0001493152-24-045535 | 10-Q | XBRL Viewer | Security National Financial Corp

$ 16,037,642

$ 35,828,880

29,295,226

18,670,968

3,652,140

5,233,248

3,425,636

4,913,313

4,913,313

2,964,740

9,138,597

6,565,389

$ 66,462,554

$ 74,176,538

Residential Portfolio Segment [Member]

100.00%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 8,179,852

$ 15,337,828

14,052,051

56,077,503

44,744,319

7,521,995

4,063,670

8,066,897

6,491,759

2,786,562

10,920,685

13,362,802

$ 88,452,336

$ 103,153,587

Residential Portfolio Segment [Member] | Performing Financial Instruments [Member]

100.00%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 8,179,852

$ 15,337,828

11,232,976

53,875,389

44,202,986

7,156,934

3,379,192

7,453,796

5,902,895

2,786,562

9,854,817

12,040,357

$ 82,752,718

$ 98,650,866

Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member]

93.56%

95.63%

Financing Receivable, Credit Quality Indicator [Line Items]

^[1]

^[2]

2,819,075

^[1]

2,202,114

^[2]

541,333

^[1]

365,061

^[2]

684,478

^[1]

613,101

^[2]

588,864

^[1]

^[2]

1,065,868

^[1]

1,322,445

^[2]

$ 5,699,618

^[1]

$ 4,502,721

^[2]

Residential Mortgage Loans [Member]

6.44%

^[1]

4.37%

^[2]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 8,179,852

$ 15,337,828

14,052,051

56,077,503

44,744,319

7,521,995

4,063,670

8,066,897

6,491,759

2,786,562

10,920,685

13,362,802

$ 88,452,336

$ 103,153,587

Less than 65% [Member] | Commercial Portfolio Segment [Member]

100.00%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 5,604,700

$ 34,304,954

27,454,450

13,555,737

2,828,743

3,778,248

3,020,636

2,964,740

9,138,597

6,565,389

$ 48,047,126

$ 61,169,068

Less than 65% [Member] | Residential Mortgage Loans [Member]

72.29%

82.46%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 2,624,800

$ 3,280,144

5,055,179

7,049,522

5,981,284

1,843,286

1,796,124

1,746,970

2,452,998

446,675

5,348,470

5,206,095

$ 23,258,855

$ 19,572,692

65% to 80% [Member] | Commercial Portfolio Segment [Member]

26.30%

18.97%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 10,432,942

$ 1,523,926

1,840,776

5,115,231

823,397

1,050,000

4,913,313

4,913,313

$ 18,010,428

$ 12,602,470

65% to 80% [Member] | Residential Mortgage Loans [Member]

27.10%

16.99%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 5,555,052

$ 10,962,770

8,806,209

44,371,320

37,672,607

4,269,894

1,948,129

4,222,170

3,351,111

2,339,887

5,504,578

5,711,440

$ 62,837,686

$ 71,877,481

Greater than 80% [Member] | Commercial Portfolio Segment [Member]

71.04%

69.68%

Financing Receivable, Credit Quality Indicator [Line Items]

405,000

405,000

$ 405,000

0.61%

0.55%

Greater than 80% [Member] | Residential Mortgage Loans [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

$ 1,094,914

190,663

4,656,661

1,090,428

1,408,815

319,417

2,097,757

687,650

67,637

2,445,267

$ 2,355,795

$ 11,703,414

Greater than 1.20x [Member] | Commercial Portfolio Segment [Member]

2.66%

11.35%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 15,604,700

$ 20,990,000

20,990,000

1,000,000

1,000,000

700,000

4,913,313

4,913,313

2,964,740

5,459,400

2,612,625

$ 47,967,413

$ 33,180,678

1.00x - 1.20x [Member] | Commercial Portfolio Segment [Member]

72.17%

44.73%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 432,942

$ 8,338,880

8,305,226

8,496,127

2,652,140

3,483,248

3,425,636

3,679,197

3,952,764

$ 18,495,141

$ 24,271,019

Less than 1.00x [Member] | Commercial Portfolio Segment [Member]

27.83%

32.72%

Financing Receivable, Credit Quality Indicator [Line Items]

$ 6,500,000

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

9,174,841

^[3]

1,050,000

$ 16,724,841

0.00%

22.55%

[1]	Includes residential mortgage loans in the process of foreclosure of $3,516,610
[2]	Includes residential mortgage loans in the process of foreclosure of $1,021,790
[3]	Commercial construction loan

Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Unrealized gains (losses) on fixed maturity securities available for sale

$ 10,595,637

$ (6,725,752)

$ 8,809,823

$ (6,310,923)

Amounts reclassified into net earnings

(152,147)

(79,850)

(148,472)

(269,827)

Unrealized gains (losses) on cemetery perpetual care trust investments

10,443,490

(6,805,602)

8,661,351

(6,580,750)

Tax (expense) benefit

(2,198,474)

1,429,176

(1,824,502)

1,381,958

Net

8,245,016

(5,376,426)

6,836,849

(5,198,792)

Other comprehensive income (loss) changes

8,255,240

(5,387,527)

6,843,013

(5,212,021)

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

9,353

(12,284)

5,770

(14,340)

Tax (expense) benefit

(2,330)

3,060

(1,437)

3,572

Net

7,023

(9,224)

4,333

(10,768)

Cemetery Perpetual Care Trust Investments [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

4,263

(2,487)

2,438

(3,299)

Tax (expense) benefit

(1,062)

610

(607)

838

Net

$ 3,201

$ (1,877)

$ 1,831

$ (2,461)

[1]	Fixed maturity securities available for sale

Schedule of Accrued Investment Income (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 7,860,824	$ 10,170,790
Fixed Maturity Securities Available For Sale [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,798,114	3,984,695
Equity Securities [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	9,437	20,451
Mortgage Loans Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	949,979	2,661,092
Real Estate Held For Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,011,035	3,486,115
Cash and Cash Equivalents [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 92,259	$ 18,437

Fair Value of Financial Instruments (Details Narrative)	9 Months Ended
Fair Value of Financial Instruments (Details Narrative)	Sep. 30, 2024
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	1.50%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Sensitive insurance product percentage	6.50%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class C [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Dec. 31, 2022	$ 37,516,062	$ 5,779,718	$ 64,767,769	$ (13,070,277)	$ 202,160,306	$ (4,366,651)	$ 292,786,927
Net earnings					1,240,172		1,240,172
Other comprehensive income (loss)				4,127,558			4,127,558
Stock-based compensation expense			143,671				143,671
Sale of treasury stock			(43,493)			620,651	577,158
Purchase of treasury stock						(1,204,357)	(1,204,357)
Conversion Class C to Class A	1,872	(1,872)
Exercise of stock options	96,092		(62,073)				34,019
Adoption of ASU 2016-13					(671,506)		(671,506)
Balance at Mar. 31, 2023	37,614,026	5,777,846	64,805,874	(8,942,719)	202,728,972	(4,950,357)	297,033,642
Balance at Dec. 31, 2022	37,516,062	5,779,718	64,767,769	(13,070,277)	202,160,306	(4,366,651)	292,786,927
Net earnings							11,634,171
Balance at Sep. 30, 2023	40,015,222	5,943,708	72,190,361	(18,282,298)	204,117,486	(6,090,935)	297,893,544
Balance at Mar. 31, 2023	37,614,026	5,777,846	64,805,874	(8,942,719)	202,728,972	(4,950,357)	297,033,642
Net earnings					6,352,706		6,352,706
Other comprehensive income (loss)				(3,952,052)			(3,952,052)
Stock-based compensation expense			141,954				141,954
Vesting of restricted stock units	810		(810)
Sale of treasury stock			(54,350)			623,056	568,706
Purchase of treasury stock			126,990			(1,514,049)	(1,387,059)
Conversion Class C to Class A	113,930	(113,930)
Exercise of stock options	159,284		(154,424)				4,860
Stock dividends	1,899,350	283,188	6,820,431		(9,002,969)
Balance at Jun. 30, 2023	39,787,400	5,947,104	71,685,665	(12,894,771)	200,078,709	(5,841,350)	298,762,757
Net earnings					4,041,293		4,041,293
Other comprehensive income (loss)				(5,387,527)			(5,387,527)
Stock-based compensation expense			145,973				145,973
Vesting of restricted stock units	810		(810)
Sale of treasury stock			98,387			458,530	556,917
Purchase of treasury stock			456,166			(708,115)	(251,949)
Conversion Class C to Class A	3,396	(3,396)
Exercise of stock options	223,006		(196,926)				26,080
Stock dividends	610		1,906		(2,516)
Balance at Sep. 30, 2023	40,015,222	5,943,708	72,190,361	(18,282,298)	204,117,486	(6,090,935)	297,893,544
Balance at Dec. 31, 2023	40,096,004	5,943,708	72,424,429	(6,885,558)	206,978,373	(5,661,737)	312,895,219
Net earnings					7,474,522		7,474,522
Other comprehensive income (loss)				(895,098)			(895,098)
Stock-based compensation expense			199,887				199,887
Vesting of restricted stock units	810		(810)
Sale of treasury stock			103,788			366,733	470,521
Purchase of treasury stock						(41,077)	(41,077)
Conversion Class C to Class A	348	(348)
Balance at Mar. 31, 2024	40,097,162	5,943,360	72,727,294	(7,780,656)	214,452,895	(5,336,081)	320,103,974
Balance at Dec. 31, 2023	40,096,004	5,943,708	72,424,429	(6,885,558)	206,978,373	(5,661,737)	312,895,219
Net earnings							26,577,515
Balance at Sep. 30, 2024	42,235,972	6,240,332	78,977,933	(42,545)	225,400,933	(6,490,559)	346,322,066
Balance at Mar. 31, 2024	40,097,162	5,943,360	72,727,294	(7,780,656)	214,452,895	(5,336,081)	320,103,974
Net earnings					7,271,549		7,271,549
Other comprehensive income (loss)				(517,129)			(517,129)
Stock-based compensation expense			184,066				184,066
Vesting of restricted stock units	920		(920)
Sale of treasury stock			13,201			252,208	265,409
Purchase of treasury stock						(1,588,058)	(1,588,058)
Conversion Class C to Class A	184	(184)
Exercise of stock options	64,164		(17,982)				46,182
Stock dividends	2,009,442	297,156	5,847,226		(8,153,824)
Balance at Jun. 30, 2024	42,171,872	6,240,332	78,752,885	(8,297,785)	213,570,620	(6,671,931)	325,765,993
Net earnings					11,831,444		11,831,444
Other comprehensive income (loss)				8,255,240			8,255,240
Stock-based compensation expense			196,326				196,326
Vesting of restricted stock units	920		(920)
Sale of treasury stock			21,281			224,469	245,750
Purchase of treasury stock						(43,097)	(43,097)
Exercise of stock options	62,860		7,550				70,410
Stock dividends	320		811		(1,131)
Balance at Sep. 30, 2024	$ 42,235,972	$ 6,240,332	$ 78,977,933	$ (42,545)	$ 225,400,933	$ (6,490,559)	$ 346,322,066

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12) Income Taxes

The Company’s overall effective tax rate for the three month periods ended September 30, 2024 and 2023 was 22.2% and 21.7%, respectively, which resulted in a provision for income taxes of $3,383,238 and $1,117,397, respectively, and for the nine month periods ended September 30, 2024 and 2023 was 22.3% and 21.9%, respectively, which resulted in a provision for income taxes of $7,646,071 and $3,258,740, respectively. The Company’s effective tax rate is higher than the U.S. federal statutory rate of 21% due to, among other factors, state income taxes as offset by certain state income tax benefits, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The increase in the effective tax rate when compared to the prior year was primarily due to the Company’s state income tax provision.

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Commercial Mortgage Loans By Credit Quality Indicator (Details) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Mortgage loans in process of foreclosure, amount	$ 3,516,610	$ 1,021,790

Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity:

Schedule of Mortgage Servicing Rights

	As of September 30, 2024			As of December 31, 2023
Amortized cost:
Balance before valuation allowance at beginning of year	$	3,461,146		$	3,039,765
MSR additions resulting from loan sales (1)		49,226			1,009,312
Amortization (2)		(458,567	)		(587,931	)
Sale of MSRs		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	3,051,805		$	3,461,146

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$	-		$	-
Additions		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance at end of period	$	-		$	-

Mortgage servicing rights, net	$	3,051,805		$	3,461,146

Estimated fair value of MSRs at end of period	$	4,170,880		$	4,543,657

(1)	Included in mortgage fee income on the condensed consolidated statements of earnings
(2)	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights

The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its September 30, 2024 valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time.

	Estimated MSR Amortization
2024		359,390
2025		309,358
2026		275,446
2027		243,362
2028		216,468
Thereafter		1,647,781
Total	$	3,051,805

Schedule of Other Revenues

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings.

Schedule of Other Revenues

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual servicing fees	$	237,531	$	249,050	$	736,137	$	892,668
Late fees		17,349		21,037		56,637		84,358
Total	$	254,880	$	270,087	$	792,774	$	977,026

Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

		As of September 30, 2024				As of December 31, 2023
Servicing UPB		$	391,681,072			$	414,147,436

Schedule of Assumptions Used in Determining MSR Value

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
September 30, 2024		10.60		7.45		11.81
December 31, 2023		9.70		7.79		11.85

Schedule of Accumulated Balances of Other Comprehensive Income (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Equity [Abstract]

Unrealized gains on fix maturity securities available-for-sale

$ (6,876,629)

$ (13,050,767)

Increase (Decrease) in Unrealized gains on fixed maturity securities available-for-sale

6,836,849

6,174,138

Unrealized gains on fix maturity securities available-for-sale

(39,780)

(6,876,629)

Unrealized gains (losses) on restricted assets

(4,757)

^[1]

(13,148)

^[2]

Increase Dececrease in Unrealized gains (losses) on restricted assets

4,333

^[1]

8,391

^[2]

Unrealized gains (losses) on restricted assets

^[1]

(424)

(4,757)

Unrealized gains (losses) on cemetery perpetual care trust investments

(4,172)

^[1]

(6,362)

^[2]

Increase Dececrease in Unrealized gains (losses) on cemetery perpetual care trust investments

1,831

^[1]

2,190

^[2]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

(2,341)

(4,172)

Other comprehensive income (loss), Balance

(6,885,558)

(13,070,277)

Increase (Decrease) in Other comprehensive income (loss), Balance

6,843,013

6,184,719

Other comprehensive income (loss), Balance

$ (42,545)

$ (6,885,558)

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Schedule of Activity Restricted Stock Units (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, available RSUs for future grant	39,006	171,386
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, beginning	$ 7.72	$ 6.48
Weighted average grant date fair value, ending	$ 7.99	$ 6.48
Restricted Stock Units (RSUs) [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested Number of shares, beginning	2,245	1,620
Non-vested Number of shares, Granted
Non-vested Number of shares, Vested	(1,325)	(810)
Number of shares, available RSUs for future grant	920	810
Aggregated intrinsic value of RSUs outstanding	$ 16,540	$ 18,380

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Schedule of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Balance, beginning of period

$ 547,233

$ 1,725,667

Provision on current loan originations

729,734

^[1]

$ 770,220

27,164

^[1]

Charge-offs, net of recaptured amounts

(444,882)

(1,205,598)

Balance, end of period

$ 832,085

$ 547,233

[1]	Included in mortgage fee income

Derivative Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

9) Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a loan commitment is made to an applicant to the time the loan that would result from the exercise of that loan commitment is funded. Managing price risk is complicated by the fact that the ultimate percentage of loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded, or the loan application is denied or withdrawn within the terms of the commitment is driven by several factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment.

In general, the probability of funding increases if mortgage rates rise and decreases if mortgage rates fall. This is due primarily to the relative attractiveness of current mortgage rates compared to the applicant’s committed rate. The probability that a loan will not be funded within the terms of the mortgage loan commitment also is influenced by the source of the applications (retail, broker or correspondent channels), proximity to rate lock expiration, purpose for the loan (purchase or refinance), product type and the application approval status. The Company has developed fallout estimates using historical data that consider all the variables, as well as renegotiations of rate and point commitments that tend to occur when mortgage rates fall. These fallout estimates are used to estimate the number of loans that the Company expects to be funded within the terms of the loan commitments and are updated periodically to reflect the most current data.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment net of estimated commission expense. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued and is shown net of related expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will be funded within the terms of the commitments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

9) Derivative Instruments (Continued)

Forward Sale Commitments

The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value opposite to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments.

The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the condensed consolidated balance sheets.

The following table shows the fair value and notional amounts of derivative instruments:

		September 30, 2024						December 31, 2023
	Balance Sheet Location	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives not designated as hedging instruments:
Loan commitments	Other assets and Other liabilities	$	270,461,098	$	5,563,882	$	3,168,855	$	161,832,250	$	4,995,486	$	3,412,224
Total		$	270,461,098	$	5,563,882	$	3,168,855	$	161,832,250	$	4,995,486	$	3,412,224

The table below presents the gains (losses) on derivatives. There were no gains or losses reclassified from accumulated other comprehensive income into income or gains or losses recognized in income on derivatives ineffective portion, or any amounts excluded from effective testing.

