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].

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]

Core Viewpoint - Security National Financial Corporation has announced a 5% stock dividend for its shareholders, marking the 36th consecutive year of such declarations, which reflects the company's commitment to providing value to its investors [2][3]. Group 1: Stock Dividend Announcement - On June 21, 2024, the Board of Directors authorized a 5% stock dividend for shareholders of record on July 5, 2024, with the dividend to be issued on July 12, 2024 [2]. - The company has a long-standing history of declaring stock dividends, with this being the 36th consecutive year [3]. Group 2: Shareholder Benefits - The stock dividend is viewed positively by many shareholders, as it provides options for long-term appreciation or cash flow if they choose to sell the shares [3].

Revenue and Income - Total revenues increased by $1,687,000, or 2.1%, to $81,188,000 for the three-month period ended March 31, 2024, from $79,501,000 for the comparable period in 2023[283]. - Insurance premiums and other considerations increased by $1,885,000, or 6.7%, to $29,852,000 for the three-month period ended March 31, 2024, from $27,967,000 for the comparable period in 2023[285]. - Net investment income increased by $2,172,000, or 12.2%, to $19,947,000 for the three-month period ended March 31, 2024, from $17,775,000 for the comparable period in 2023[286]. - Gains on investments and other assets increased by $1,558,000, or 1401.9%, to $1,669,000 for the three-month period ended March 31, 2024, from $111,000 for the comparable period in 2023[288]. - Mortuary revenues increased by 4% to $3,414,000 for the three-month period ended March 31, 2024, from $3,275,000 for the comparable period in 2023[276]. - Cemetery revenues increased by 11% to $3,534,000 for the three-month period ended March 31, 2024, from $3,196,000 for the comparable period in 2023[276]. - SecurityNational Mortgage originated 1,486 loans totaling $465,605,000 for the three-month period ended March 31, 2024, compared to 1,702 loans totaling $531,868,000 for the comparable period in 2023[280]. - Mortgage fee income decreased by $4,157,000, or 16.0%, to $21,832,000 for the three-month period ended March 31, 2024, from $25,989,000 for the comparable period in 2023[284]. Expenses and Benefits - Total benefits and expenses were $71,569,000, or 88.2% of total revenues, for the three-month period ended March 31, 2024, compared to $77,916,000, or 98.0% of total revenues, for the comparable period in 2023[290]. - Selling, general and administrative expenses decreased by $6,279,000, or 14.1%, to $38,248,000 for the three-month period ended March 31, 2024, compared to $44,527,000 for the same period in 2023[293]. - Interest expense decreased by $426,000, or 29.3%, to $1,027,000 for the three-month period ended March 31, 2024, from $1,453,000 for the comparable period in 2023[294]. Earnings and Cash Flow - Earnings before income taxes increased by 132% to $8,530,000 for the three-month period ended March 31, 2024, from $3,684,000 for the comparable period in 2023[273]. - The Company's operations provided cash of approximately $25,077,000 during the three-month period ended March 31, 2024, compared to cash used of approximately $16,074,000 in the same period of 2023[296]. Capitalization and Equity - The total capitalization of stockholders' equity, bank, and other loans payable was $424,439,000 as of March 31, 2024, an increase from $418,450,000 as of December 31, 2023[301]. - The combined statutory capital and surplus of the Company's life insurance subsidiaries was $110,239,000 as of March 31, 2024, compared to $107,385,000 as of December 31, 2023[303]. - Stockholders' equity as a percent of total capitalization increased to 75.4% as of March 31, 2024, from 74.8% as of December 31, 2023[301]. Insurance Operations - The Company's lapse rate for life insurance in 2023 was 4.4%, slightly up from 4.3% in 2022, with the 2024 lapse rate to date remaining approximately the same as 2023[302]. - As of March 31, 2024, the Company's subsidiary SecurityNational Mortgage had approximately $6,963,000 in outstanding advances on the Warehouse Line of Credit that has not provided a covenant waiver[295]. - Bonds owned by the insurance subsidiaries amounted to $360,314,000 at estimated fair value as of March 31, 2024, representing 38.5% of the total investments of the Company[299]. - The Company continues to negotiate other warehouse lines of credit with other lenders to ensure sufficient funding for its business model[295].

