockholders' equity[298] - Stockholders' equity as a percentage of total capitalization improved to 76.4% as of September 30, 2024, compared to 74.8% as of December 31, 2023[298] - The combined statutory capital and surplus of the Company's life insurance subsidiaries rose to approximately $121,504,000 as of September 30, 2024, from $107,385,000 as of December 31, 2023[300] Operational Efficiency - Selling, general and administrative expenses decreased by $2,100,000, or 1.6%, to $128,952,000 for the nine-month period ended September 30, 2024, from $131,052,000 for the same period in 2023[287] - Interest expense decreased by $858,000, or 21.3%, to $3,162,000 for the nine-month period ended September 30, 2024, from $4,020,000 for the same period in 2023[288] Compliance and Control - The Company's disclosure controls and procedures were deemed effective as of September 30, 2024, ensuring compliance with SEC reporting requirements[301] - There have been no significant changes in the Company's internal control over financial reporting that materially affected its effectiveness during the last fiscal quarter[302] - The Company is not involved in any material legal proceedings that could adversely impact its financial condition or results of operations[304] Lapse Rate - The lapse rate for life insurance was 4.4% in 2023, slightly up from 4.3% in 2022, with 2024's lapse rate remaining consistent with 2023[299]

Core Viewpoint - Security National Financial Corporation (SNFC) reported significant financial growth for the quarter and six months ended June 30, 2024, with after-tax earnings increasing nearly 15% and 94% respectively compared to the same periods in 2023 [1]. Financial Performance - For the three months ended June 30, 2024, after-tax earnings rose from $6,353,000 in 2023 to $7,272,000 in 2024, marking a 14.5% increase [1]. - For the six months ended June 30, 2024, after-tax earnings increased from $7,593,000 in 2023 to $14,746,000 in 2024, representing a 94% growth [1]. Business Segments Overview - **Life Insurance**: Revenues decreased by 1.7% from $48,071,000 in 2023 to $47,237,000 in 2024, with earnings before taxes dropping by 21.8% from $9,158,000 to $7,165,000 [2]. - **Cemeteries/Mortuaries**: Revenues fell by 6.1% from $8,812,000 in 2023 to $8,278,000 in 2024, with earnings before taxes decreasing by 26.1% from $2,828,000 to $2,091,000 [2]. - **Mortgages**: Revenues increased by 12.3% from $26,963,000 in 2023 to $30,276,000 in 2024, with earnings before taxes improving significantly from a loss of $3,837,000 to a profit of $134,000, a 103.5% change [2]. Total Revenue and Earnings - Total revenues for the three months ended June 30, 2024, were $85,791,000, a 2.3% increase from $83,846,000 in 2023, while earnings before taxes rose by 15.2% from $8,149,000 to $9,390,000 [2]. - For the six months ended June 30, 2024, total revenues were $166,980,000, a 2.2% increase from $163,347,000 in 2023, with earnings before taxes soaring by 95.3% from $9,734,000 to $19,009,000 [3]. Earnings Per Share and Book Value - Net earnings per common share for the six months ended June 30, 2024, were $0.62, compared to $0.32 per share for the prior year [4]. - Book value per common share was $13.91 as of June 30, 2024, down from $14.11 as of December 31, 2023 [4].

Revenue and Income - Total revenues increased by $1,945,000, or 2.3%, to $85,791,000 for the three-month period ended June 30, 2024, compared to $83,846,000 for the same period in 2023[233]. - Total revenues increased by $3,633,000, or 2.2%, to $166,980,000 for the six-month period ended June 30, 2024, from $163,347,000 for the same period in 2023[241]. - Mortgage fee income increased by $3,541,000, or 13.6%, to $29,620,000 for the three-month period ended June 30, 2024, from $26,079,000 for the same period in 2023[234]. - Net investment income for the six-month period ended June 30, 2024, was $35,796,000, a 2% increase from $35,175,000 for the same period in 2023[223]. - Net investment income decreased by $2,127,000, or 10.5%, to $18,045,000 for the three-month period ended June 30, 2024, compared to $20,172,000 for the same period in 2023[235]. Insurance and Premiums - Insurance premiums increased by $1,147,000, or 4.0%, to $29,960,000 for the three-month period ended June 30, 2024, from $28,813,000 for the same period in 2023[234]. - For the six-month period ended June 30, 2024, insurance premiums increased by $3,032,000, contributing to overall profitability[222]. - Insurance premiums and other considerations increased by $3,032,000, or 5.3%, to $59,813,000 for the six-month period ended June 30, 2024, from $56,781,000 for the comparable period in 2023[244]. Expenses and Benefits - Total benefits and expenses were $147,971,000, or 88.6% of total revenues, for the six-month period ended June 30, 2024, compared to $153,613,000, or 94.0% of total revenues, for the same period in 2023[246]. - Selling, general and administrative expenses decreased by $4,688,000, or 5.3%, to $83,713,000 for the six-month period ended June 30, 2024, from $88,401,000 for the comparable period in 2023[247]. - Interest expense decreased by $767,000, or 26.7%, to $2,101,000 for the six-month period ended June 30, 2024, from $2,868,000 for the same period in 2023[248]. Profitability - Earnings before income taxes for the six-month period ended June 30, 2024, increased to $15,694,000, a 22% increase compared to $12,842,000 for the same period in 2023[223]. - The company experienced a $2,174,000 decrease in death, surrenders, and other policy benefits for the six-month period ended June 30, 2024[222]. - The company reported a 70% increase in gains on investments and other assets for the six-month period ended June 30, 2024, totaling $878,000 compared to $515,000 for the same period in 2023[223]. Sales and Loans - The company originated 3,494 loans totaling $1,089,824,000 for the six-month period ended June 30, 2024, compared to 3,738 loans totaling $1,139,735,000 for the same period in 2023[229]. - Cemetery pre-need sales increased by $956,000 for the six-month period ended June 30, 2024[226]. - Net mortuary and cemetery sales increased by $600,000, or 8.4%, to $7,769,000 for the three-month period ended June 30, 2024, from $7,169,000 for the comparable period in 2023[237]. Capitalization and Financial Position - The Company's total capitalization increased to $429,307,000 as of June 30, 2024, compared to $418,450,000 as of December 31, 2023[256]. - The combined statutory capital and surplus of the Company's life insurance subsidiaries was $114,667,000 as of June 30, 2024, compared to $107,385,000 as of December 31, 2023, indicating an increase of approximately 6.0%[257]. Compliance and Control - The Company’s disclosure controls and procedures were evaluated and deemed effective as of June 30, 2024, ensuring compliance with SEC reporting requirements[257]. - There have been no significant changes in the Company's internal control over financial reporting during the most recently completed fiscal quarter[258]. - The Company is not involved in any material legal proceedings that could adversely affect its financial condition or results of operation[259]. Lapse Rate and Cash Flow - The lapse rate for life insurance in 2023 was 4.4%, compared to 4.3% for 2022, with the 2024 lapse rate to date being approximately the same as 2023[256]. - The Company expects to pay out liabilities under its funeral plans over the long term, indicating a stable cash flow management strategy[251].

Core Points - Security National Financial Corporation has authorized a 5% stock dividend for stockholders of record on July 5, 2024, to be issued on July 12, 2024 [1] - This marks the 36th consecutive year that the company has declared a stock dividend, indicating a consistent commitment to returning value to shareholders [2] Company Information - The stock dividend provides options for long-term appreciation or cash flow for stockholders who may choose to sell the shares [2]