		Net Amount Gain (Loss)						Net Amount Gain (Loss)
		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative	Classification	2024			2023			2024		2023
Loan commitments	Mortgage fee income	$	(179,836	)	$	(1,504,286	)	$	811,765	$	(977,716	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Schedule of Investments (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Jun. 30, 2024

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Available for sale securities, unrecognized holding gain

$ 347,143,698

$ 390,884,441

7,838,153

4,550,214

Available for sale securities, unrecognized holding loss

(8,053,913)

^[1]

(13,584,120)

^[2]

Available for sale securities, allowance for credit losses

(414,602)

(314,549)

$ (394,260)

$ (211,500)

$ (224,005)

Available for sale securities, estimated fair value

346,513,336

381,535,986

Available-for-sale securities, amortized cost basis

11,357,095

10,571,505

Available-for-sale securities, gross unrealized gain

16,385,571

13,636,071

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

(1,978,564)

(1,623,226)

Mortgage loans on real estate and construction, allowance for losses

(1,579,746)

(3,818,653)

(2,853,852)

(2,612,944)

(2,663,560)

(1,970,311)

Mortgage loans on real estate and construction, discount

(305,994)

(324,157)

Real estate held for investment, net of depreciation

281,734,182

275,616,837

200,490,556

183,419,292

Federal home loan bank stock

1,001,453

3,028,973

Policy loans

13,735,282

13,264,183

Insurance assignments

45,954,394

45,605,322

2,378,200

^[3]

2,279,800

^[4]

Other investments

9,692,608

9,809,148

Allowance for credit losses

(1,540,835)

(1,553,836)

(1,535,324)

(1,555,261)

(1,690,693)

(1,609,951)

Total policy loans and other investments

70,219,649

69,404,617

7,860,824

10,170,790

Total investments

924,205,571

936,812,566

Total cemetery perpetual care trust investments

188,938,399

139,923,399

147,122,807

133,483,817

8,945,781

8,082,917

US Treasury Securities [Member]

Available for sale securities, allowance for credit losses

US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, allowance for credit losses

US Treasury Securities [Member]

Available for sale securities, unrecognized holding gain

76,328,048

111,450,753

1,233,362

344,425

Available for sale securities, unrecognized holding loss

(451,493)

^[1]

(1,416,448)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

77,109,917

110,378,730

US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, unrecognized holding gain

5,940,034

6,524,083

19,228

500

Available for sale securities, unrecognized holding loss

(145,441)

^[1]

(319,260)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

5,813,821

6,205,323

Corporate Debt Securities [Member]

Available for sale securities, unrecognized holding gain

230,885,585

232,299,727

6,223,923

3,688,642

Available for sale securities, unrecognized holding loss

(3,885,889)

^[1]

(7,145,507)

^[2]

Available for sale securities, allowance for credit losses

(402,553)

(308,500)

Available for sale securities, estimated fair value

232,821,066

228,534,362

Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]

Available for sale securities, unrecognized holding gain

33,740,031

40,359,878

361,640

506,647

Available for sale securities, unrecognized holding loss

(3,571,090)

^[1]

(4,702,905)

^[2]

Available for sale securities, allowance for credit losses

(12,049)

(6,049)

Available for sale securities, estimated fair value

30,518,532

36,157,571

Redeemable Preferred Stock [Member]

Available for sale securities, unrecognized holding gain

250,000

10,000

Available for sale securities, unrecognized holding loss

^[1]

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

250,000

260,000

Industrial Miscellaneous and All Other [Member]

Available-for-sale securities, amortized cost basis

11,357,095

10,571,505

Available for sale securities, unrecognized holding gain

5,299,178

3,504,141

Available for sale securities, unrecognized holding loss

(270,702)

^[1]

(439,575)

^[2]

Available-for-sale securities, gross unrealized gain

16,385,571

13,636,071

Equity Securities One [Member]

Available-for-sale securities, amortized cost basis

11,357,095

10,571,505

Available for sale securities, unrecognized holding gain

5,299,178

3,504,141

Available for sale securities, unrecognized holding loss

(270,702)

^[1]

(439,575)

^[2]

Available-for-sale securities, gross unrealized gain

16,385,571

13,636,071

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

88,452,336

103,153,587

(1,194,377)

(1,135,491)

Mortgage loans on real estate and construction, allowance for losses

(556,662)

(2,390,894)

(1,779,386)

(1,600,170)

(1,589,860)

(1,739,980)

Mortgage loans on real estate and construction, discount

(153,156)

(107,452)

Real estate held for investment, net of depreciation

86,548,141

99,519,750

73,610,520

40,924,865

849,900

Mortgage loans on real estate and construction, unamortized deferred loan fees, net

130,683,596

104,052,748

(689,339)

(314,746)

Mortgage loans on real estate and construction, allowance for losses

(261,372)

(208,106)

$ (225,143)

$ (202,592)

$ (242,645)

$ (43,202)

Mortgage loans on real estate and construction, discount

129,732,885

103,529,896

Commercial [Member]

Real estate held for investment, net of depreciation

66,462,554

74,176,538

126,880,036

142,494,427

Cemetery Perpectual Care Obligation [Member]

151,553

3,028,973

Available for sale securities, unrecognized holding gain

647,261

1,815

302

Available for sale securities, unrecognized holding loss

(4,934)

(5,859)

Available for sale securities, estimated fair value

771,935

641,704

2,369

Total cemetery perpetual care trust investments

2,999,256

2,867,047

8,945,781

8,082,917

Cemetery perpetual care obligation

(5,565,003)

(5,326,196)

Trust investments in excess of trust obligations

3,380,778

2,756,721

Cemetery Perpectual Care Obligation [Member] | US Treasury Securities [Member]

Available for sale securities, unrecognized holding gain

649,256

477,797

1,815

302

Available for sale securities, unrecognized holding loss

(385)

(574)

Available for sale securities, estimated fair value

650,686

477,525

Cemetery Perpectual Care Obligation [Member] | US States and Political Subdivisions Debt Securities [Member]

Available for sale securities, unrecognized holding gain

125,798

115,792

Available for sale securities, unrecognized holding loss

(4,549)

(5,114)

Available for sale securities, estimated fair value

121,249

110,678

Cemetery Perpectual Care Obligation [Member] | Industrial Miscellaneous and All Other [Member]

Available-for-sale securities, amortized cost basis

3,830,983

3,614,392

Available for sale securities, unrecognized holding gain

1,362,684

859,680

Available for sale securities, unrecognized holding loss

(121,246)

(146,771)

Available-for-sale securities, gross unrealized gain

5,072,421

4,327,301

Cemetery Perpectual Care Obligation [Member] | Equity Securities One [Member]

Available-for-sale securities, amortized cost basis

3,830,983

3,614,392

Available for sale securities, unrecognized holding gain

1,362,684

859,680

Available for sale securities, unrecognized holding loss

(121,246)

(146,771)

Available-for-sale securities, gross unrealized gain

5,072,421

4,327,301

Cemetery Perpectual Care Obligation [Member] | Residential Construction [Member]

99,800

246,865

Cemetery Perpectual Care Oblication [Member]

100,000

$ 247,360

Available for sale securities, estimated fair value

775,054

771,935

Cemetery Perpectual Care Oblication [Member] | US Treasury Securities [Member]

Cemetery Perpectual Care Oblication [Member] | US States and Political Subdivisions Debt Securities [Member]

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses
[3]	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.
[4]	Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

Loans Held for Sale (Details Narrative) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Foreclosure loans unpaid principal balance

$ 332,848

$ 1,636,090

Provision on current loan originations

$ 729,734

^[1]

$ 770,220

$ 27,164

^[1]

Loan increase per point

$ 420

$ 450

Amount of loan increased, per point

$ 1,000,000

[1]	Included in mortgage fee income

Stock Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

5) Stock Compensation Plans

The Company has equity incentive plans (the “2013 Plan”, the “2014 Director Plan” and the “2022 Plan”).

Stock Options

Stock based compensation expense for stock options issued of $195,431 and $145,973 has been recognized for these plans for the three month periods ended September 30, 2024 and 2023, respectively, and $577,613 and $430,856 has been recognized for these plans for the nine month periods ended September 30, 2024 and 2023, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. As of September 30, 2024, the total unrecognized compensation expense related to the options issued was $134,239, which is expected to be recognized over the remaining vesting period.

The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant.

Activity of the stock option plans during the nine month period ended September 30, 2024, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2024		833,570		$	4.91		1,520,062	$	5.57
Adjustment for the effect of stock dividends		38,724					76,005
Granted		16,500					-
Exercised		(88,714	)				-
Cancelled		(17,333	)				-
Outstanding at September 30, 2024		782,747		$	5.16		1,596,067	$	5.57

As of September 30, 2024:
Options exercisable		751,872		$	5.05		1,519,817	$	5.46

As of September 30, 2024:
Available options for future grant		39,006					556,238

Weighted average contractual term of options outstanding at September 30, 2024		4.91 years					5.74 years

Weighted average contractual term of options exercisable at September 30, 2024		4.73 years					5.63 years

Aggregated intrinsic value of options outstanding at September 30, 2024 (1)	$	3,165,305				$	5,793,310

Aggregated intrinsic value of options exercisable at September 30, 2024 (1)	$	3,119,776				$	5,676,723

(1)	The Company used a stock price of $9.20 as of September 30, 2024 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the nine month period ended September 30, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price

Outstanding at January 1, 2023		976,605		$	4.56		1,157,203	$	5.31
Adjustment for the effect of stock dividends		38,266					57,859
Granted		16,000					-
Exercised		(233,180	)				-
Cancelled		-					-
Outstanding at September 30, 2023		797,691		$	4.78		1,215,062	$	5.31

As of September 30, 2023:
Options exercisable		770,066		$	4.73		1,141,312	$	5.25

As of September 30, 2023:
Available options for future grant		171,386					834,750

Weighted average contractual term of options outstanding at September 30, 2023		4.69 years					6.15 years

Weighted average contractual term of options exercisable at September 30, 2023		4.53 years					6.03 years

Aggregated intrinsic value of options outstanding at September 30, 2023 (1)	$	2,438,675				$	3,074,037

Aggregated intrinsic value of options exercisable at September 30, 2023 (1)	$	2,398,360				$	2,955,012

(1)	The Company used a stock price of $7.84 as of September 30, 2023 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the nine month periods ended September 30, 2024 and 2023 was $290,159 and $454,923, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Restricted Stock Units (“RSUs”)

Stock based compensation expense for RSUs issued of $895 and nil has been recognized under these plans for the three month periods ended September 30, 2024 and 2023, respectively, and of $2,666 and $742 has been recognized under these plans for the nine month periods ended September 30, 2024 and 2023, respectively, and is included in personnel expenses on the condensed consolidated statements of earnings. The fair value of each RSU granted is determined by the Company’s stock price on the date of the grant. As of September 30, 2024, the total unrecognized compensation expense related to the RSUs issued was $598, which is expected to be recognized over the remaining vesting period.

Activity of the RSUs during the nine month period ended September 30, 2024 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024		2,245		$	7.72
Granted		-
Vested		(1,325	)
Non-vested at September 30, 2024		920		$	7.99

Available RSUs for future grant		16,540

Activity of the RSUs during the nine month period ended September 30, 2023 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		1,620		$	6.48
Granted		-
Vested		(810	)
Non-vested at September 30, 2023		810		$	6.48

Available RSUs for future grant		18,380

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Schedule of Aging of Mortgage Loans (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Jun. 30, 2024

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

$ 285,598,486

$ 281,382,873

Mortgage Loans, Unamortized deferred loan fees, net

(1,579,746)

(3,818,653)

$ (2,853,852)

$ (2,612,944)

$ (2,663,560)

$ (1,970,311)

(1,978,564)

(1,623,226)

Past Due 30 to 59 Days [Member]

(305,994)

(324,157)

Past Due 60 to 89 Days [Member]

6,252,738

3,387,673

Past Due 90 or More Days [Member]

1,299,663

3,472,760

^[1]

5,738,008

3,885,931

In Foreclosure [Member]

^[1]

3,708,118

2,263,298

Total Past Due [Member]

16,998,527

13,009,662

Current [Member]

Net Mortgage Loans [Member]

268,599,959

268,373,211

281,734,182

275,616,837

66,462,554

74,176,538

Mortgage Loans, Unamortized deferred loan fees, net

(761,712)

(1,219,653)

(849,323)

(810,182)

(831,055)

(187,129)

(94,848)

(172,989)

Commercial Loan [Member] | Past Due 30 to 59 Days [Member]

(152,838)

(216,705)

Commercial Loan [Member] | Past Due 60 to 89 Days [Member]

Commercial Loan [Member] | Past Due 90 or More Days [Member]

Commercial Loan [Member] | In Foreclosure [Member]

^[1]

3,555,000

405,000

Commercial Loan [Member] | Total Past Due [Member]

^[1]

191,508

1,241,508

Commercial Loan [Member] | Current [Member]

3,746,508

1,646,508

Commercial Loan [Member] | Net Mortgage Loans [Member]

62,716,046

72,530,030

65,453,156

72,567,191

88,452,336

103,153,587

Mortgage Loans, Unamortized deferred loan fees, net

(556,662)

(2,390,894)

(1,779,386)

(1,600,170)

(1,589,860)

(1,739,980)

(1,194,377)

(1,135,491)

Residential Mortgage [Member] | Past Due 30 to 59 Days [Member]

(153,156)

(107,452)

Residential Mortgage [Member] | Past Due 60 to 89 Days [Member]

6,252,738

3,387,673

Residential Mortgage [Member] | Past Due 90 or More Days [Member]

1,299,663

3,472,760

Residential Mortgage [Member] | In Foreclosure [Member]

^[1]

2,183,008

3,480,931

Residential Mortgage [Member] | Total Past Due [Member]

^[1]

3,516,610

1,021,790

Residential Mortgage [Member] | Current [Member]

13,252,019

11,363,154

Residential Mortgage [Member] | Net Mortgage Loans [Member]

75,200,317

91,790,433

86,548,141

99,519,750

130,683,596

104,052,748

Mortgage Loans, Unamortized deferred loan fees, net

(261,372)

(208,106)

$ (225,143)

$ (202,592)

$ (242,645)

$ (43,202)

(689,339)

(314,746)

Residential Construction [Member] | Past Due 30 to 59 Days [Member]

Residential Construction [Member] | Past Due 60 to 89 Days [Member]

Residential Construction [Member] | Past Due 90 or More Days [Member]

Residential Construction [Member] | In Foreclosure [Member]

^[1]

Residential Construction [Member] | Total Past Due [Member]

^[1]

Residential Construction [Member] | Current [Member]

Residential Construction [Member] | Net Mortgage Loans [Member]

130,683,596

104,052,748

Schedule of Earnings Per Share, Basic and Diluted

$ 129,732,885

$ 103,529,896

[1]	Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net earnings	$	11,831,444	$	4,041,293	$	26,577,515	$	11,634,171
Denominator:
Basic weighted-average shares outstanding		23,240,725		23,169,141		23,287,707		23,171,889
Effect of dilutive securities:
Employee stock options		812,761		806,643		696,526		665,804
Diluted weighted-average shares outstanding		24,053,486		23,975,784		23,984,233		23,837,693

Basic net earnings per share	$	0.51	$	0.17	$	1.14	$	0.50

Diluted net earnings per share	$	0.49	$	0.17	$	1.11	$	0.49

Summary of Activities in Shares of Capital Stock

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
Outstanding shares at December 31, 2022(1)		19,708,011		3,031,453

Exercise of stock options		239,191		-
Vesting of restricted stock units		810		-
Conversion of Class C to Class A		59,599		(59,599	)

Outstanding shares at September 30, 2023		20,007,611		2,971,854

Outstanding shares at December 31, 2023(1)		21,052,883		3,120,432

Exercise of stock options		63,512		-
Vesting of restricted stock units		1,325		-
Conversion of Class C to Class A		266		(266	)

Outstanding shares at September 30, 2024		21,117,986		3,120,166

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of September 30, 2024 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	76,328,048		$	1,233,362	$	(451,493	)	$	-		$	77,109,917

Obligations of states and political subdivisions		5,940,034			19,228		(145,441	)		-			5,813,821

Corporate securities including public utilities		230,885,585			6,223,923		(3,885,889	)		(402,553	)		232,821,066

Mortgage-backed securities		33,740,031			361,640		(3,571,090	)		(12,049	)		30,518,532

Redeemable preferred stock		250,000			-		-			-			250,000

Total fixed maturity securities available for sale	$	347,143,698		$	7,838,153	$	(8,053,913	)	$	(414,602	)	$	346,513,336

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Total equity securities at estimated fair value	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Mortgage loans held for investment at amortized cost:
Residential	$	88,452,336
Residential construction		130,683,596
Commercial		66,462,554
Less: Unamortized deferred loan fees, net		(1,978,564	)
Less: Allowance for credit losses		(1,579,746	)
Less: Net discounts		(305,994	)

Total mortgage loans held for investment	$	281,734,182

Real estate held for investment - net of accumulated depreciation:
Residential	$	73,610,520
Commercial		126,880,036

Total real estate held for investment	$	200,490,556

Real estate held for sale:
Residential	$	849,900
Commercial		151,553

Total real estate held for sale	$	1,001,453

Other investments and policy loans at amortized cost:
Policy loans	$	13,735,282
Insurance assignments		45,954,394
Federal Home Loan Bank stock (2)		2,378,200
Other investments		9,692,608
Less: Allowance for credit losses for insurance assignments		(1,540,835	)

Total other investments and policy loans	$	70,219,649

Accrued investment income	$	7,860,824

Total investments	$	924,205,571

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2023 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	111,450,753		$	344,425	$	(1,416,448	)	$	-		$	110,378,730

Obligations of states and political subdivisions		6,524,083			500		(319,260	)		-			6,205,323

Corporate securities including public utilities		232,299,727			3,688,642		(7,145,507	)		(308,500	)		228,534,362

Mortgage-backed securities		40,359,878			506,647		(4,702,905	)		(6,049	)		36,157,571

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	390,884,441		$	4,550,214	$	(13,584,120	)	$	(314,549	)	$	381,535,986

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Total equity securities at estimated fair value	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Mortgage loans held for investment at amortized cost:
Residential	$	103,153,587
Residential construction		104,052,748
Commercial		74,176,538
Less: Unamortized deferred loan fees, net		(1,623,226	)
Less: Allowance for credit losses		(3,818,653	)
Less: Net discounts		(324,157	)

Total mortgage loans held for investment	$	275,616,837

Real estate held for investment - net of accumulated depreciation:
Residential	$	40,924,865
Commercial		142,494,427

Total real estate held for investment	$	183,419,292

Real estate held for sale:
Residential	$	-
Commercial		3,028,973

Total real estate held for sale	$	3,028,973

Other investments and policy loans at amortized cost:
Policy loans	$	13,264,183
Insurance assignments		45,605,322
Federal Home Loan Bank stock (2)		2,279,800
Other investments		9,809,148
Less: Allowance for credit losses for insurance assignments		(1,553,836	)

Total policy loans and other investments	$	69,404,617

Accrued investment income	$	10,170,790

Total investments	$	936,812,566

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	534	$	4,411,131	$	450,959	$	22,087,838	$	451,493	$	26,498,969
Obligations of states and political subdivisions		-		-		145,441		4,162,052		145,441		4,162,052
Corporate securities		171,711		15,096,035		3,714,178		83,653,386		3,885,889		98,749,421
Mortgage-backed securities		5,712		695,868		3,565,378		19,827,317		3,571,090		20,523,185
Totals	$	177,957	$	20,203,034	$	7,875,956	$	129,730,593	$	8,053,913	$	149,933,627

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	29,394	$	9,436,090	$	1,387,054	$	70,885,403	$	1,416,448	$	80,321,493
Obligations of states and political subdivisions		11,105		470,325		308,155		5,284,498		319,260		5,754,823
Corporate securities		529,660		32,507,773		6,615,847		107,556,216		7,145,507		140,063,989
Mortgage-backed securities		29,799		2,260,445		4,673,106		22,184,174		4,702,905		24,444,619
Totals	$	599,958	$	44,674,633	$	12,984,162	$	205,910,291	$	13,584,120	$	250,584,924

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

	September 30, 2024				December 31, 2023
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	176,865,129	$	176,303,283	$	221,933,425	$	216,975,288
2		162,142,176		162,728,124		161,062,016		157,346,803
3		6,534,603		6,134,808		6,418,829		5,953,542
4		1,104,422		1,048,370		982,290		948,478
5		246,186		48,750		236,648		51,875
6		1,182		1		1,233		-
Total	$	346,893,698	$	346,263,336	$	390,634,441	$	381,275,986

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three month periods ended September 30, 2024:


	Three Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2024	$	-	$	-	$	382,211		$	12,049	$	394,260

Additions for credit losses not previously recorded		-		-		25,000			-		25,000
Change in allowance on securities with previous allowance		-		-		(4,658	)		-		(4,658	)
Reductions for securities sold during the period		-		-		-			-		-
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553		$	12,049	$	414,602


	Three Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2023	$	-	$	-	$	224,005		$	-	$	224,005

Additions for credit losses not previously recorded		-		-		-			-		-
Change in allowance on securities with previous allowance		-		-		(1,741	)		-		(1,741	)
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the nine month periods ended September 30, 2024:


	Nine Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total

Beginning balance - January 1, 2024	$	-	$	-	$	308,500	$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		55,000		6,000		61,000
Change in allowance on securities with previous allowance		-		-		39,053		-		39,053
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553	$	12,049	$	414,602


	Nine Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - January 1, 2023	$	-	$	-	$	-		$	-	$	-
Balance	$	-	$	-	$	-		$	-	$	-

Additions for credit losses not previously recorded		-		-		179,500			-		179,500
Change in allowance on securities with previous allowance		-		-		42,764			-		42,764
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500
Balance	$	-	$	-	$	211,500		$	-	$	211,500

Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of September 30, 2024, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	7,981,489	$	7,842,911
Due in 2-5 years		136,017,903		136,085,053
Due in 5-10 years		103,303,678		106,137,140
Due in more than 10 years		65,850,597		65,679,700
Mortgage-backed securities		33,740,031		30,518,532
Redeemable preferred stock		250,000		250,000
Total	$	347,143,698	$	346,513,336

Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Proceeds from sales	$	181,949		$	207,522		$	789,190		$	1,163,132
Gross realized gains		-			-			2,714			11,257
Gross realized losses		(20,666	)		(3,368	)		(1,522	)		(57,472	)

Major categories of net investment income were as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities available for sale	$	4,301,241		$	4,242,185		$	13,050,503		$	12,398,685
Equity securities		171,767			167,348			516,363			448,564
Mortgage loans held for investment		7,032,201			9,842,845			22,867,797			27,797,908
Real estate held for investment and sale		3,093,459			3,291,047			9,893,539			11,553,643
Policy loans		225,393			191,843			715,791			599,498
Insurance assignments		5,009,043			4,340,644			14,971,607			13,570,659
Other investments		272,062			213,560			672,363			555,720
Cash and cash equivalents		1,700,898			1,083,241			5,107,765			2,651,148
Gross investment income		21,806,064			23,372,713			67,795,728			69,575,825
Investment expenses		(4,006,968	)		(4,124,250	)		(12,005,256	)		(12,380,505	)
Net investment income	$	17,799,096		$	19,248,463		$	55,790,472		$	57,195,320

Schedule of Assets on Deposit With Life Insurance

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	6,402,068	$	6,206,650
Other investments		400,000		400,000
Cash and cash equivalents		1,385,229		1,909,215
Total assets on deposit	$	8,187,297	$	8,515,865

Assets held in trust related to third-party reinsurance agreements were as follows:

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	26,907,601	$	27,903,952
Cash and cash equivalents		3,427,980		2,101,052
Total assets on deposit	$	30,335,581	$	30,005,004

The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). Assets pledged as collateral with the FHLB are presented below. These pledged securities are used as collateral for any FHLB cash advances.