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[54] - The Center53 Development is expected to create nearly one million square feet of office space in five buildings, with the first phase completed in July 2017 and currently 93% leased[55] Employment and Workforce - As of December 31, 2023, the Company employed 1,227 full-time and 246 part-time employees, with 729 in the mortgage segment, 373 in life insurance, and 125 in cemetery and mortuary[68] - The Company has an employee safe harbor retirement plan for each business segment, with matching contributions based on employee contributions[70] - As of December 31, 2023, 756 employees had elected to participate in the Company's group health insurance plans[69] Business Segments and Marketing - 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[53] - The Company actively seeks to sell its cemetery and funeral products on a pre-need basis, employing commission-based sales representatives, many of whom are also licensed insurance salesmen[49] Industry Competition and Regulation - The Company's insurance subsidiaries are subject to comprehensive regulation, which may cause unforeseen costs and operational restrictions[56] - The life insurance industry is highly competitive, with approximately 800 legal reserve life insurance companies in the U.S., many of which have greater financial resources[64] - The mortgage industry is highly competitive and sensitive to changes in interest rates, impacting refinancing opportunities[66]

Revenue Performance - Total revenues decreased by $3,235,000, or 3.9%, to $80,242,000 for the three months ended September 30, 2023, from $83,477,000 for the comparable period in 2022[290] - Revenues from external customers for insurance operations totaled $47,199,000 for the three months ended September 30, 2023, representing a 9% increase from $43,118,000 in 2022[280] - Total revenues from mortgage operations decreased by 24% to $25,626,000 for the three months ended September 30, 2023, from $33,667,000 in 2022[289] - Total revenues decreased by $37,881,000, or 13.5%, to $243,589,000 for the nine-month period ended September 30, 2023, from $281,470,000 for the same period in 2022[302] Insurance Operations - Insurance premiums increased by $2,669,000, or 10.2%, to $28,907,000 for the three months ended September 30, 2023, compared to $26,238,000 for the same period in 2022[292] - Earnings before income taxes for insurance operations increased by 69% to $7,175,000 for the three months ended September 30, 2023, compared to $4,234,000 in 2022[280] - The lapse rate for life insurance in 2022 was 4.3%, an improvement from 4.8% in 2021, with the 2023 lapse rate to date being approximately the same as 2022[322] - The combined statutory capital and surplus of the Company's life insurance subsidiaries was $103,984,000 as of September 30, 2023, up from $94,254,000 as of December 31, 2022[323] Cemetery and Mortuary Operations - Cemetery revenues increased by 26% to $4,324,000 for the three months ended September 30, 2023, compared to $3,443,000 in 2022[283] - Net mortuary and cemetery sales increased by $764,000, or 11.8%, to $7,234,000 for the three-month period ended September 30, 2023, from $6,470,000 for the comparable period in 2022[294] - Profitability for the nine-month period ended September 30, 2023, increased in cemetery and mortuary operations due to a $1,415,000 increase in gains on investments and other assets[283] Mortgage Operations - SecurityNational Mortgage originated 5,680 loans totaling $1,708,831,000 for the nine months ended September 30, 2023, compared to 8,886 loans totaling $2,837,349,000 for the same period in 2022[288] Expenses and Benefits - Total benefits and expenses were $75,083,000, or 93.6% of total revenues, for the three-month period ended September 30, 2023, compared to $86,780,000, or 104.0% of total revenues, for the same period in 2022[297] - Death benefits, surrenders, and other policy benefits increased by an aggregate of $2,898,000, or 12.8%, to $25,622,000 for the three-month period ended September 30, 2023, from $22,724,000 for the comparable period in 2022[298] - Selling, general and administrative expenses decreased by $13,005,000, or 23.4%, to $42,652,000 for the three-month period ended September 30, 2023, from $55,657,000 for the same period in 2022[300] - Selling, general and administrative expenses decreased by $51,346,000, or 28.2%, to $131,052,000 for the nine-month period ended September 30, 2023, from $182,398,000 for the comparable period in 2022[313] - Interest expense decreased by $985,000, or 46.1%, to $1,152,000 for the three-month period ended September 30, 2023, from $2,137,000 for the comparable period in 2022[301] Investment Performance - Net investment income increased by $645,000, or 3.5%, to $19,248,000 for the three-month period ended September 30, 2023, compared to $18,603,000 for the same period in 2022[293] - Losses on investments and other assets decreased by $1,247,000, or 57.2%, to $932,000 for the three-month period ended September 30, 2023, from $2,179,000 for the same period in 2022[295] Company Strategy and Capitalization - The Company expects to continue focusing on niche insurance products, cemetery and mortuary business, and capitalizing on the improving housing market through mortgage loans[276] - The Company's total capitalization of stockholders' equity, bank and other loans payable was $406,325,000 as of September 30, 2023, down from $454,499,000 as of December 31, 2022, primarily due to a decrease of $53,281,000 in bank loans and other loans payable[321] - Stockholders' equity as a percent of total capitalization increased to 73.3% as of September 30, 2023, compared to 64.4% as of December 31, 2022[321] - The Company does not maintain any deposit or credit facilities with Silicon Valley Bank, Signature Bank, or First Republic Bank, and continues to monitor the banking industry[325]

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, 2023 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 ...

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 March 31, 2023 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 ...