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	66,564,387	$	93,903,089
Total assets pledged as collateral	$	66,564,387	$	93,903,089

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Utah (1)	$	126,861,284	$	142,475,177		546,941		625,920
Louisiana		18,752		19,250		1,622		1,622

	$	126,880,036	$	142,494,427		548,563		627,542

(1)	Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	September 30, 2024 (1)		December 31, 2023		September 30, 2024		December 31, 2023
Mississippi	$	151,553	$	3,028,973		-		19,694

	$	151,553	$	3,028,973		-		19,694

(1)	Consists of approximately 93 acres of undeveloped land

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	September 30, 2024		December 31, 2023
Utah (1)	$	73,610,520	$	40,924,865
	$	73,610,520	$	40,924,865

(1)	Includes multiple residential subdivision development projects

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

	September 30, 2024		December 31, 2023
Lots developed		35		42
Lots to be developed		1,304		1,145
Book Value	$	73,432,813	$	40,739,201

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	September 30, 2024		December 31, 2023
Utah	$	849,900	$	-
	$	849,900	$	-

Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of September 30, 2024, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
1818 Marshall Street, Shreveport, LA (2)	Life Insurance Operations		12,274		100	%
812 Sheppard Street, Minden, LA (2) (3)	Life Insurance Sales		1,560		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets
(3)	Listed for sale

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - June 30, 2024	$	849,323		$	1,779,386		$	225,143		$	2,853,852
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		(87,611	)		(127,239	)		36,229			(178,621	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - June 30, 2023	$	831,055		$	1,589,860		$	242,645		$	2,663,560
Change in provision for credit losses (2)		(20,873	)		10,310			(40,053	)		(50,616	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

	Nine Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - January 1, 2024	$	1,219,653		$	2,390,894		$	208,106		$	3,818,653
Change in provision for credit losses (2)		(457,941	)		(738,747	)		53,266			(1,143,422	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - January 1, 2023	$	187,129		$	1,739,980		$	43,202		$	1,970,311
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		67,246			52,797			(142,440	)		(22,397	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

(1)	See Note 2 of the notes to the condensed consolidated financial statements
(2)	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
September 30, 2024
30-59 days past due	$	-		$	6,252,738		$	-		$	6,252,738
60-89 days past due		-			1,299,663			-			1,299,663
Over 90 days past due (1)		3,555,000			2,183,008			-			5,738,008
In process of foreclosure (1)		191,508			3,516,610			-			3,708,118
Total past due		3,746,508			13,252,019			-			16,998,527
Current		62,716,046			75,200,317			130,683,596			268,599,959
Total mortgage loans		66,462,554			88,452,336			130,683,596			285,598,486
Allowance for credit losses		(761,712	)		(556,662	)		(261,372	)		(1,579,746	)
Unamortized deferred loan fees, net		(94,848	)		(1,194,377	)		(689,339	)		(1,978,564	)
Unamortized discounts, net		(152,838	)		(153,156	)		-			(305,994	)
Net mortgage loans held for investment	$	65,453,156		$	86,548,141		$	129,732,885		$	281,734,182

December 31, 2023
30-59 days past due	$	-		$	3,387,673		$	-		$	3,387,673
60-89 days past due		-			3,472,760			-			3,472,760
Over 90 days past due (1)		405,000			3,480,931			-			3,885,931
In process of foreclosure (1)		1,241,508			1,021,790			-			2,263,298
Total past due		1,646,508			11,363,154			-			13,009,662
Current		72,530,030			91,790,433			104,052,748			268,373,211
Total mortgage loans		74,176,538			103,153,587			104,052,748			281,382,873
Allowance for credit losses		(1,219,653	)		(2,390,894	)		(208,106	)		(3,818,653	)
Unamortized deferred loan fees, net		(172,989	)		(1,135,491	)		(314,746	)		(1,623,226	)
Unamortized discounts, net		(216,705	)		(107,452	)		-			(324,157	)
Net mortgage loans held for investment	$	72,567,191		$	99,519,750		$	103,529,896		$	275,616,837

(1)	Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

Schedule of Commercial Mortgage Loans By Credit Quality Indicator

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
LTV:
Less than 65%	$	5,604,700	$	27,454,450	$	2,828,743	$	3,020,636	$	-	$	9,138,597	$	48,047,126		72.29	%
65% to 80%		10,432,942		1,840,776		823,397		-		4,913,313		-		18,010,428		27.10	%
Greater than 80%		-		-		-		405,000		-		-		405,000		0.61	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

DSCR
>1.20x	$	15,604,700	$	20,990,000	$	1,000,000	$	-	$	4,913,313	$	5,459,400	$	47,967,413		72.17	%
1.00x - 1.20x		432,942		8,305,226		2,652,140		3,425,636		-		3,679,197		18,495,141		27.83	%
<1.00x		-		-		-		-		-		-		-		0.00	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
LTV:
Less than 65%	$	34,304,954	$	13,555,737		$	3,778,248	$	-	$	2,964,740	$	6,565,389	$	61,169,068		82.46	%
65% to 80%		1,523,926		5,115,231			1,050,000		4,913,313		-		-		12,602,470		16.99	%
Greater than 80%		-		-			405,000		-		-		-		405,000		0.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

DSCR
>1.20x	$	20,990,000	$	1,000,000		$	700,000	$	4,913,313	$	2,964,740	$	2,612,625	$	33,180,678		44.73	%
1.00x - 1.20x		8,338,880		8,496,127			3,483,248		-		-		3,952,764		24,271,019		32.72	%
<1.00x		6,500,000		9,174,841⁽¹⁾	(1)		1,050,000		-		-		-		16,724,841		22.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

(1)	Commercial construction loan

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	8,179,852	$	11,232,976	$	44,202,986	$	3,379,192	$	5,902,895	$	9,854,817	$	82,752,718		93.56	%
Non-performing (1)		-		2,819,075		541,333		684,478		588,864		1,065,868		5,699,618		6.44	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $3,516,610


LTV:
Less than 65%	$	2,624,800	$	5,055,179	$	5,981,284	$	1,796,124	$	2,452,998	$	5,348,470	$	23,258,855	26.30	%
65% to 80%		5,555,052		8,806,209		37,672,607		1,948,129		3,351,111		5,504,578		62,837,686	71.04	%
Greater than 80%		-		190,663		1,090,428		319,417		687,650		67,637		2,355,795	2.66	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336	100.00	%

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	15,337,828	$	53,875,389	$	7,156,934	$	7,453,796	$	2,786,562	$	12,040,357	$	98,650,866		95.63	%
Non-performing (1)		-		2,202,114		365,061		613,101		-		1,322,445		4,502,721		4.37	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $1,021,790


LTV:
Less than 65%	$	3,280,144	$	7,049,522	$	1,843,286	$	1,746,970	$	446,675	$	5,206,095	$	19,572,692	18.97	%
65% to 80%		10,962,770		44,371,320		4,269,894		4,222,170		2,339,887		5,711,440		71,877,481	69.68	%
Greater than 80%		1,094,914		4,656,661		1,408,815		2,097,757		-		2,445,267		11,703,414	11.35	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587	100.00	%

Schedule of Residential Construction Mortgage Loans

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%
Non-performing		-		-		-		-		-		0.00	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

LTV:
Less than 65%	$	35,065,417	$	22,918,540	$	1,630,488	$	11,406,505	$	71,020,950		54.35	%
65% to 80%		57,429,690		1,158,441		453,878		-		59,042,009		45.18	%
Greater than 80%		620,637		-		-		-		620,637		0.47	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%
Non-performing		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

LTV:
Less than 65%	$	40,215,360	$	8,732,500	$	20,442,302	$	69,390,162		66.69	%
65% to 80%		20,096,319		7,891,682		6,674,585		34,662,586		33.31	%
Greater than 80%		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of September 30, 2024			As of December 31, 2023
30-59 days past due	$	9,571,073		$	10,829,629
60-89 days past due		3,593,162			3,709,754
Over 90 days past due		5,430,234			4,329,468
Total past due		18,594,469			18,868,851
Current		27,359,925			26,736,471
Total insurance assignments		45,954,394			45,605,322
Allowance for credit losses		(1,540,835	)		(1,553,836	)
Net insurance assignments	$	44,413,559		$	44,051,486

Schedule of Allowance for Credit Losses

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

Schedule of Allowance for Credit Losses

	Three Months Ended
Beginning balance - June 30, 2024	$	1,535,324
Change in provision for credit losses (1)		259,643
Charge-offs		(254,132	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - June 30, 2023	$	1,690,693
Change in provision for credit losses (1)		214,934
Charge-offs		(350,366	)
Ending balance - September 30, 2023	$	1,555,261

	Nine Months Ended
Beginning balance - January 1, 2024	$	1,553,836
Change in provision for credit losses (1)		752,256
Charge-offs		(765,257	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses (1)		667,260
Charge-offs		(721,950	)
Ending balance - September 30, 2023	$	1,555,261

(1)	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities:
Gross realized gains	$	7,929		$	37,565		$	13,120		$	54,619
Gross realized losses		(43,184	)		(10,383	)		(61,539	)		(102,182	)
Net credit loss release (provision)		(20,342	)		1,740			(100,053	)		(222,264	)

Equity securities:
Gains (losses) on securities sold		708			324,009			(16,662	)		277,057
Unrealized gains (losses) on securities held at the end of the period		2,415,881			(1,321,511	)		3,534,285			(423,448	)

Mortgage loans held for investment:
Gross realized gains		-			-			-			-
Gross realized losses		(1,161,364	)		-			(1,161,364	)		-

Real estate held for investment and sale:
Gross realized gains		71,622			36,166			360,474			197,194
Gross realized losses		-			-			-			-

Other assets:
Gross realized gains		95,690			-			92,095			214,348
Gross realized losses		(19,284	)		-			(20,513	)		-
Total	$	1,347,656		$	(932,414	)	$	2,639,843		$	(4,676	)

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale	$	3,798,114	$	3,984,695
Equity securities		9,437		20,451
Mortgage loans held for investment		949,979		2,661,092
Real estate held for investment		3,011,035		3,486,115
Cash and cash equivalents		92,259		18,437
Total accrued investment income	$	7,860,824	$	10,170,790

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Schedule of Gains and Losses on Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ (179,836)	$ (1,504,286)	$ 811,765	$ (977,716)

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Amortized cost	$ 347,143,698	$ 390,884,441
Estimated fair value	346,513,336	381,535,986
NAIC, Class 1 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	176,865,129	221,933,425
Estimated fair value	176,303,283	216,975,288
NAIC, Class 2 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	162,142,176	161,062,016
Estimated fair value	162,728,124	157,346,803
NAIC, Class 3 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	6,534,603	6,418,829
Estimated fair value	6,134,808	5,953,542
NAIC, Class 4 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	1,104,422	982,290
Estimated fair value	1,048,370	948,478
NAIC, Class 5 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	246,186	236,648
Estimated fair value	48,750	51,875
NAIC, Class 6 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	1,182	1,233
Estimated fair value	1
National Association of Insurance Commissioners [Member]
Guarantor Obligations [Line Items]
Amortized cost	346,893,698	390,634,441
Estimated fair value	$ 346,263,336	$ 381,275,986

Investments (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Investments (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Credit loss recognized	$ 20,342	$ 1,741	$ 100,053	$ 222,264
Fixed maturity securities rated investment grade, percent	97.90%		97.90%		98.20%
Bank and other loans payable	$ 106,989,925		$ 106,989,925		$ 105,555,137
Impairment losses on residential real estate held for sale	0	0	0	0
Interest not accrued on non-performing loans	297,000		297,000		$ 237,000
Net realized gains	1,140,136	452,115	1,519,487	200,605
Net investment income	17,799,096	19,248,463	55,790,472	57,195,320
Cemeteries and Mortuaries [Member]
Debt Securities, Available-for-Sale [Line Items]
Net investment income	$ 393,811	372,277	$ 1,798,170	2,224,629
UTAH
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	53.00%		53.00%		44.00%
FLORIDA
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	9.00%		9.00%		11.00%
TEXAS
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	7.00%		7.00%		7.00%
ARIZONA
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	7.00%		7.00%		6.00%
CALIFORNIA
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	5.00%		5.00%		10.00%
Minimum [Member]
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	2.00%		2.00%
Loan term			9 months
Maximum [Member]
Debt Securities, Available-for-Sale [Line Items]
Loan interest rate	10.50%		10.50%
Loan term			30 years
646 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost	94.90%		94.90%
606 Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Average market value over amortized cost					94.90%
Commercial Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Collateral for bank loans	$ 120,756,194		$ 120,756,194		$ 124,381,467
Bank and other loans payable	96,470,650		96,470,650		97,807,614
Depreciation expense	1,420,367	1,572,494	4,366,462	4,715,322
Residential Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Depreciation expense	2,653	$ 2,648	7,958	$ 7,944
Residential Real Estate [Member]
Debt Securities, Available-for-Sale [Line Items]
Foreclosed real estate expense	$ 849,900		$ 849,900

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2024)	$	6,321,573	$	-	$	18,237,246
Closing (September 30, 2024)		6,593,720		-		19,493,005
Increase/(decrease)		272,147		-		1,255,759

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2023)	$	5,392,779	$	-	$	16,226,836
Closing (December 31, 2023)		6,321,573		-		18,237,246
Increase/(decrease)		928,794		-		2,010,410

(1)	Included in Receivables, net on the condensed consolidated balance sheets

Schedule of Revenues of the Cemetery and Mortuary Contracts

The following table disaggregates revenue for the Company’s cemetery and mortuary contracts:

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Major goods/service lines
At-need	$	5,024,330	$	4,832,352	$	15,299,010	$	14,985,838
Pre-need		1,790,001		2,401,679		6,232,759		5,888,336
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031	$	21,531,769	$	20,874,174

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,064,864	$	4,762,777	$	13,287,515	$	13,321,412
Services transferred at a point in time		2,749,467		2,471,254		8,244,254		7,552,762
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031	$	21,531,769	$	20,874,174

Schedule of Reconciliation of Revenues from Cemetery and Mortuary Contracts to Business Segment Information

The following table reconciles revenues from cemetery and mortuary contracts to Note 7 – Business Segment Information for the Cemetery/Mortuary Segment for the periods presented:

	2024		2023			2024		2023
	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031		$	21,531,769	$	20,874,174
Gains (losses) on investments and other assets		1,124,513		(452,120	)		1,503,865		(200,610	)
Net investment income		477,833		516,094			2,136,982		2,460,859
Other revenues		126,000		118,418			435,507		292,904
Revenues from external customers		8,542,677		7,416,423			25,608,123		23,427,327

Schedule of Investments (Details) (Parenthethical) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Short term investment

$ 2,378,200

^[1]

$ 2,279,800

^[2]

Membership [Member]

Short term investment

553,900

530,900

Activity Stock Due [Member]

Short term investment

$ 1,824,300

$ 1,748,900

[1]	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.
[2]	Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Aggregate Fair Value Loans Held for Sale

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale:

	As of September 30, 2024		As of December 31, 2023

Aggregate fair value	$	142,897,741	$	126,549,190
Unpaid principal balance		139,678,479		127,185,867
Unrealized gain (loss)		3,219,262		(636,677	)

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale are summarized as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Loan fees	$	7,358,830		$	6,033,227		$	20,245,527		$	16,408,443
Interest income		2,357,379			2,637,971			6,104,113			7,265,516
Secondary gains		17,982,124			17,625,394			51,387,693			54,884,965
Change in fair value of loan commitments		(179,836	)		(1,504,286	)		811,765			(977,716	)
Change in fair value of loans held for sale		2,959,729			(108,676	)		3,855,914			(715,799	)
Provision for loan loss reserve		(254,134	)		252,389			(729,734	)		138,369
Mortgage fee income	$	30,224,092		$	24,936,019		$	81,675,278		$	77,003,778

Schedule of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	As of September 30, 2024			As of December 31, 2023
Balance, beginning of period	$	547,233		$	1,725,667
Provision on current loan originations (1)		729,734			27,164
Charge-offs, net of recaptured amounts		(444,882	)		(1,205,598	)
Balance, end of period	$	832,085		$	547,233

(1)	Included in mortgage fee income

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

3) Investments

The Company’s investments as of September 30, 2024 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	76,328,048		$	1,233,362	$	(451,493	)	$	-		$	77,109,917

Obligations of states and political subdivisions		5,940,034			19,228		(145,441	)		-			5,813,821

Corporate securities including public utilities		230,885,585			6,223,923		(3,885,889	)		(402,553	)		232,821,066

Mortgage-backed securities		33,740,031			361,640		(3,571,090	)		(12,049	)		30,518,532

Redeemable preferred stock		250,000			-		-			-			250,000

Total fixed maturity securities available for sale	$	347,143,698		$	7,838,153	$	(8,053,913	)	$	(414,602	)	$	346,513,336

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Total equity securities at estimated fair value	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Mortgage loans held for investment at amortized cost:
Residential	$	88,452,336
Residential construction		130,683,596
Commercial		66,462,554
Less: Unamortized deferred loan fees, net		(1,978,564	)
Less: Allowance for credit losses		(1,579,746	)
Less: Net discounts		(305,994	)

Total mortgage loans held for investment	$	281,734,182

Real estate held for investment - net of accumulated depreciation:
Residential	$	73,610,520
Commercial		126,880,036

Total real estate held for investment	$	200,490,556

Real estate held for sale:
Residential	$	849,900
Commercial		151,553

Total real estate held for sale	$	1,001,453

Other investments and policy loans at amortized cost:
Policy loans	$	13,735,282
Insurance assignments		45,954,394
Federal Home Loan Bank stock (2)		2,378,200
Other investments		9,692,608
Less: Allowance for credit losses for insurance assignments		(1,540,835	)

Total other investments and policy loans	$	70,219,649

Accrued investment income	$	7,860,824

Total investments	$	924,205,571

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2023 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	111,450,753		$	344,425	$	(1,416,448	)	$	-		$	110,378,730

Obligations of states and political subdivisions		6,524,083			500		(319,260	)		-			6,205,323

Corporate securities including public utilities		232,299,727			3,688,642		(7,145,507	)		(308,500	)		228,534,362

Mortgage-backed securities		40,359,878			506,647		(4,702,905	)		(6,049	)		36,157,571

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	390,884,441		$	4,550,214	$	(13,584,120	)	$	(314,549	)	$	381,535,986

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Total equity securities at estimated fair value	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Mortgage loans held for investment at amortized cost:
Residential	$	103,153,587
Residential construction		104,052,748
Commercial		74,176,538
Less: Unamortized deferred loan fees, net		(1,623,226	)
Less: Allowance for credit losses		(3,818,653	)
Less: Net discounts		(324,157	)

Total mortgage loans held for investment	$	275,616,837

Real estate held for investment - net of accumulated depreciation:
Residential	$	40,924,865
Commercial		142,494,427

Total real estate held for investment	$	183,419,292

Real estate held for sale:
Residential	$	-
Commercial		3,028,973

Total real estate held for sale	$	3,028,973

Other investments and policy loans at amortized cost:
Policy loans	$	13,264,183
Insurance assignments		45,605,322
Federal Home Loan Bank stock (2)		2,279,800
Other investments		9,809,148
Less: Allowance for credit losses for insurance assignments		(1,553,836	)

Total policy loans and other investments	$	69,404,617

Accrued investment income	$	10,170,790

Total investments	$	936,812,566

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

There were no investments, aggregated by issuer, of more than 10% of shareholders’ equity (before net unrealized gains and losses on equity securities and fixed maturity securities) as of September 30, 2024, other than investments issued or guaranteed by the United States Government.

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturity securities available for sale that were carried at estimated fair value as of September 30, 2024 and December 31, 2023. The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements, are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments. The table below sets forth unrealized losses by duration with the fair value of the related fixed maturity securities.

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	534	$	4,411,131	$	450,959	$	22,087,838	$	451,493	$	26,498,969
Obligations of states and political subdivisions		-		-		145,441		4,162,052		145,441		4,162,052
Corporate securities		171,711		15,096,035		3,714,178		83,653,386		3,885,889		98,749,421
Mortgage-backed securities		5,712		695,868		3,565,378		19,827,317		3,571,090		20,523,185
Totals	$	177,957	$	20,203,034	$	7,875,956	$	129,730,593	$	8,053,913	$	149,933,627

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	29,394	$	9,436,090	$	1,387,054	$	70,885,403	$	1,416,448	$	80,321,493
Obligations of states and political subdivisions		11,105		470,325		308,155		5,284,498		319,260		5,754,823
Corporate securities		529,660		32,507,773		6,615,847		107,556,216		7,145,507		140,063,989
Mortgage-backed securities		29,799		2,260,445		4,673,106		22,184,174		4,702,905		24,444,619
Totals	$	599,958	$	44,674,633	$	12,984,162	$	205,910,291	$	13,584,120	$	250,584,924

Relevant holdings were comprised of 433 securities with fair values aggregating 94.9% of the aggregate amortized cost as of September 30, 2024. Relevant holdings were comprised of 606 securities with fair values aggregating 94.9% of the aggregate amortized cost as of December 31, 2023. Credit loss provision of $20,342 and credit loss release of $1,741 have been recognized for the three month periods ended September 30, 2024 and 2023, respectively. Credit loss provision of $100,053 and $222,264 have been recognized for the nine month periods ended September 30, 2024 and 2023, respectively. Credit losses are included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. Other unrealized losses for which no credit loss was recognized are primarily the result of increases in interest rates.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

On a quarterly basis, the Company evaluates its fixed maturity securities classified as available for sale to identify any potential credit losses. This evaluation includes a review of current ratings by the National Association of Insurance Commissions (“NAIC”) and other industry rating agencies. Securities with a rating of 1 or 2 are considered investment grade and are not reviewed for credit loss unless current market data or recent company news could lead to a credit downgrade. Securities with ratings of 3 to 5 are evaluated for credit loss. The evaluation involves assessing all facts and circumstances surrounding each security including, but not limited to, historical values, interest payment history, projected earnings, and revenue growth rates as well as a review of the reason for a downgrade in the NAIC rating. Based on the analysis of a security that is rated 3 to 5, a determination is made whether the security will likely make interest and principal payments in accordance with the terms of the financial instrument. Securities with a rating of 6 are automatically determined to be impaired and a credit loss is recognized in earnings.

Where the decline in fair value of fixed maturity securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and the Company anticipates recovery of all contractual or expected cash flows, the Company does not consider these securities to have credit loss because the Company does not intend to sell these securities and it is not more likely than not the Company will be required to sell these securities before a recovery of amortized cost, which may be at maturity.

If the Company intends to sell a fixed maturity security or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, a credit loss has occurred and the difference between the amortized cost and the fair value that relates to the expected credit loss is recognized as a loss in earnings, included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings.

If the Company does not intend to sell a debt security and it is less likely than not that the Company will be required to sell the debt security but the Company also does not expect to recover the entire amortized cost basis of the security, a credit loss is recognized in earnings for the amount of the expected credit loss with a corresponding allowance for credit losses as a contra-asset account. The credit loss is included in gains (losses) on investments and other assets on the condensed consolidated statements of earnings. The recognized credit loss is limited to the total unrealized loss on the security due to a change in credit.

Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or when it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost.

The Company does not measure a credit loss allowance on accrued interest receivable, included in accrued investment income on the condensed consolidated balance sheets, as the Company writes off any accrued interest receivable balance to net investment income in a timely manner (after 90 days) when the Company has concerns regarding collectability.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Credit Quality Indicators

The NAIC assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 are considered investment grade while the NAIC Class 3 through 6 designations are considered non-investment grade. Based on the NAIC designations, the Company had 97.9% and 98.2% of its fixed maturity securities rated investment grade as of September 30, 2024 and December 31, 2023, respectively. The following table summarizes the credit quality, by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

	September 30, 2024				December 31, 2023
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	176,865,129	$	176,303,283	$	221,933,425	$	216,975,288
2		162,142,176		162,728,124		161,062,016		157,346,803
3		6,534,603		6,134,808		6,418,829		5,953,542
4		1,104,422		1,048,370		982,290		948,478
5		246,186		48,750		236,648		51,875
6		1,182		1		1,233		-
Total	$	346,893,698	$	346,263,336	$	390,634,441	$	381,275,986

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three month periods ended September 30, 2024:


	Three Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2024	$	-	$	-	$	382,211		$	12,049	$	394,260

Additions for credit losses not previously recorded		-		-		25,000			-		25,000
Change in allowance on securities with previous allowance		-		-		(4,658	)		-		(4,658	)
Reductions for securities sold during the period		-		-		-			-		-
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553		$	12,049	$	414,602


	Three Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - June 30, 2023	$	-	$	-	$	224,005		$	-	$	224,005

Additions for credit losses not previously recorded		-		-		-			-		-
Change in allowance on securities with previous allowance		-		-		(1,741	)		-		(1,741	)
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the nine month periods ended September 30, 2024:


	Nine Months Ended September 30, 2024
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities		Mortgage-backed securities		Total

Beginning balance - January 1, 2024	$	-	$	-	$	308,500	$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		55,000		6,000		61,000
Change in allowance on securities with previous allowance		-		-		39,053		-		39,053
Reductions for securities sold during the period		-		-		-		-		-
Reductions for securities with credit losses due to intent to sell		-		-		-		-		-
Write-offs charged against the allowance		-		-		-		-		-
Recoveries of amounts previously written off		-		-		-		-		-

Ending Balance - September 30, 2024	$	-	$	-	$	402,553	$	12,049	$	414,602


	Nine Months Ended September 30, 2023
	U.S. Treasury securities and obligations of U.S. Government agencies		Obligations of states and political subdivisions		Corporate securities including public utilities			Mortgage-backed securities		Total

Beginning balance - January 1, 2023	$	-	$	-	$	-		$	-	$	-
Balance	$	-	$	-	$	-		$	-	$	-

Additions for credit losses not previously recorded		-		-		179,500			-		179,500
Change in allowance on securities with previous allowance		-		-		42,764			-		42,764
Reductions for securities sold during the period		-		-		(10,764	)		-		(10,764	)
Reductions for securities with credit losses due to intent to sell		-		-		-			-		-
Write-offs charged against the allowance		-		-		-			-		-
Recoveries of amounts previously written off		-		-		-			-		-

Ending Balance - September 30, 2023	$	-	$	-	$	211,500		$	-	$	211,500
Balance	$	-	$	-	$	211,500		$	-	$	211,500

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	7,981,489	$	7,842,911
Due in 2-5 years		136,017,903		136,085,053
Due in 5-10 years		103,303,678		106,137,140
Due in more than 10 years		65,850,597		65,679,700
Mortgage-backed securities		33,740,031		30,518,532
Redeemable preferred stock		250,000		250,000
Total	$	347,143,698	$	346,513,336

Information regarding sales of fixed maturity securities available for sale is presented as follows.

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Proceeds from sales	$	181,949		$	207,522		$	789,190		$	1,163,132
Gross realized gains		-			-			2,714			11,257
Gross realized losses		(20,666	)		(3,368	)		(1,522	)		(57,472	)

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Assets on Deposit, Held in Trust, and Pledged as Collateral

Assets on deposit with life insurance regulatory authorities as required by law were as follows:

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	6,402,068	$	6,206,650
Other investments		400,000		400,000
Cash and cash equivalents		1,385,229		1,909,215
Total assets on deposit	$	8,187,297	$	8,515,865

Assets held in trust related to third-party reinsurance agreements were as follows:

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	26,907,601	$	27,903,952
Cash and cash equivalents		3,427,980		2,101,052
Total assets on deposit	$	30,335,581	$	30,005,004

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale at estimated fair value	$	66,564,387	$	93,903,089
Total assets pledged as collateral	$	66,564,387	$	93,903,089

Real Estate Held for Investment and Held for Sale

The Company strategically deploys resources into real estate assets to match the income and yield durations of its primary obligations. The sources for these real estate assets come through its various business units in the form of acquisition, development, and mortgage foreclosures.

Commercial Real Estate Held for Investment and Held for Sale

The Company owns and manages commercial real estate assets as a means of both generating investment income and providing workspace for its employees. These assets are acquired in accordance with the Company’s goals and objectives for risk-adjusted returns. Due diligence is conducted on each asset using internal and third-party resources. The geographic locations and asset classes of investments are determined by senior management under the direction of the Board of Directors.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company employs full-time employees to attend to the day-to-day operations of those assets within the greater Salt Lake area and close surrounding markets. The Company utilizes third party property managers where the geographic location does not warrant full-time staff or through strategic lease-up periods. The Company will generally acquire assets as a result of company acquisitions or that are in regions expected to have high growth in employment and population and that provide operational efficiencies.

The Company currently owns and operates six commercial properties in two states. These properties include office buildings, flex office space, and the redevelopment and expansion of its corporate campus (“Center53”) in Salt Lake City, Utah. The Company uses bank debt in strategic cases, primarily where it is anticipated to improve yields, or facilitate the acquisition of higher quality assets or asset class diversification.

The aggregated net book value of commercial real estate serving as collateral for bank loans was $120,756,194 and $124,381,467 as of September 30, 2024 and December 31, 2023, respectively. The associated bank loan carrying values totaled $96,470,650 and $97,807,614 as of September 30, 2024 and December 31, 2023, respectively.

During the three and nine month periods ended September 30, 2024 and 2023, the Company did not record any impairment losses on commercial real estate held for investment or held for sale. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three month periods ended September 30, 2024 and 2023, the Company recorded depreciation expense on commercial real estate held for investment of $1,420,367 and $1,572,494, respectively, and of $4,366,462 and $4,715,322 during the nine month periods ended September 30, 2024 and 2023, respectively. Commercial real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Utah (1)	$	126,861,284	$	142,475,177		546,941		625,920
Louisiana		18,752		19,250		1,622		1,622

	$	126,880,036	$	142,494,427		548,563		627,542

(1)	Includes Center53

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value				Total Square Footage
	September 30, 2024 (1)		December 31, 2023		September 30, 2024		December 31, 2023
Mississippi	$	151,553	$	3,028,973		-		19,694

	$	151,553	$	3,028,973		-		19,694

(1)	Consists of approximately 93 acres of undeveloped land

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Residential Real Estate Held for Investment and Held for Sale

The Company occasionally acquires residential homes through the mortgage loan foreclosure process. The Company has the option to sell these properties or to continue to hold them for expected cash flow and price appreciation.

The Company established Security National Real Estate Services (“SNRE”) to manage its residential property portfolio. SNRE cultivates and maintains the preferred vendor relationships necessary to manage costs and quality of work performed on the Company’s entire residential property portfolio.

During the three and nine month periods ended September 30, 2024 and 2023 the Company did not record any impairment losses on residential real estate held for sale or held for investment. Impairment losses, if any, are included in gains (losses) on investment and other assets on the condensed consolidated statements of earnings.

During the three month periods ended September 30, 2024 and 2023, the Company recorded depreciation expense on residential real estate held for investment of $2,653 and $2,648, respectively, and $7,958 and $7,944 during the nine month periods ended September 30, 2024 and 2023, respectively. Residential real estate held for investment is stated at cost and is depreciated over the estimated useful life, primarily using the straight-line method. Depreciation is included in net investment income on the consolidated statements of earnings.

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

	Net Book Value
	September 30, 2024		December 31, 2023
Utah (1)	$	73,610,520	$	40,924,865
	$	73,610,520	$	40,924,865

(1)	Includes multiple residential subdivision development projects

The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:

	September 30, 2024		December 31, 2023
Lots developed		35		42
Lots to be developed		1,304		1,145
Book Value	$	73,432,813	$	40,739,201

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

	Net Book Value
	September 30, 2024		December 31, 2023
Utah	$	849,900	$	-
	$	849,900	$	-

The net book value of foreclosed residential real estate included in residential real estate held for sale was $849,900 and nil as of September 30, 2024 and December 31, 2023, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of September 30, 2024, real estate owned and occupied by the Company is summarized as follows:

Location	Business Segment	Approximate Square Footage		Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)	Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales		221,000		50	%
1818 Marshall Street, Shreveport, LA (2)	Life Insurance Operations		12,274		100	%
812 Sheppard Street, Minden, LA (2) (3)	Life Insurance Sales		1,560		100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets
(3)	Listed for sale

Mortgage Loans Held for Investment

Mortgage loans held for investment consist of first and second mortgages. The mortgage loans bear interest at rates ranging from 2.0% to 10.5%, maturity dates range from nine months to 30 years and the loans are secured by real estate.

Concentrations of credit risk arise when a number of mortgage loan debtors have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified mortgage loan portfolio consisting of residential mortgages, commercial loans and residential construction loans and requires collateral on all real estate exposures, a substantial portion of the relevant debtors’ ability to honor obligations is dependent upon the economic stability of the geographic region in which the debtors do business or are employed. As of September 30, 2024, the Company had 53%, 9%, 7%, 7% and 5%, of its mortgage loans from borrowers located in the states of Utah, Florida, Texas, Arizona, and California, respectively. As of December 31, 2023, the Company had 44%, 11%, 10%, 7% and 6% of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, and Arizona respectively.

Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts, and the related allowance for credit losses. Interest income is included in net investment income on the condensed consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the terms of the loans. Origination fees are included in net investment income on the condensed consolidated statements of earnings.

Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company requires that loans not exceed 80% of the fair market value of the respective loan collateral. For loans of more than 80% of the fair market value of the respective loan collateral, additional collateral or mortgage insurance by an approved third-party insurer is required.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Evaluation of Allowance for Credit Losses

See Note 2 regarding the adoption of ASU 2016-13.

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the Company’s mortgage loans held for investment to present the net amount expected to be collected. The Company reports in net earnings, as a credit loss expense, the amount necessary to adjust the allowance for credit losses for the Company’s current estimate of expected credit losses on mortgage loans held for investment. This credit loss expense is included in other expenses on the condensed consolidated statements of earnings.

Once a mortgage loan is past due 90 days, it is the policy of the Company to end the accrual of interest income on the loan and reverse any interest income that had been accrued. Given this policy, the Company does not measure a credit loss allowance on accrued interest receivable. Accrued interest receivable is included in accrued investment income on the condensed consolidated balance sheets. Payments received for mortgage loans on a non-accrual status are recognized when received. The interest income recognized from payments received for mortgage loans on a non-accrual status was immaterial. Accrual of interest resumes if a mortgage loan is brought current. Interest not accrued on these loans totaled approximately $297,000 and $237,000 as of September 30, 2024 and December 31, 2023, respectively.

The Company measures expected credit losses based on the fair value of the collateral when the Company determines that foreclosure is probable. When a mortgage loan becomes delinquent, the Company proceeds to foreclose and all expenses for foreclosure are expensed as incurred. Once foreclosed, the property is classified as real estate held for investment or held for sale.

To determine the allowance for credit losses, the Company has segmented its mortgage loans held for investment by loan type. The Company’s loan types are commercial, residential, and residential construction. The inherent risks within the portfolio vary depending upon the loan type as follows:

Commercial - Underwritten in accordance with the Company’s policies to determine the borrower’s ability to repay the obligation as agreed. Commercial loans are made primarily based on the underlying collateral supporting the loan. Accordingly, the repayment of a commercial loan depends primarily on the collateral and its ability to generate income and secondarily on the borrower’s (or guarantor’s) ability to repay.

Commercial loans are evaluated for credit loss by analyzing common metrics that are predictors for future credit losses such as debt service coverage ratio (“DSCR”), loan to value (“LTV”), local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The fair value is assessed if the loan becomes 90 days delinquent. The Company uses these metrics to pool similar loans. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and other factors that affect the collectability of the loan. The Company applies a future loss factor to the outstanding balance of each group to arrive at the allowance for credit losses.

Residential — These loans are secured by first and second mortgages on single-family dwellings. The borrower’s ability to repay is sensitive to the life events and the general economic condition of the region. Where loan to value exceeds 80%, the loan is generally guaranteed by private mortgage insurance, the FHA, or VA.

Residential loans are evaluated for credit loss by using relevant available information from both internal and external sources. Among other things, the Company uses its historical delinquency information and considers current and forecasted economic conditions. External sources include a monthly analysis of its residential portfolio by a third party. The third party uses the Company’s current loan data and runs it through various models to project cash flows and provide a projected life of loan loss. The models consider loan features such as loan type, loan to value, payment status, age, and current property values. Analyzing the information from the various sources allows the Company to arrive at the allowance for credit losses.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Residential construction (including land acquisition and development) – These loans are underwritten in accordance with the Company’s underwriting policies, which include a financial analysis of the builders, borrowers (guarantors), construction cost estimates, and independent appraisal valuations, and factor in estimates of the value of construction projects upon completion. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project and the ability of the borrower to secure long-term financing.

Additionally, land acquisition and development loans are underwritten in accordance with the Company’s underwriting policies, which include independent appraisal valuations as well as the estimated value associated with the land upon completion of development into finished lots. These loans are of a higher risk than other mortgage loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term or construction financing, and interest rate sensitivity.

Residential construction mortgage loans are evaluated for credit loss by considering historical activity and current housing market trends to arrive at a per loan basis point allowance that is recognized at loan origination and for subsequent draws. The per loan basis point is reviewed at least annually or as loan losses or market trends require.

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance for Loan Losses

	Three Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - June 30, 2024	$	849,323		$	1,779,386		$	225,143		$	2,853,852
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		(87,611	)		(127,239	)		36,229			(178,621	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - June 30, 2023	$	831,055		$	1,589,860		$	242,645		$	2,663,560
Change in provision for credit losses (2)		(20,873	)		10,310			(40,053	)		(50,616	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

	Nine Months Ended
	Commercial			Residential			Residential Construction			Total
Beginning balance - January 1, 2024	$	1,219,653		$	2,390,894		$	208,106		$	3,818,653
Change in provision for credit losses (2)		(457,941	)		(738,747	)		53,266			(1,143,422	)
Charge-offs		-			(1,095,485	)		-			(1,095,485	)
Ending balance - September 30, 2024	$	761,712		$	556,662		$	261,372		$	1,579,746

Beginning balance - January 1, 2023	$	187,129		$	1,739,980		$	43,202		$	1,970,311
Adoption of ASU 2016-13 (1)		555,807			(192,607	)		301,830			665,030
Change in provision for credit losses (2)		67,246			52,797			(142,440	)		(22,397	)
Charge-offs		-			-			-			-
Ending balance - September 30, 2023	$	810,182		$	1,600,170		$	202,592		$	2,612,944

(1)	See Note 2 of the notes to the condensed consolidated financial statements
(2)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated:

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
September 30, 2024
30-59 days past due	$	-		$	6,252,738		$	-		$	6,252,738
60-89 days past due		-			1,299,663			-			1,299,663
Over 90 days past due (1)		3,555,000			2,183,008			-			5,738,008
In process of foreclosure (1)		191,508			3,516,610			-			3,708,118
Total past due		3,746,508			13,252,019			-			16,998,527
Current		62,716,046			75,200,317			130,683,596			268,599,959
Total mortgage loans		66,462,554			88,452,336			130,683,596			285,598,486
Allowance for credit losses		(761,712	)		(556,662	)		(261,372	)		(1,579,746	)
Unamortized deferred loan fees, net		(94,848	)		(1,194,377	)		(689,339	)		(1,978,564	)
Unamortized discounts, net		(152,838	)		(153,156	)		-			(305,994	)
Net mortgage loans held for investment	$	65,453,156		$	86,548,141		$	129,732,885		$	281,734,182

December 31, 2023
30-59 days past due	$	-		$	3,387,673		$	-		$	3,387,673
60-89 days past due		-			3,472,760			-			3,472,760
Over 90 days past due (1)		405,000			3,480,931			-			3,885,931
In process of foreclosure (1)		1,241,508			1,021,790			-			2,263,298
Total past due		1,646,508			11,363,154			-			13,009,662
Current		72,530,030			91,790,433			104,052,748			268,373,211
Total mortgage loans		74,176,538			103,153,587			104,052,748			281,382,873
Allowance for credit losses		(1,219,653	)		(2,390,894	)		(208,106	)		(3,818,653	)
Unamortized deferred loan fees, net		(172,989	)		(1,135,491	)		(314,746	)		(1,623,226	)
Unamortized discounts, net		(216,705	)		(107,452	)		-			(324,157	)
Net mortgage loans held for investment	$	72,567,191		$	99,519,750		$	103,529,896		$	275,616,837

(1)	Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Credit Quality Indicators

The Company evaluates and monitors the credit quality of its commercial loans by analyzing loan to value (“LTV”) and debt service coverage ratios (“DSCR”). Monitoring a commercial mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
LTV:
Less than 65%	$	5,604,700	$	27,454,450	$	2,828,743	$	3,020,636	$	-	$	9,138,597	$	48,047,126		72.29	%
65% to 80%		10,432,942		1,840,776		823,397		-		4,913,313		-		18,010,428		27.10	%
Greater than 80%		-		-		-		405,000		-		-		405,000		0.61	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

DSCR
>1.20x	$	15,604,700	$	20,990,000	$	1,000,000	$	-	$	4,913,313	$	5,459,400	$	47,967,413		72.17	%
1.00x - 1.20x		432,942		8,305,226		2,652,140		3,425,636		-		3,679,197		18,495,141		27.83	%
<1.00x		-		-		-		-		-		-		-		0.00	%

Total	$	16,037,642	$	29,295,226	$	3,652,140	$	3,425,636	$	4,913,313	$	9,138,597	$	66,462,554		100.00	%

The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022			2021		2020		2019		Prior		Total		% of Total
LTV:
Less than 65%	$	34,304,954	$	13,555,737		$	3,778,248	$	-	$	2,964,740	$	6,565,389	$	61,169,068		82.46	%
65% to 80%		1,523,926		5,115,231			1,050,000		4,913,313		-		-		12,602,470		16.99	%
Greater than 80%		-		-			405,000		-		-		-		405,000		0.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

DSCR
>1.20x	$	20,990,000	$	1,000,000		$	700,000	$	4,913,313	$	2,964,740	$	2,612,625	$	33,180,678		44.73	%
1.00x - 1.20x		8,338,880		8,496,127			3,483,248		-		-		3,952,764		24,271,019		32.72	%
<1.00x		6,500,000		9,174,841⁽¹⁾	(1)		1,050,000		-		-		-		16,724,841		22.55	%

Total	$	35,828,880	$	18,670,968		$	5,233,248	$	4,913,313	$	2,964,740	$	6,565,389	$	74,176,538		100.00	%

(1)	Commercial construction loan

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	8,179,852	$	11,232,976	$	44,202,986	$	3,379,192	$	5,902,895	$	9,854,817	$	82,752,718		93.56	%
Non-performing (1)		-		2,819,075		541,333		684,478		588,864		1,065,868		5,699,618		6.44	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $3,516,610


LTV:
Less than 65%	$	2,624,800	$	5,055,179	$	5,981,284	$	1,796,124	$	2,452,998	$	5,348,470	$	23,258,855	26.30	%
65% to 80%		5,555,052		8,806,209		37,672,607		1,948,129		3,351,111		5,504,578		62,837,686	71.04	%
Greater than 80%		-		190,663		1,090,428		319,417		687,650		67,637		2,355,795	2.66	%

Total	$	8,179,852	$	14,052,051	$	44,744,319	$	4,063,670	$	6,491,759	$	10,920,685	$	88,452,336	100.00	%

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Total		% of Total
Performance Indicators:
Performing	$	15,337,828	$	53,875,389	$	7,156,934	$	7,453,796	$	2,786,562	$	12,040,357	$	98,650,866		95.63	%
Non-performing (1)		-		2,202,114		365,061		613,101		-		1,322,445		4,502,721		4.37	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $1,021,790


LTV:
Less than 65%	$	3,280,144	$	7,049,522	$	1,843,286	$	1,746,970	$	446,675	$	5,206,095	$	19,572,692	18.97	%
65% to 80%		10,962,770		44,371,320		4,269,894		4,222,170		2,339,887		5,711,440		71,877,481	69.68	%
Greater than 80%		1,094,914		4,656,661		1,408,815		2,097,757		-		2,445,267		11,703,414	11.35	%

Total	$	15,337,828	$	56,077,503	$	7,521,995	$	8,066,897	$	2,786,562	$	13,362,802	$	103,153,587	100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company evaluates and monitors the credit quality of its residential construction loans (including land acquisition and development loans) by analyzing LTV and loan performance. Monitoring a residential construction mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of September 30, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%
Non-performing		-		-		-		-		-		0.00	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

LTV:
Less than 65%	$	35,065,417	$	22,918,540	$	1,630,488	$	11,406,505	$	71,020,950		54.35	%
65% to 80%		57,429,690		1,158,441		453,878		-		59,042,009		45.18	%
Greater than 80%		620,637		-		-		-		620,637		0.47	%

Total	$	93,115,744	$	24,076,981	$	2,084,366	$	11,406,505	$	130,683,596		100.00	%

The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2023:

Credit Quality Indicator	2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%
Non-performing		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

LTV:
Less than 65%	$	40,215,360	$	8,732,500	$	20,442,302	$	69,390,162		66.69	%
65% to 80%		20,096,319		7,891,682		6,674,585		34,662,586		33.31	%
Greater than 80%		-		-		-		-		0.00	%

Total	$	60,311,679	$	16,624,182	$	27,116,887	$	104,052,748		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets:

	As of September 30, 2024			As of December 31, 2023
30-59 days past due	$	9,571,073		$	10,829,629
60-89 days past due		3,593,162			3,709,754
Over 90 days past due		5,430,234			4,329,468
Total past due		18,594,469			18,868,851
Current		27,359,925			26,736,471
Total insurance assignments		45,954,394			45,605,322
Allowance for credit losses		(1,540,835	)		(1,553,836	)
Net insurance assignments	$	44,413,559		$	44,051,486

The Company records an allowance for credit losses when the insurance assignment is funded. Once an insurance assignment moves to 90 days or legal proceedings, it is monitored for write-off and collectability, and any adjustments to the allowance are recorded at that time. See Note 2 regarding the adoption of ASU 2016-13.

The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated:

Schedule of Allowance for Credit Losses

	Three Months Ended
Beginning balance - June 30, 2024	$	1,535,324
Change in provision for credit losses (1)		259,643
Charge-offs		(254,132	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - June 30, 2023	$	1,690,693
Change in provision for credit losses (1)		214,934
Charge-offs		(350,366	)
Ending balance - September 30, 2023	$	1,555,261

	Nine Months Ended
Beginning balance - January 1, 2024	$	1,553,836
Change in provision for credit losses (1)		752,256
Charge-offs		(765,257	)
Ending balance - September 30, 2024	$	1,540,835

Beginning balance - January 1, 2023	$	1,609,951
Change in provision for credit losses (1)		667,260
Charge-offs		(721,950	)
Ending balance - September 30, 2023	$	1,555,261

(1)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Investment Related Earnings

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets:

Schedule of Gain (Loss) on Investments

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities:
Gross realized gains	$	7,929		$	37,565		$	13,120		$	54,619
Gross realized losses		(43,184	)		(10,383	)		(61,539	)		(102,182	)
Net credit loss release (provision)		(20,342	)		1,740			(100,053	)		(222,264	)

Equity securities:
Gains (losses) on securities sold		708			324,009			(16,662	)		277,057
Unrealized gains (losses) on securities held at the end of the period		2,415,881			(1,321,511	)		3,534,285			(423,448	)

Mortgage loans held for investment:
Gross realized gains		-			-			-			-
Gross realized losses		(1,161,364	)		-			(1,161,364	)		-

Real estate held for investment and sale:
Gross realized gains		71,622			36,166			360,474			197,194
Gross realized losses		-			-			-			-

Other assets:
Gross realized gains		95,690			-			92,095			214,348
Gross realized losses		(19,284	)		-			(20,513	)		-
Total	$	1,347,656		$	(932,414	)	$	2,639,843		$	(4,676	)

The realized gains and losses on the sale of securities are recorded on the trade date, and the cost of the securities sold is determined using the specific identification method.

Net realized gains and losses includes gains and losses by the cemetery perpetual care trust investments and the restricted assets and of the cemeteries and mortuaries of $1,140,136 and $452,115 in net gains for the three month periods ended September 30, 2024 and 2023, respectively, and of $1,519,487 and $200,605 in net gains for the nine month periods ended September 30, 2024 and 2023, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

Major categories of net investment income were as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Fixed maturity securities available for sale	$	4,301,241		$	4,242,185		$	13,050,503		$	12,398,685
Equity securities		171,767			167,348			516,363			448,564
Mortgage loans held for investment		7,032,201			9,842,845			22,867,797			27,797,908
Real estate held for investment and sale		3,093,459			3,291,047			9,893,539			11,553,643
Policy loans		225,393			191,843			715,791			599,498
Insurance assignments		5,009,043			4,340,644			14,971,607			13,570,659
Other investments		272,062			213,560			672,363			555,720
Cash and cash equivalents		1,700,898			1,083,241			5,107,765			2,651,148
Gross investment income		21,806,064			23,372,713			67,795,728			69,575,825
Investment expenses		(4,006,968	)		(4,124,250	)		(12,005,256	)		(12,380,505	)
Net investment income	$	17,799,096		$	19,248,463		$	55,790,472		$	57,195,320

Net investment income includes income earned by the cemetery perpetual care trust investments and the restricted assets of the cemeteries and mortuaries of $393,811 and $372,277 for the three month periods ended September 30, 2024 and 2023, respectively, and of $1,798,170 and $2,224,629 for the nine month periods ended September 30, 2024 and 2023, respectively.

Net investment income on real estate consists primarily of rental revenue. Investment expenses consist primarily of depreciation, property taxes, operating expenses of real estate and an estimated portion of administrative expenses relating to investment activities.

Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	As of September 30, 2024		As of December 31, 2023
Fixed maturity securities available for sale	$	3,798,114	$	3,984,695
Equity securities		9,437		20,451
Mortgage loans held for investment		949,979		2,661,092
Real estate held for investment		3,011,035		3,486,115
Cash and cash equivalents		92,259		18,437
Total accrued investment income	$	7,860,824	$	10,170,790

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment

	Life Insurance		Cemetery/ Mortuary		Mortgage			Intercompany Eliminations			Consolidated
For the Three Months Ended
September 30, 2024
Revenues from external customers	$	48,853,356	$	8,542,677	$	30,877,654		$	-		$	88,273,687
Intersegment revenues		2,066,052		85,699		137,946			(2,289,697	)		-
Segment profit (loss) before income taxes		12,358,186		2,840,346		16,150			-			15,214,682

For the Nine Months Ended
September 30, 2024
Revenues from external customers	$	146,061,306	$	25,608,123	$	83,583,792					$	255,253,221
Intersegment revenues		5,351,600		255,234		429,541			(6,036,375	)		-
Segment profit (loss) before income taxes		28,052,410		7,984,287		(1,813,111	)					34,223,586

Identifiable Assets	$	1,379,914,778	$	103,403,799	$	99,663,509		$	(93,411,674	)	$	1,489,570,412
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets	$	1,382,680,348	$	105,892,012	$	99,663,509		$	(93,411,674	)	$	1,494,824,195

For the Three Months Ended
September 30, 2023
Revenues from external customers	$	47,199,169	$	7,416,423	$	25,626,135		$	-		$	80,241,727
Intersegment revenues		2,330,292		85,699		133,639			(2,549,630	)		-
Segment profit (loss) before income taxes		7,175,181		1,469,592		(3,486,083	)		-			5,158,690

For the Nine Months Ended
September 30, 2023
Revenues from external customers	$	140,685,555	$	23,427,327	$	79,475,738					$	243,588,620
Intersegment revenues		6,357,810		254,302		393,145			(7,005,257	)		-
Segment profit (loss) before income taxes		20,017,102		6,082,343		(11,206,534	)					14,892,911

Identifiable Assets	$	1,299,027,212	$	92,299,022	$	107,800,781		$	(90,608,563	)	$	1,408,518,452
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets	$	1,301,792,782	$	94,787,235	$	107,800,781		$	(90,608,563	)	$	1,413,772,235

Schedule of Assets on Deposit With Life Insurance (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Other investments	$ 70,219,649	$ 69,404,617
Asset Pledged as Collateral [Member]
Marketable Securities [Line Items]
Fixed maturity securities available for sale at estimated fair value	66,564,387	93,903,089
Total assets pledged as collateral	66,564,387	93,903,089
Third Party Reinsurance Agreements [Member]
Marketable Securities [Line Items]
Fixed maturity securities available for sale at estimated fair value	26,907,601	27,903,952
Cash and cash equivalents	3,427,980	2,101,052
Total assets on deposit	30,335,581	30,005,004
Life Insurance Regulatory Authorities [Member]
Marketable Securities [Line Items]
Fixed maturity securities available for sale at estimated fair value	6,402,068	6,206,650
Other investments	400,000	400,000
Cash and cash equivalents	1,385,229	1,909,215
Total assets on deposit	$ 8,187,297	$ 8,515,865

Schedule of Gain (Loss) on Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Gross realized gains			$ 2,714	$ 11,257
Gross realized losses	(20,666)	(3,368)	(1,522)	(57,472)
Net credit loss release (provision)	(20,342)	(1,741)	(100,053)	(222,264)
Total	1,347,656	(932,414)	2,639,843	(4,676)
Fixed Maturity Securities [Member]
Schedule of Investments [Line Items]
Gross realized gains	7,929	37,565	13,120	54,619
Gross realized losses	(43,184)	(10,383)	(61,539)	(102,182)
Net credit loss release (provision)	(20,342)	1,740	(100,053)	(222,264)
Equity Securities One [Member]
Schedule of Investments [Line Items]
Gains (losses) on securities sold	708	324,009	(16,662)	277,057
Unrealized gains (losses) on securities held at the end of the period	2,415,881	(1,321,511)	3,534,285	(423,448)
Mortgage Loans Held for Investment [Member]
Schedule of Investments [Line Items]
Gross realized gains
Gross realized losses	(1,161,364)		(1,161,364)
Real Estate Held For Investment And Sale [Member]
Schedule of Investments [Line Items]
Gross realized gains	71,622	36,166	360,474	197,194
Gross realized losses
Other Assets [Member]
Schedule of Investments [Line Items]
Gross realized gains	95,690		92,095	214,348
Gross realized losses	$ (19,284)		$ (20,513)

Revenues from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

13) Revenues from Contracts with Customers

The Company reports revenues from contracts with customers pursuant to ASC No. 606, Revenue from Contracts with Customers.

Information about Performance Obligations and Contract Balances

The Company’s cemetery and mortuary segment sells a variety of goods and services to customers in both at-need and pre-need situations. Due to the timing of the fulfillment of the obligation, revenue is deferred until that obligation is fulfilled.

The Company’s three types of future obligations are as follows:

Pre-need Merchandise and Service Revenue: All pre-need merchandise and service revenue is deferred, and the funds are placed in trust until the need arises, the merchandise is received, or the service is performed. The trust is then relieved, and the revenue and commissions are recognized.

At-need Specialty Merchandise Revenue: At-need specialty merchandise revenue consists of customizable merchandise ordered from a manufacturer such as markers and bases. When specialty merchandise is ordered, it can take time to manufacture and deliver the product. Revenue is deferred until the at-need merchandise is received.

Deferred Pre-need Land Revenue: Deferred pre-need revenue and corresponding commissions are deferred until 10% of the funds are received from the customer through regular monthly payments. Deferred pre-need land revenue is not placed in trust.

Complete payment of the contract does not constitute fulfillment of the performance obligation. Goods or services are deferred until such a time the service is performed or merchandise is received. Pre-need contracts are required to be paid in full prior to a customer using a good or service from a pre-need contract. Goods and services from pre-need contracts can be transferred when paid in full from one owner to another. In such cases, the Company will act as an agent in transferring the requested goods and services. The transfer of goods and services does not fulfill an obligation and revenue remains deferred.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

13) Revenues from Contracts with Customers (Continued)

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows:

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2024)	$	6,321,573	$	-	$	18,237,246
Closing (September 30, 2024)		6,593,720		-		19,493,005
Increase/(decrease)		272,147		-		1,255,759

	Contract Balances
	Receivables (1)		Contract Asset		Contract Liability
Opening (January 1, 2023)	$	5,392,779	$	-	$	16,226,836
Closing (December 31, 2023)		6,321,573		-		18,237,246
Increase/(decrease)		928,794		-		2,010,410

(1)	Included in Receivables, net on the condensed consolidated balance sheets

The amount of revenue recognized and included in the opening contract liability balance for the three month periods ended September 30, 2024 and 2023 was $1,320,688 and $1,279,750, respectively, and for the nine month periods ended September 30, 2024 and 2023 was $4,256,184 and $3,516,215, respectively.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment.

Disaggregation of Revenue

The following table disaggregates revenue for the Company’s cemetery and mortuary contracts:

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Major goods/service lines
At-need	$	5,024,330	$	4,832,352	$	15,299,010	$	14,985,838
Pre-need		1,790,001		2,401,679		6,232,759		5,888,336
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031	$	21,531,769	$	20,874,174

Timing of Revenue Recognition
Goods transferred at a point in time	$	4,064,864	$	4,762,777	$	13,287,515	$	13,321,412
Services transferred at a point in time		2,749,467		2,471,254		8,244,254		7,552,762
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031	$	21,531,769	$	20,874,174

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

13) Revenues from Contracts with Customers (Continued)

The following table reconciles revenues from cemetery and mortuary contracts to Note 7 – Business Segment Information for the Cemetery/Mortuary Segment for the periods presented:

	2024		2023			2024		2023
	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Net mortuary and cemetery sales	$	6,814,331	$	7,234,031		$	21,531,769	$	20,874,174
Gains (losses) on investments and other assets		1,124,513		(452,120	)		1,503,865		(200,610	)
Net investment income		477,833		516,094			2,136,982		2,460,859
Other revenues		126,000		118,418			435,507		292,904
Revenues from external customers		8,542,677		7,416,423			25,608,123		23,427,327

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Allowance for credit loss

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Amortized cost

$ 347,143,698

$ 390,884,441

414,602

314,549

Equity securities cost

11,357,095

10,571,505

Allowance for loan and lease losses, real estate

1,579,746

3,818,653

Real estate investment property, accumulated depreciation

30,005,134

29,307,791

Allowance for doubtful accounts, premiums and other receivables

1,540,835

1,553,836

Accounts receivable, allowance for credit loss

1,566,150

1,897,887

Aggregate fair value, restricted assets

11,608,495

9,239,063

Aggregate fair value, cemetery perpetual care trust investments

$ 5,844,356

$ 4,969,005

Preferred stock, par value

$ 1.00

Preferred stock, shares authorized

5,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common Class A [Member]

Common stock, par value

$ 2.00

Common stock, shares authorized

40,000,000

Common stock, shares issued

21,117,986

21,052,883

^[1]

Common stock, shares outstanding

21,117,986

21,052,883

^[1],[2]

Treasury stock, shares

938,919

852,338

^[1]

Common Class B [Member]

Common stock, par value

$ 1.00

Common stock, shares authorized

5,000,000

Common stock, shares issued

Common stock, shares outstanding

Common Class C [Member]

Common stock, par value

$ 2.00

Common stock, shares authorized

6,000,000

Common stock, shares issued

3,120,166

3,120,432

^[1]

Common stock, shares outstanding

3,120,166

3,120,432

^[1],[2]

Treasury stock, shares

37,503

^[1]

[1]	Issued and outstanding shares have been adjusted retroactively for the effect of annual stock dividends.
[2]	Adjusted retroactively for the effect of annual stock dividends

Schedule of Real Estate Owned and Occupied by the Company (Details)

Sep. 30, 2024

ft²

Mortgage Operations [Member]

Approximate square footage

221,000

^[1]

Square footage occupied by the company

50.00%

^[1]

Life Insurance Operations [Member]

Approximate square footage

12,274

^[2]

Square footage occupied by the company

100.00%

^[2]

Life Insurance Sales [Member]

Approximate square footage

1,560

^[2],[3]

Square footage occupied by the company

100.00%

^[2],[3]

[1]	Included in real estate held for investment on the condensed consolidated balance sheets
[2]	Included in property and equipment on the condensed consolidated balance sheets
[3]	Listed for sale

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues:

Mortgage fee income

$ 30,224,092

$ 24,936,019

$ 81,675,278

$ 77,003,778

Insurance premiums and other considerations

30,011,081

28,906,803

89,823,732

85,687,394

Net investment income

17,799,096

19,248,463

55,790,472

57,195,320

Net mortuary and cemetery sales

6,814,331

7,234,031

21,531,769

20,874,174

Gains (losses) on investments and other assets

1,347,656

(932,414)

2,639,843

(4,676)

Other

2,077,431

848,825

3,792,127

2,832,630

Total revenues

88,273,687

80,241,727

255,253,221

243,588,620

Benefits and expenses:

Death benefits

13,570,336

14,678,251

43,354,254

46,811,922

Surrenders and other policy benefits

1,194,692

1,467,066

3,453,425

3,550,416

Increase in future policy benefits

8,589,354

9,476,678

27,148,178

26,031,421

Amortization of deferred policy and pre-need acquisition costs and value of business acquired

2,287,003

4,480,457

11,332,305

13,615,359

Selling, general and administrative expenses:

Commissions

13,204,406

10,467,796

34,638,464

30,877,232

Personnel

21,249,554

20,234,106

61,907,265

62,705,033

Advertising

907,528

994,433

2,381,400

2,863,597

Rent and rent related

1,380,076

1,677,701

4,078,792

5,285,492

Depreciation on property and equipment

611,475

590,168

1,791,823

1,765,797

Costs related to funding mortgage loans

1,694,791

1,563,172

4,677,767

5,246,881

Other

6,191,624

7,124,347

19,476,918

22,308,291

Interest expense

1,060,653

1,151,534

3,161,943

4,019,669

Cost of goods and services sold-mortuaries and cemeteries

1,117,513

1,177,328

3,627,101

3,614,599

Total benefits and expenses

73,059,005

75,083,037

221,029,635

228,695,709

Earnings before income taxes

15,214,682

5,158,690

34,223,586

14,892,911

Income tax expense

(3,383,238)

(1,117,397)

(7,646,071)

(3,258,740)

Net earnings

$ 11,831,444

$ 4,041,293

$ 26,577,515

$ 11,634,171

Net earnings per Class A Equivalent common share

^[1]

$ 0.51

$ 0.17

$ 1.14

$ 0.50

Net earnings per Class A Equivalent common share-assuming dilution

^[1]

$ 0.49

$ 0.17

$ 1.11

$ 0.49

Weighted-average Class A equivalent common shares outstanding

^[1]

23,240,725

23,169,141

23,287,707

23,171,889

Weighted-average Class A equivalent common shares outstanding-assuming dilution

^[1]

24,053,486

23,975,784

23,984,233

23,837,693

[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.

Schedule of Major Categories of Net Investment Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable Securities [Line Items]
Proceeds from sales	$ 181,949	$ 207,522	$ 789,190	$ 1,163,132
Gross realized gains			2,714	11,257
Gross realized losses	(20,666)	(3,368)	(1,522)	(57,472)
Gross investment income	21,806,064	23,372,713	67,795,728	69,575,825
Investment expenses	(4,006,968)	(4,124,250)	(12,005,256)	(12,380,505)
Net investment income	17,799,096	19,248,463	55,790,472	57,195,320
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	4,301,241	4,242,185	13,050,503	12,398,685
Equity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	171,767	167,348	516,363	448,564
Mortgage Loans Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	7,032,201	9,842,845	22,867,797	27,797,908
Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	3,093,459	3,291,047	9,893,539	11,553,643
Policy Student And Other Loans [Member]
Marketable Securities [Line Items]
Gross investment income	225,393	191,843	715,791	599,498
Insurance Assignments [Member]
Marketable Securities [Line Items]
Gross investment income	5,009,043	4,340,644	14,971,607	13,570,659
Other Investments [Member]
Marketable Securities [Line Items]
Gross investment income	272,062	213,560	672,363	555,720
Cash And Cash Equivalents [Member]
Marketable Securities [Line Items]
Gross investment income	$ 1,700,898	$ 1,083,241	$ 5,107,765	$ 2,651,148

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet as of September 30, 2024:

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	346,513,336		$	-	$	345,281,782	$	1,231,554
Equity securities		16,385,571			16,385,571		-		-
Loans held for sale		142,897,741			-		-		142,897,741
Restricted assets (1)		1,747,584			-		1,747,584		-
Restricted assets (2)		9,860,911			9,860,911		-		-
Cemetery perpetual care trust investments (1)		771,935					771,935		-
Cemetery perpetual care trust investments (2)		5,072,421			5,072,421		-		-
Derivatives - loan commitments (3)		5,563,882			-		-		5,563,882
Total assets accounted for at fair value on a recurring basis	$	528,813,381		$	31,318,903	$	347,801,301	$	149,693,177

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(3,168,855	)		-		-		(3,168,855	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,168,855	)	$	-	$	-	$	(3,168,855	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	381,535,986		$	-	$	380,297,330	$	1,238,656
Equity securities		13,636,071			13,636,071		-		-
Loans held for sale		126,549,190			-		-		126,549,190
Restricted assets (1)		1,853,860			-		1,853,860		-
Restricted assets (2)		7,385,203			7,385,203		-		-
Cemetery perpetual care trust investments (1)		641,704			-		641,704		-
Cemetery perpetual care trust investments (2)		4,327,301			4,327,301		-		-
Derivatives - loan commitments (3)		4,995,486			-		-		4,995,486
Total assets accounted for at fair value on a recurring basis	$	540,924,801		$	25,348,575	$	382,792,894	$	132,783,332

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(3,412,224	)	$	-	$	-	$	(3,412,224	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,412,224	)	$	-	$	-	$	(3,412,224	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the consolidated balance sheets

Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	September		Valuation	Unobservable	Minimum			Maximum			Weighted
	30, 2024		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	142,897,741	Market approach	Investor contract pricing as a percentage of unpaid principal balance		87.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		2,395,027	Market approach	Pull-through rate		65.0	%		100.0	%		85.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			135 bps			44 bps

Fixed maturity securities available for sale		1,231,554	Broker quotes	Pricing quotes	$	98.40		$	100.00		$	99.27

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	December		Valuation	Unobservable	Minimum			Maximum			Weighted
	31, 2023		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	126,549,190	Market approach	Investor contract pricing as a percentage of unpaid principal balance		70.0	%		121.0	%		100.0	%

Derivatives - loan commitments (net)		1,583,262	Market approach	Pull-through rate		70.0	%		99.0	%		86.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			119 bps			49 bps

Fixed maturity securities available for sale		1,238,656	Broker quotes	Pricing quotes	$	98.40		$	102.46		$	99.86

Schedule of Changes in Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended September 30, 2024:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - June 30, 2024	$	2,574,863		$	150,196,416		$	1,237,469
Originations and purchases		-			633,213,359			-
Sales, maturities and paydowns		-			(655,088,969	)		-
Total gains (losses):
Included in earnings		(179,836	)(1)		14,576,935	(1)		-	(2)
Included in other comprehensive income		-			-			(5,915	)

Balance - September 30, 2024	$	2,395,027		$	142,897,741		$	1,231,554

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended September 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874
Originations and purchases		-			569,095,944			-
Sales, maturities and paydowns		-			(585,545,472	)		(129,521	)
Transfer to mortgage loans held for investment					(1,867,552	)
Total gains (losses):
Included in earnings		(1,504,286	)(1)		9,553,586	(1)		(109	)(2)
Included in other comprehensive income		-			-			(70,057	)

Balance - September 30, 2023	$	1,729,161		$	152,546,566		$	1,232,187

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the nine month period ended September 30, 2024:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2023	$	1,583,262		$	126,549,190		$	1,238,656
Originations and purchases		-			1,723,036,874			-
Sales, maturities and paydowns		-			(1,742,693,113	)		-
Transfer to mortgage loans held for investment		-			-			-
Loans held for sale foreclosed into real estate held for sale					(858,977	)
Total gains (losses):
Included in earnings		811,765	(1)		36,863,767	(1)		-	(2)
Included in other comprehensive income		-			-			(7,102	)

Balance - September 30, 2024	$	2,395,027		$	142,897,741		$	1,231,554

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the nine month period ended September 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2022	$	2,706,877		$	141,179,620		$	1,435,519
Originations and purchases		-			1,708,831,185			-
Sales, maturities and paydowns		-			(1,726,023,095	)		(129,521	)
Transfer to mortgage loans held for investment		-			(3,017,626	)		-
Total gains (losses):
Included in earnings		(977,716	)(1)		31,576,482	(1)		(109	)(2)
Included in other comprehensive income		-			-			(73,702	)

Balance - September 30, 2023	$	1,729,161		$	152,546,566		$	1,232,187

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

Schedule of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of September 30, 2024:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	86,548,141		$	-	$	-	$	88,394,509		$	88,394,509
Residential construction		129,732,885			-		-		129,732,885			129,732,885
Commercial		65,453,156			-		-		66,238,958			66,238,958
Mortgage loans held for investment, net	$	281,734,182		$	-	$	-	$	284,366,352		$	284,366,352
Policy loans		13,735,282			-		-		13,735,282			13,735,282
Insurance assignments, net (1)		44,413,559			-		-		44,413,559			44,413,559
Restricted assets (2)		1,111,073			-		-		1,111,073			1,111,073
Cemetery perpetual care trust investments (2)		99,800			-		-		99,800			99,800
Mortgage servicing rights, net		3,051,805			-		-		4,170,880			4,170,880

Liabilities
Bank and other loans payable	$	(106,989,925	)	$	-	$	-	$	(92,105,403	)	$	(92,105,403	)
Policyholder account balances (3)		(37,305,721	)		-		-		(38,150,732	)		(38,150,732	)
Future policy benefits - annuities (3)		(106,361,533	)		-		-		(105,136,015	)		(105,136,015	)

(1)	Included in other investments and policy loans on the condensed consolidated balance sheets
(2)	Mortgage loans held for investment
(3)	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2023:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	99,519,750		$	-	$	-	$	96,998,106		$	96,998,106
Residential construction		103,529,896			-		-		103,529,896			103,529,896
Commercial		72,567,191			-		-		72,149,530			72,149,530
Mortgage loans held for investment, net	$	275,616,837		$	-	$	-	$	272,677,532		$	272,677,532
Policy loans		13,264,183			-		-		13,264,183			13,264,183
Insurance assignments, net (1)		44,051,486			-		-		44,051,486			44,051,486
Restricted assets (2)		675,219			-		-		675,219			675,219
Cemetery perpetual care trust investments (2)		246,865			-		-		246,865			246,865
Mortgage servicing rights, net		3,461,146			-		-		4,543,657			4,543,657

Liabilities
Bank and other loans payable	$	(105,555,137	)	$	-	$	-	$	(105,555,137	)	$	(105,555,137	)
Policyholder account balances (3)		(39,245,123	)		-		-		(48,920,691	)		(48,920,691	)
Future policy benefits - annuities (3)		(106,285,010	)		-		-		(102,177,585	)		(102,177,585	)

(1)	Included in other investments and policy loans on the consolidated balance sheets
(2)	Mortgage loans held for investment
(3)	Included in future policy benefits and unpaid claims on the consolidated balance sheets

Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loans Held For Sale
Loan fees	$ 7,358,830	$ 6,033,227	$ 20,245,527	$ 16,408,443
Interest income	2,357,379	2,637,971	6,104,113	7,265,516
Secondary gains	17,982,124	17,625,394	51,387,693	54,884,965
Change in fair value of loan commitments	(179,836)	(1,504,286)	811,765	(977,716)
Change in fair value of loans held for sale	2,959,729	(108,676)	3,855,914	(715,799)
Provision for loan loss reserve	(254,134)	252,389	(729,734)	138,369
Mortgage fee income	$ 30,224,092	$ 24,936,019	$ 81,675,278	$ 77,003,778

Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets (Tables)

9 Months Ended

Sep. 30, 2024

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments

The Company’s investments as of September 30, 2024 are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	76,328,048		$	1,233,362	$	(451,493	)	$	-		$	77,109,917

Obligations of states and political subdivisions		5,940,034			19,228		(145,441	)		-			5,813,821

Corporate securities including public utilities		230,885,585			6,223,923		(3,885,889	)		(402,553	)		232,821,066

Mortgage-backed securities		33,740,031			361,640		(3,571,090	)		(12,049	)		30,518,532

Redeemable preferred stock		250,000			-		-			-			250,000

Total fixed maturity securities available for sale	$	347,143,698		$	7,838,153	$	(8,053,913	)	$	(414,602	)	$	346,513,336

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Total equity securities at estimated fair value	$	11,357,095		$	5,299,178	$	(270,702	)				$	16,385,571

Mortgage loans held for investment at amortized cost:
Residential	$	88,452,336
Residential construction		130,683,596
Commercial		66,462,554
Less: Unamortized deferred loan fees, net		(1,978,564	)
Less: Allowance for credit losses		(1,579,746	)
Less: Net discounts		(305,994	)

Total mortgage loans held for investment	$	281,734,182

Real estate held for investment - net of accumulated depreciation:
Residential	$	73,610,520
Commercial		126,880,036

Total real estate held for investment	$	200,490,556

Real estate held for sale:
Residential	$	849,900
Commercial		151,553

Total real estate held for sale	$	1,001,453

Other investments and policy loans at amortized cost:
Policy loans	$	13,735,282
Insurance assignments		45,954,394
Federal Home Loan Bank stock (2)		2,378,200
Other investments		9,692,608
Less: Allowance for credit losses for insurance assignments		(1,540,835	)

Total other investments and policy loans	$	70,219,649

Accrued investment income	$	7,860,824

Total investments	$	924,205,571

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $553,900 of Membership stock and $1,824,300 of Activity stock attributable to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

3) Investments (Continued)

The Company’s investments as of December 31, 2023 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	111,450,753		$	344,425	$	(1,416,448	)	$	-		$	110,378,730

Obligations of states and political subdivisions		6,524,083			500		(319,260	)		-			6,205,323

Corporate securities including public utilities		232,299,727			3,688,642		(7,145,507	)		(308,500	)		228,534,362

Mortgage-backed securities		40,359,878			506,647		(4,702,905	)		(6,049	)		36,157,571

Redeemable preferred stock		250,000			10,000		-			-			260,000

Total fixed maturity securities available for sale	$	390,884,441		$	4,550,214	$	(13,584,120	)	$	(314,549	)	$	381,535,986

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Total equity securities at estimated fair value	$	10,571,505		$	3,504,141	$	(439,575	)				$	13,636,071

Mortgage loans held for investment at amortized cost:
Residential	$	103,153,587
Residential construction		104,052,748
Commercial		74,176,538
Less: Unamortized deferred loan fees, net		(1,623,226	)
Less: Allowance for credit losses		(3,818,653	)
Less: Net discounts		(324,157	)

Total mortgage loans held for investment	$	275,616,837

Real estate held for investment - net of accumulated depreciation:
Residential	$	40,924,865
Commercial		142,494,427

Total real estate held for investment	$	183,419,292

Real estate held for sale:
Residential	$	-
Commercial		3,028,973

Total real estate held for sale	$	3,028,973

Other investments and policy loans at amortized cost:
Policy loans	$	13,264,183
Insurance assignments		45,605,322
Federal Home Loan Bank stock (2)		2,279,800
Other investments		9,809,148
Less: Allowance for credit losses for insurance assignments		(1,553,836	)

Total policy loans and other investments	$	69,404,617

Accrued investment income	$	10,170,790

Total investments	$	936,812,566

(1)	Gross unrealized losses are net of allowance for credit losses

(2)	Includes $530,900 of Membership stock and $1,748,900 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Combined Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	534	$	4,411,131	$	450,959	$	22,087,838	$	451,493	$	26,498,969
Obligations of states and political subdivisions		-		-		145,441		4,162,052		145,441		4,162,052
Corporate securities		171,711		15,096,035		3,714,178		83,653,386		3,885,889		98,749,421
Mortgage-backed securities		5,712		695,868		3,565,378		19,827,317		3,571,090		20,523,185
Totals	$	177,957	$	20,203,034	$	7,875,956	$	129,730,593	$	8,053,913	$	149,933,627

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	29,394	$	9,436,090	$	1,387,054	$	70,885,403	$	1,416,448	$	80,321,493
Obligations of states and political subdivisions		11,105		470,325		308,155		5,284,498		319,260		5,754,823
Corporate securities		529,660		32,507,773		6,615,847		107,556,216		7,145,507		140,063,989
Mortgage-backed securities		29,799		2,260,445		4,673,106		22,184,174		4,702,905		24,444,619
Totals	$	599,958	$	44,674,633	$	12,984,162	$	205,910,291	$	13,584,120	$	250,584,924

Schedule of Investments Classified by Contractual Maturity Date

	Amortized Cost		Estimated Fair Value
Due in 1 year	$	7,981,489	$	7,842,911
Due in 2-5 years		136,017,903		136,085,053
Due in 5-10 years		103,303,678		106,137,140
Due in more than 10 years		65,850,597		65,679,700
Mortgage-backed securities		33,740,031		30,518,532
Redeemable preferred stock		250,000		250,000
Total	$	347,143,698	$	346,513,336

Cemetery Perpectual Care Oblication [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments

The components of the cemetery perpetual care investments and obligation as of September 30, 2024, are as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	649,256		$	1,815	$	(385	)	$	-	$	650,686
Obligations of states and political subdivisions		125,798			-		(4,549	)		-		121,249
Total fixed maturity securities available for sale	$	775,054		$	1,815	$	(4,934	)	$	-	$	771,935

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,830,983		$	1,362,684	$	(121,246	)			$	5,072,421
Total equity securities at estimated fair value	$	3,830,983		$	1,362,684	$	(121,246	)			$	5,072,421

Mortgage loans held for investment at amortized cost:
Residential construction	$	100,000
Less: Allowance for credit losses		(200	)
Total mortgage loans held for investment	$	99,800

Accrued investment income	$	2,369

Cash and cash equivalents	$	2,999,256

Total cemetery perpetual care trust investments	$	8,945,781

Cemetery perpetual care obligation	$	(5,565,003	)

Trust investments in excess of trust obligations	$	3,380,778

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

The components of the cemetery perpetual care investments and obligation as of December 31, 2023, are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	477,797		$	302	$	(574	)	$	477,525
Obligations of states and political subdivisions		115,792			-		(5,114	)		110,678
Corporate securities including public utilities		53,672			-		(171	)		53,501
Total fixed maturity securities available for sale	$	647,261		$	302	$	(5,859	)	$	641,704

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,614,392		$	859,680	$	(146,771	)	$	4,327,301
Total equity securities at estimated fair value	$	3,614,392		$	859,680	$	(146,771	)	$	4,327,301

Mortgage loans held for investment at amortized cost:
Residential construction	$	247,360
Less: Allowance for credit losses		(495	)
Total mortgage loans held for investment	$	246,865

Cash and cash equivalents	$	2,867,047

Total cemetery perpetual care trust investments	$	8,082,917

Cemetery perpetual care obligation	$	(5,326,196	)

Trust investments in excess of trust obligations	$	2,756,721

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	385	$	502,740	$	-	$	-	$	385	$	502,740
Obligations of states and political subdivisions		-		-		4,549		121,249		4,549		121,249
Totals	$	385	$	502,740	$	4,549	$	121,249	$	4,934	$	623,989

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	574	$	143,448	$	-	$	-	$	574	$	143,448
Obligations of states and political subdivisions		-		-		5,114		110,678		5,114		110,678
Corporate securities including public utilities		-		-		171		53,501		171		53,501
Totals	$	574	$	143,448	$	5,285	$	164,179	$	5,859	$	307,627

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	-	$	-
Due in 2-5 years		721,973		720,120
Due in 5-10 years		-		-
Due in more than 10 years		53,081		51,815
Total	$	775,054	$	771,935

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Fair Value of Fixed Maturity Securities

	Unrealized Losses for Less than Twelve Months		Fair Value		Unrealized Losses for More than Twelve Months		Fair Value		Total Unrealized Loss		Fair Value
September 30, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	240	$	301,644	$	-	$	-	$	240	$	301,644
Obligations of states and political subdivisions		1,433		178,028		3,448		292,624		4,881		470,652
Corporate securities including public utilities		327		50,090		1,052		118,564		1,379		168,654
Totals	$	2,000	$	529,762	$	4,500	$	411,188	$	6,500	$	940,950

December 31, 2023
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,000	$	249,877	$	-	$	-	$	1,000	$	249,877
Obligations of states and political subdivisions		-		-		4,542		451,985		4,542		451,985
Corporate securities including public utilities		-		-		2,740		221,334		2,740		221,334
Totals	$	1,000	$	249,877	$	7,282	$	673,319	$	8,282	$	923,196

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	-	$	-
Due in 2-5 years		1,109,780		1,114,228
Due in 5-10 years		101,523		100,833
Due in more than 10 years		536,846		532,523
Total	$	1,748,149	$	1,747,584

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds

Restricted assets as of September 30, 2024, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Value
September 30, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,002,584		$	5,878	$	(240	)	$	-	$	1,008,222
Obligations of states and political subdivisions		550,532			27		(4,881	)		-		545,678
Corporate securities including public utilities		195,033			30		(1,379	)		-		193,684
Total fixed maturity securities available for sale	$	1,748,149		$	5,935	$	(6,500	)	$	-	$	1,747,584

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	7,996,032		$	2,075,560	$	(210,681	)			$	9,860,911
Total equity securities at estimated fair value	$	7,996,032		$	2,075,560	$	(210,681	)			$	9,860,911

Mortgage loans held for investment at amortized cost:
Residential construction	$	1,113,300
Less: Allowance for credit losses		(2,227	)
Total mortgage loans held for investment	$	1,111,073

Accrued investment income	$	5,167

Cash and cash equivalents (1)	$	15,232,601

Total restricted assets	$	27,957,336

(1)

Including cash and cash equivalents of $12,032,252 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

15) Cemetery Perpetual Care Trust Investments and Obligations and Restricted Assets (Continued)

Restricted assets as of December 31, 2023, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	932,737		$	1,433	$	(1,000	)	$	933,170
Obligations of states and political subdivisions		652,770			305		(4,542	)		648,533
Corporate securities including public utilities		274,688			209		(2,740	)		272,157
Total fixed maturity securities available for sale	$	1,860,195		$	1,947	$	(8,282	)	$	1,853,860

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	6,516,044		$	1,117,155	$	(247,996	)	$	7,385,203
Total equity securities at estimated fair value	$	6,516,044		$	1,117,155	$	(247,996	)	$	7,385,203

Mortgage loans held for investment at amortized cost:
Residential construction	$	676,572
Less: Allowance for credit losses		(1,353	)
Total mortgage loans held for investment	$	675,219

Cash and cash equivalents (1)	$	10,114,694

Total restricted assets	$	20,028,976

(1)

Including cash and cash equivalents of $6,930,930 for the life insurance and mortgage segments.

Revenues from Contracts with Customers (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized included in the opening contract liability	$ 1,320,688	$ 1,279,750	$ 4,256,184	$ 3,516,215

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Earnings Per Share [Abstract]

Net earnings

$ 11,831,444

$ 7,271,549

$ 7,474,522

$ 4,041,293

$ 6,352,706

$ 1,240,172

$ 26,577,515

$ 11,634,171

Basic weighted-average shares outstanding

^[1]

23,240,725

23,169,141

23,287,707

23,171,889

Employee stock options

812,761

806,643

696,526

665,804

Diluted weighted-average shares outstanding

^[1]

24,053,486

23,975,784

23,984,233

23,837,693

Basic net earnings per share

^[1]

$ 0.51

$ 0.17

$ 1.14

$ 0.50

Diluted net earnings per share

^[1]

$ 0.49

$ 0.17

$ 1.11

$ 0.49

[1]

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Business Segment Information (Details Narrative)	9 Months Ended
Business Segment Information (Details Narrative)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Schedule of Residential Real Estate Investment (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Real estate held for investment (net of accumulated depreciation)

$ 200,490,556

$ 183,419,292

Residential Real Estate [Member]

1,001,453

3,028,973

Real estate held for investment (net of accumulated depreciation)

73,610,520

40,924,865

UTAH | Land Developments [Member]

849,900

Real estate held for investment (net of accumulated depreciation)

73,432,813

40,739,201

Lots available for sale

Lots to be developed

1,304

1,145

UTAH | Residential Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

^[1]

73,610,520

40,924,865

$ 849,900

[1]	Includes multiple residential subdivision development projects

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 04, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-09341
Entity Registrant Name	Security National Financial Corporation
Entity Central Index Key	0000318673
Entity Tax Identification Number	87-0345941
Entity Incorporation, State or Country Code	UT
Entity Address, Address Line One	433 Ascension Way
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84123
City Area Code	(801)
Local Phone Number	264-1060
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SNFCA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		21,155,319
Entity Listing, Par Value Per Share	$ 2.00
Common Class C [Member]
Entity Common Stock, Shares Outstanding		3,120,166
Entity Listing, Par Value Per Share	$ 2.00

Schedule of Receivables (Details) - USD ($)

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Receivables from sales agents

Contracts with customers

^[1]

$ 6,593,720

$ 6,321,573

$ 5,392,779

3,516,559

3,252,840

Other

7,907,574

7,658,789

Total receivables

18,017,853

17,233,202

Allowance for credit losses

(1,566,150)

$ (1,770,911)

(1,897,887)

$ (1,520,801)

$ (1,492,934)

$ (2,229,791)

Net receivables

$ 16,451,703

$ 15,335,315

[1]	Included in Receivables, net on the condensed consolidated balance sheets

Mortgage Servicing Rights

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Mortgage Servicing Rights

11) Mortgage Servicing Rights

The Company initially records its MSRs at fair value as discussed in Note 8.

After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. Amortization expense is included in other expenses on the consolidated statements of earnings. MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of the estimated future net servicing income of the underlying financial assets.

The Company periodically assesses MSRs for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance.

The Company periodically reviews the various loan strata to determine whether the value of the MSRs in each stratum is impaired and likely to recover. If the Company deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

The following table presents the MSR activity:

Schedule of Mortgage Servicing Rights

	As of September 30, 2024			As of December 31, 2023
Amortized cost:
Balance before valuation allowance at beginning of year	$	3,461,146		$	3,039,765
MSR additions resulting from loan sales (1)		49,226			1,009,312
Amortization (2)		(458,567	)		(587,931	)
Sale of MSRs		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance before valuation allowance at end of period	$	3,051,805		$	3,461,146

Valuation allowance for impairment of MSRs:
Balance at beginning of year	$	-		$	-
Additions		-			-
Application of valuation allowance to write down MSRs with other than temporary impairment		-			-
Balance at end of period	$	-		$	-

Mortgage servicing rights, net	$	3,051,805		$	3,461,146

Estimated fair value of MSRs at end of period	$	4,170,880		$	4,543,657

(1)	Included in mortgage fee income on the condensed consolidated statements of earnings
(2)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

11) Mortgage Servicing Rights (Continued)

	Estimated MSR Amortization
2024		359,390
2025		309,358
2026		275,446
2027		243,362
2028		216,468
Thereafter		1,647,781
Total	$	3,051,805

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings.

Schedule of Other Revenues

	2024		2023		2024		2023
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual servicing fees	$	237,531	$	249,050	$	736,137	$	892,668
Late fees		17,349		21,037		56,637		84,358
Total	$	254,880	$	270,087	$	792,774	$	977,026

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

		As of September 30, 2024				As of December 31, 2023
Servicing UPB		$	391,681,072			$	414,147,436

The following key assumptions were used in determining MSR value:

	Prepayment Speeds		Average Life (Years)		Discount Rate
September 30, 2024		10.60		7.45		11.81
December 31, 2023		9.70		7.79		11.85

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Summary of Activities in Shares of Capital Stock (Details) - shares

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Common Class A [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Outstanding shares at December 31, 2023

^[1]

21,052,883

^[2]

19,708,011

Exercise of stock options

63,512

239,191

Vesting of restricted stock units

1,325

810

Conversion of Class C to Class A

266

59,599

Outstanding shares at September 30, 2024

21,117,986

20,007,611

Common Class C [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Outstanding shares at December 31, 2023

^[1]

3,120,432

^[2]

3,031,453

Exercise of stock options

Vesting of restricted stock units

Conversion of Class C to Class A

(266)

(59,599)

Outstanding shares at September 30, 2024

3,120,166

2,971,854

[1]	Adjusted retroactively for the effect of annual stock dividends
[2]	Issued and outstanding shares have been adjusted retroactively for the effect of annual stock dividends.

Business Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

7) Business Segment Information

Description of Products and Services by Segment

The Company has three reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment consists of life insurance premiums and operating expenses from the sale of insurance products sold by the Company’s independent agency force and net investment income derived from investing policyholders and segment surplus funds. The Company’s cemetery and mortuary segment consists of revenues and operating expenses from the sale of at-need cemetery and mortuary merchandise and services at its mortuaries and cemeteries, pre-need sales of cemetery spaces after collection of 10% or more of the purchase price and the net investment income from investing segment surplus funds. The Company’s mortgage segment consists of fee income and expenses from the origination of residential mortgage loans and interest earned and interest expenses from warehousing loans held for sale.

Measurement of Segment Profit or Loss and Segment Assets

The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the Form 10-K for the year ended December 31, 2023. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

The Company’s reportable segments are business units that are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions. The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

7) Business Segment Information (Continued)

	Life Insurance		Cemetery/ Mortuary		Mortgage			Intercompany Eliminations			Consolidated
For the Three Months Ended
September 30, 2024
Revenues from external customers	$	48,853,356	$	8,542,677	$	30,877,654		$	-		$	88,273,687
Intersegment revenues		2,066,052		85,699		137,946			(2,289,697	)		-
Segment profit (loss) before income taxes		12,358,186		2,840,346		16,150			-			15,214,682

For the Nine Months Ended
September 30, 2024
Revenues from external customers	$	146,061,306	$	25,608,123	$	83,583,792					$	255,253,221
Intersegment revenues		5,351,600		255,234		429,541			(6,036,375	)		-
Segment profit (loss) before income taxes		28,052,410		7,984,287		(1,813,111	)					34,223,586

Identifiable Assets	$	1,379,914,778	$	103,403,799	$	99,663,509		$	(93,411,674	)	$	1,489,570,412
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets	$	1,382,680,348	$	105,892,012	$	99,663,509		$	(93,411,674	)	$	1,494,824,195

For the Three Months Ended
September 30, 2023
Revenues from external customers	$	47,199,169	$	7,416,423	$	25,626,135		$	-		$	80,241,727
Intersegment revenues		2,330,292		85,699		133,639			(2,549,630	)		-
Segment profit (loss) before income taxes		7,175,181		1,469,592		(3,486,083	)		-			5,158,690

For the Nine Months Ended
September 30, 2023
Revenues from external customers	$	140,685,555	$	23,427,327	$	79,475,738					$	243,588,620
Intersegment revenues		6,357,810		254,302		393,145			(7,005,257	)		-
Segment profit (loss) before income taxes		20,017,102		6,082,343		(11,206,534	)					14,892,911

Identifiable Assets	$	1,299,027,212	$	92,299,022	$	107,800,781		$	(90,608,563	)	$	1,408,518,452
Goodwill		2,765,570		2,488,213		-			-			5,253,783
Total Assets	$	1,301,792,782	$	94,787,235	$	107,800,781		$	(90,608,563	)	$	1,413,772,235

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Receivables

9 Months Ended

Sep. 30, 2024

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Receivables

14) Receivables

Receivables consist of the following:

Schedule of Receivables

	As of September 30, 2024			As of December 31, 2023
Contracts with customers	$	6,593,720		$	6,321,573
Receivables from sales agents		3,516,559			3,252,840
Other		7,907,574			7,658,789
Total receivables		18,017,853			17,233,202
Allowance for credit losses		(1,566,150	)		(1,897,887	)
Net receivables	$	16,451,703		$	15,335,315

The Company records an allowance for credit losses for its receivables in accordance with GAAP. See Note 2 regarding the adoption of ASU 2016-13.

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance Credit Losses

	Three Months Ended
Beginning balance - June 30, 2024	$	1,770,911
Change in provision for credit losses (1)		(167,300	)
Charge-offs		(37,461	)
Ending balance - September 30, 2024	$	1,566,150

Beginning balance - June 30, 2023	$	1,492,934
Change in provision for credit losses (1)		53,878
Charge-offs		(26,011	)
Ending balance - September 30, 2023	$	1,520,801

(1)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

14) Receivables (Continued)

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

	Nine Months Ended
Beginning balance - January 1, 2024	$	1,897,887
Change in provision for credit losses (1)		(254,306	)
Charge-offs		(77,431	)
Ending balance - September 30, 2024	$	1,566,150

Beginning balance - January 1, 2023	$	2,229,791
Change in provision for credit losses (1)		(597,430	)
Charge-offs		(111,560	)
Ending balance - September 30, 2023	$	1,520,801

(1)

Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Schedule of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Dec. 31, 2022

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

$ 281,734,182

$ 275,616,837

70,219,649

69,404,617

27,957,336

20,028,976

8,945,781

8,082,917

Mortgage servicing rights, estimated fair value

3,051,805

3,461,146

$ 3,039,765

4,170,880

4,543,657

(106,989,925)

(105,555,137)

(937,811,456)

(916,038,616)

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment, estimated fair value

86,548,141

99,519,750

88,394,509

96,998,106

Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

88,394,509

96,998,106

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment, estimated fair value

129,732,885

103,529,896

129,732,885

103,529,896

Residential Construction [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Construction [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Residential Construction [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

129,732,885

103,529,896

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment, estimated fair value

65,453,156

72,567,191

66,238,958

72,149,530

Commercial Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member]

66,238,958

72,149,530

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage loans held for investment, estimated fair value

281,734,182

275,616,837

284,366,352

272,677,532

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Loans Net 1 [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

284,366,352

272,677,532

Policy Loan [Member]

Mortgage loans held for investment, estimated fair value

13,735,282

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

13,735,282

13,264,183

Policy Loan [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

Policy Loan [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

Policy Loan [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

13,735,282

13,264,183

Insurance Assignments [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

44,413,559

^[1]

44,051,486

^[2]

Other investments and policy loans, estimated fair value

44,413,559

^[1]

44,051,486

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

^[1]

^[2]

Insurance Assignments [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)

44,413,559

^[1]

44,051,486

^[2]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted assets, estimated fair value

1,111,073

^[3]

675,219

^[4]

1,111,073

^[3]

675,219

^[4]

Restricted Assets [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted Assets [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Restricted Assets [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member]

1,111,073

^[3]

675,219

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery perpetual care trust investments, estimated fair value

99,800

^[3]

246,865

^[4]

99,800

^[3]

246,865

^[4]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Cemetery Perpetual Care Trust Investments [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member]

99,800

^[3]

246,865

^[4]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage servicing rights, estimated fair value

3,051,805

3,461,146

4,170,880

4,543,657

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and Other Loans Payable [Member]

4,170,880

4,543,657

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and other loans payable, fair value

(106,989,925)

(105,555,137)

(92,105,403)

(105,555,137)

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Bank and Other Loans Payable [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Policyholder Account Balances [Member]

(92,105,403)

(105,555,137)

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

(37,305,721)

^[5]

(39,245,123)

^[6]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 1 [Member]

(38,150,732)

^[5]

(48,920,691)

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 2 [Member]

^[5]

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Policyholder Account Balances [Member] | Fair Value, Inputs, Level 3 [Member]

^[5]

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future Policy Benefits Annuities [Member]

(38,150,732)

^[5]

(48,920,691)

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

(106,361,533)

^[5]

(106,285,010)

^[6]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 1 [Member]

(105,136,015)

^[5]

(102,177,585)

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 2 [Member]

^[5]

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Future Policy Benefits Annuities [Member] | Fair Value, Inputs, Level 3 [Member]

^[5]

^[6]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

$ (105,136,015)

^[5]

$ (102,177,585)

^[6]

[1]	Included in other investments and policy loans on the condensed consolidated balance sheets
[2]	Included in other investments and policy loans on the consolidated balance sheets
[3]	Mortgage loans held for investment
[4]	Mortgage loans held for investment
[5]	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets
[6]	Included in future policy benefits and unpaid claims on the consolidated balance sheets

Schedule of Residential Construction Mortgage Loans (Details) - Residential Construction Mortgage Loans [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	$ 93,115,744	$ 60,311,679
Originated in fiscal year before latest fiscal year	24,076,981	16,624,182
Originated two years before latest fiscal year	2,084,366	27,116,887
Originated three years before latest fiscal year	11,406,505
Total	$ 130,683,596	$ 104,052,748
% of Total	100.00%	100.00%
Less than 65% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	$ 35,065,417	$ 40,215,360
Originated in fiscal year before latest fiscal year	22,918,540	8,732,500
Originated two years before latest fiscal year	1,630,488	20,442,302
Originated three years before latest fiscal year	11,406,505
Total	$ 71,020,950	$ 69,390,162
% of Total	54.35%	66.69%
65% to 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	$ 57,429,690	$ 20,096,319
Originated in fiscal year before latest fiscal year	1,158,441	7,891,682
Originated two years before latest fiscal year	453,878	6,674,585
Originated three years before latest fiscal year
Total	$ 59,042,009	$ 34,662,586
% of Total	45.18%	33.31%
Greater than 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	$ 620,637
Originated in fiscal year before latest fiscal year
Originated two years before latest fiscal year
Originated three years before latest fiscal year
Total	$ 620,637
% of Total	0.47%	0.00%
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year	$ 93,115,744	$ 60,311,679
Originated in fiscal year before latest fiscal year	24,076,981	16,624,182
Originated two years before latest fiscal year	2,084,366	27,116,887
Originated three years before latest fiscal year	11,406,505
Total	$ 130,683,596	$ 104,052,748
% of Total	100.00%	100.00%
Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Originated in current fiscal year
Originated in fiscal year before latest fiscal year
Originated two years before latest fiscal year
Originated three years before latest fiscal year
Total
% of Total	0.00%	0.00%

Schedule of Activity of Stock Option Plans (Details) - USD ($)

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Common Class A [Member]

Number of shares, outstanding, beginning

833,570

976,605

Weighted average exercise price, outstanding, beginning

$ 4.91

^[1]

$ 4.56

Number of Shares, adjustment for effect of stock dividends

38,724

38,266

Number of shares, granted

16,500

16,000

Number of shares, exercised

(88,714)

(233,180)

Number of shares, cancelled

(17,333)

Number of shares, outstanding, ending

782,747

797,691

Weighted average exercise price, outstanding, ending

$ 5.16

^[1]

$ 4.78

Number of shares, options exercisable

751,872

770,066

Weighted average exercise price, options exercisable

$ 5.05

^[1]

$ 4.73

Number of shares, available options for future grant

39,006

171,386

Weighted average contractual term of options outstanding

4 years 10 months 28 days

4 years 8 months 8 days

Weighted average contractual term of options exercisable

4 years 8 months 23 days

4 years 6 months 10 days

Aggregated intrinsic value of options outstanding

$ 3,165,305

^[2]

$ 2,438,675

^[3]

Aggregated intrinsic value of options exercisable

$ 3,119,776

^[2]

$ 2,398,360

^[3]

Common Class C [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, outstanding, beginning

1,520,062

1,157,203

Weighted average exercise price, outstanding, beginning

$ 5.57

^[1]

$ 5.31

Number of Shares, adjustment for effect of stock dividends

76,005

57,859

Number of shares, granted

Number of shares, exercised

Number of shares, cancelled

Number of shares, outstanding, ending

1,596,067

1,215,062

Weighted average exercise price, outstanding, ending

$ 5.57

^[1]

$ 5.31

Number of shares, options exercisable

1,519,817

1,141,312

Weighted average exercise price, options exercisable

$ 5.46

^[1]

$ 5.25

Number of shares, available options for future grant

556,238

834,750

Weighted average contractual term of options outstanding

5 years 8 months 26 days

6 years 1 month 24 days

Weighted average contractual term of options exercisable

5 years 7 months 17 days

6 years 10 days

Aggregated intrinsic value of options outstanding

$ 5,793,310

^[2]

$ 3,074,037

^[3]

Aggregated intrinsic value of options exercisable

$ 5,676,723

^[2]

$ 2,955,012

^[3]

[1]	Adjusted for the effect of annual stock dividends.
[2]	The Company used a stock price of $9.20 as of September 30, 2024 to derive intrinsic value.
[3]	(2)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net cash provided by operating activities	$ 34,894,323	$ 18,383,768
Cash flows from investing activities:
Purchases of fixed maturity securities	(45,346,681)	(50,158,586)
Sales, calls and maturities of fixed maturity securities	89,829,379	33,160,924
Purchases of equity securities	(2,769,612)	(6,464,200)
Sales of equity securities	2,018,249	5,891,964
Purchases of restricted assets	(2,536,814)	(1,836,290)
Sales, calls and maturities of restricted assets	1,171,707	387,049
Purchases of cemetery perpetual care trust investments	(2,487,924)	(493,833)
Sales, calls and maturities of perpetual care trust investments	2,383,653	177,932
Mortgage loans held for investment, other investments and policy loans made	(549,027,246)	(467,172,350)
Payments received for mortgage loans held for investment, other investments and policy loans	540,583,700	532,511,486
Purchases of property and equipment	(575,648)	(791,569)
Sales of property and equipment	365,693
Purchases of real estate	(46,189,096)	(17,219,245)
Sales of real estate	28,385,283	25,727,541
Net cash provided by investing activities	15,804,643	53,720,823
Cash flows from financing activities:
Investment contract receipts	10,193,442	9,323,700
Investment contract withdrawals	(11,520,918)	(11,657,189)
Proceeds from stock options exercised	116,592	64,959
Purchases of treasury stock	(1,672,232)	(2,843,365)
Repayment of bank loans	(1,423,826)	(69,133,305)
Proceeds from bank loans		68,500,000
Net change in warehouse line borrowings for loans held for sale	2,622,976	(52,720,401)
Net cash used in financing activities	(1,683,966)	(58,465,601)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	49,015,000	13,638,990
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	139,923,399	133,483,817
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	188,938,399	147,122,807
Cash paid during the year for:
Interest	3,124,591	4,182,368
Income taxes (net of refunds)	6,877,342	18,911,907
Non Cash Operating, Investing and Financing Activities:
Right-of-use assets obtained in exchange for operating lease liabilities	1,130,610	139,095
Benefit plans funded with treasury stock	981,680	1,702,781
Loans held for sale foreclosed into real estate held for sale	858,977
Right-of-use assets obtained in exchange for finance lease liabilities	176,040	12,332
Transfer of loans held for sale to mortgage loans held for investment		3,017,626
Transfer from mortgage loans held for investment to restricted assets		1,625,961
Transfer from mortgage loans held for investment to cemetery perpetual care trust investments		1,611,550
Cash and cash equivalents	170,706,542	134,751,854
Restricted assets	15,232,601	10,946,379
Cemetery perpetual care trust investments	$ 2,999,256	$ 1,424,574

Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Jun. 30, 2024

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Fair value balance, loans held for sale

$ 142,897,741

$ 126,549,190

Fair value balance, Derivatives - loan commitments (net)

5,563,882

^[1]

4,995,486

^[2]

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $347,143,698 and $390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $414,602 and $314,549 for 2024 and 2023, respectively)

346,513,336

381,535,986

Loans Held For Sale [Member]

Fair value balance, loans held for sale

$ 142,897,741

$ 126,549,190

$ 150,196,416

$ 152,546,566

$ 161,310,060

$ 141,179,620

Fair value measurement, range of inputs, minimum value

87.00%

70.00%

Fair value measurement, range of inputs, maximum value

107.00%

121.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

102.00%

100.00%

Net Derivatives Loan Commitments [Member]

Fair value measurement, range of inputs, minimum value

65.00%

70.00%

Fair value measurement, range of inputs, maximum value

100.00%

99.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

85.00%

86.00%

Fair value balance, Derivatives - loan commitments (net)

$ 2,395,027

$ 1,583,262

2,574,863

1,729,161

3,233,447

2,706,877

Fixed Maturity Securities Available For Sale 1 [Member]

Fair value measurement, range of inputs, minimum value

$ 1,231,554

$ 1,238,656

$ 1,237,469

$ 1,232,187

$ 1,431,874

$ 1,435,519

$ 98.40

Fair value measurement, range of inputs, maximum value

100.00

102.46

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

$ 99.27

$ 99.86

[1]	Included in other assets on the consolidated balance sheets
[2]	Included in other assets on the consolidated balance sheets

Schedule of Commercial Real Estate Investment (Details)

Sep. 30, 2024

USD ($)

ft²

Dec. 31, 2023

USD ($)

ft²

Real estate held for investment (net of accumulated depreciation)

$ 200,490,556

$ 183,419,292

Commercial Real Estate [Member]

1,001,453

3,028,973

Real estate held for investment (net of accumulated depreciation)

$ 126,880,036

$ 142,494,427

Total square footage | ft²

548,563

627,542

Real estate Square footage | ft²

$ 151,553

^[1]

$ 3,028,973

19,694

UTAH | Commercial Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

^[2]

$ 126,861,284

$ 142,475,177

Total square footage | ft²

^[2]

546,941

625,920

LOUISIANA | Commercial Real Estate [Member]

Real estate held for investment (net of accumulated depreciation)

$ 18,752

$ 19,250

Total square footage | ft²

1,622

MISSISSIPPI | Commercial Real Estate [Member]

Real estate Square footage | ft²

$ 151,553

^[1]

$ 3,028,973

19,694

[1]	Consists of approximately 93 acres of undeveloped land
[2]	Includes Center53

Schedule of Aging of Insurance Assignments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Insurance assignments, allowance for loan losses	$ (1,540,835)	$ (1,553,836)	$ (1,535,324)	$ (1,555,261)	$ (1,690,693)	$ (1,609,951)
Past Due 30 to 59 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	9,571,073	10,829,629
Past Due 60 to 89 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	3,593,162	3,709,754
Over 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	5,430,234	4,329,468
Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	18,594,469	18,868,851
Current [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	27,359,925	26,736,471
Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	45,954,394	45,605,322
Net Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	$ 44,413,559	$ 44,051,486

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Impairment Effects on Earnings Per Share [Line Items]
Balance	$ 394,260	$ 224,005	$ 314,549
Additions for credit losses not previously recorded	25,000		61,000	179,500
Change in allowance on securities with previous allowance	(4,658)	(1,741)	39,053	42,764
Reductions for securities sold during the period		(10,764)		(10,764)
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance	414,602	211,500	414,602	211,500
US Treasury Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance
US States and Political Subdivisions Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance
Additions for credit losses not previously recorded
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance
Corporate Debt Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance	382,211	224,005	308,500
Additions for credit losses not previously recorded	25,000		55,000	179,500
Change in allowance on securities with previous allowance	(4,658)	(1,741)	39,053	42,764
Reductions for securities sold during the period		(10,764)		(10,764)
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance	402,553	211,500	402,553	211,500
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance	12,049		6,049
Additions for credit losses not previously recorded			6,000
Change in allowance on securities with previous allowance
Reductions for securities sold during the period
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off
Balance	$ 12,049		$ 12,049

Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Allowance Credit Losses

Schedule of Receivables

Receivables consist of the following:

Schedule of Receivables

	As of September 30, 2024			As of December 31, 2023
Contracts with customers	$	6,593,720		$	6,321,573
Receivables from sales agents		3,516,559			3,252,840
Other		7,907,574			7,658,789
Total receivables		18,017,853			17,233,202
Allowance for credit losses		(1,566,150	)		(1,897,887	)
Net receivables	$	16,451,703		$	15,335,315

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

Schedule of Allowance Credit Losses

	Three Months Ended
Beginning balance - June 30, 2024	$	1,770,911
Change in provision for credit losses (1)		(167,300	)
Charge-offs		(37,461	)
Ending balance - September 30, 2024	$	1,566,150

Beginning balance - June 30, 2023	$	1,492,934
Change in provision for credit losses (1)		53,878
Charge-offs		(26,011	)
Ending balance - September 30, 2023	$	1,520,801

(1)	Included in other expenses on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

14) Receivables (Continued)

The following table presents a roll forward of the allowance for credit losses as of the dates indicated:

	Nine Months Ended
Beginning balance - January 1, 2024	$	1,897,887
Change in provision for credit losses (1)		(254,306	)
Charge-offs		(77,431	)
Ending balance - September 30, 2024	$	1,566,150

Beginning balance - January 1, 2023	$	2,229,791
Change in provision for credit losses (1)		(597,430	)
Charge-offs		(111,560	)
Ending balance - September 30, 2023	$	1,520,801

(1)

Included in other expenses on the condensed consolidated statements of earnings

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following table shows the fair value and notional amounts of derivative instruments:

		September 30, 2024						December 31, 2023
	Balance Sheet Location	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives not designated as hedging instruments:
Loan commitments	Other assets and Other liabilities	$	270,461,098	$	5,563,882	$	3,168,855	$	161,832,250	$	4,995,486	$	3,412,224
Total		$	270,461,098	$	5,563,882	$	3,168,855	$	161,832,250	$	4,995,486	$	3,412,224

Schedule of Gains and Losses on Derivatives

		Net Amount Gain (Loss)						Net Amount Gain (Loss)
		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative	Classification	2024			2023			2024		2023
Loan commitments	Mortgage fee income	$	(179,836	)	$	(1,504,286	)	$	811,765	$	(977,716	)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $347,143,698 and $390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $414,602 and $314,549 for 2024 and 2023, respectively)	$ 346,513,336	$ 381,535,986
Equity securities at estimated fair value (cost of $11,357,095 and $10,571,505 for 2024 and 2023, respectively)	16,385,571	13,636,071
Mortgage loans held for investment (net of allowance for credit losses of $1,579,746 and $3,818,653 for 2024 and 2023, respectively)	281,734,182	275,616,837
Real estate held for investment (net of accumulated depreciation of $30,005,134 and $29,307,791 for 2024 and 2023, respectively)	200,490,556	183,419,292
Real estate held for sale	1,001,453	3,028,973
Other investments and policy loans (net of allowance for credit losses of $1,540,835 and $1,553,836 for 2024 and 2023, respectively)	70,219,649	69,404,617
Accrued investment income	7,860,824	10,170,790
Total investments	924,205,571	936,812,566
Cash and cash equivalents	170,706,542	126,941,658
Loans held for sale at estimated fair value	142,897,741	126,549,190
Receivables (net of allowance for credit losses of $1,566,150 and $1,897,887 for 2024 and 2023, respectively)	16,451,703	15,335,315
Restricted assets (including $11,608,495 and $9,239,063 for 2024 and 2023 respectively, at estimated fair value)	27,957,336	20,028,976
Cemetery perpetual care trust investments (including $5,844,356 and $4,969,005 for 2024 and 2023, respectively, at estimated fair value)	8,945,781	8,082,917
Receivable from reinsurers	14,299,734	14,857,059
Cemetery land and improvements	9,786,769	9,163,691
Deferred policy and pre-need contract acquisition costs	121,827,365	116,351,067
Mortgage servicing rights, net	3,051,805	3,461,146
Property and equipment, net	17,745,106	19,175,099
Value of business acquired	7,643,791	8,467,613
Goodwill	5,253,783	5,253,783
Other	24,051,168	20,072,195
Total Assets	1,494,824,195	1,430,552,275
Liabilities
Future policy benefits and unpaid claims	937,811,456	916,038,616
Unearned premium reserve	2,054,164	2,543,822
Bank and other loans payable	106,989,925	105,555,137
Deferred pre-need cemetery and mortuary contract revenues	19,493,005	18,237,246
Cemetery perpetual care obligation	5,565,003	5,326,196
Accounts payable	3,245,452	2,936,968
Other liabilities and accrued expenses	56,994,869	53,266,090
Income taxes	16,348,255	13,752,981
Total liabilities	1,148,502,129	1,117,657,056
Stockholders’ Equity
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	78,977,933	72,424,429
Accumulated other comprehensive loss, net of taxes	(42,545)	(6,885,558)
Retained earnings	225,400,933	206,978,373
Treasury stock at cost - 938,919 Class A shares and 37,503 Class C shares as of September 30, 2024; and 852,338 (1) Class A shares and 37,503 (1) Class C shares as of December 31, 2023	(6,490,559)	(5,661,737)
Total stockholders’ equity	346,322,066	312,895,219
Total Liabilities and Stockholders’ Equity	1,494,824,195	1,430,552,275
Common Class A [Member]
Stockholders’ Equity
Common stock value	42,235,972	40,096,004
Common Class B [Member]
Stockholders’ Equity
Common stock value
Common Class C [Member]
Stockholders’ Equity
Common stock value	$ 6,240,332	$ 5,943,708

Schedule of Fair Value of Fixed Maturity Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	$ 177,957	$ 599,958
Available for sale securities, fair value	20,203,034	44,674,633
Available for sale securities, unrecognized holding loss	7,875,956	12,984,162
Available for sale securities, fair value	129,730,593	205,910,291
Available for sale securities, unrecognized holding loss	8,053,913	13,584,120
Available for sale securities, fair value	149,933,627	250,584,924
US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	534	29,394
Available for sale securities, fair value	4,411,131	9,436,090
Available for sale securities, unrecognized holding loss	450,959	1,387,054
Available for sale securities, fair value	22,087,838	70,885,403
Available for sale securities, unrecognized holding loss	451,493	1,416,448
Available for sale securities, fair value	26,498,969	80,321,493
US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss		11,105
Available for sale securities, fair value		470,325
Available for sale securities, unrecognized holding loss	145,441	308,155
Available for sale securities, fair value	4,162,052	5,284,498
Available for sale securities, unrecognized holding loss	145,441	319,260
Available for sale securities, fair value	4,162,052	5,754,823
Corporate Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	171,711	529,660
Available for sale securities, fair value	15,096,035	32,507,773
Available for sale securities, unrecognized holding loss	3,714,178	6,615,847
Available for sale securities, fair value	83,653,386	107,556,216
Available for sale securities, unrecognized holding loss	3,885,889	7,145,507
Available for sale securities, fair value	98,749,421	140,063,989
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	5,712	29,799
Available for sale securities, fair value	695,868	2,260,445
Available for sale securities, unrecognized holding loss	3,565,378	4,673,106
Available for sale securities, fair value	19,827,317	22,184,174
Available for sale securities, unrecognized holding loss	3,571,090	4,702,905
Available for sale securities, fair value	20,523,185	24,444,619
Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	385	574
Available for sale securities, fair value	502,740	143,448
Available for sale securities, unrecognized holding loss	4,549	5,285
Available for sale securities, fair value	121,249	164,179
Available for sale securities, unrecognized holding loss	4,934	5,859
Available for sale securities, fair value	623,989	307,627
Cemetery Perpectual Care Obligation [Member] \| US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	385	574
Available for sale securities, fair value	502,740	143,448
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	385	574
Available for sale securities, fair value	502,740	143,448
Cemetery Perpectual Care Obligation [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss
Available for sale securities, unrecognized holding loss	4,549	5,114
Available for sale securities, fair value	121,249	110,678
Available for sale securities, unrecognized holding loss	4,549	5,114
Available for sale securities, fair value	121,249	110,678
Cemetery Perpectual Care Obligation [Member] \| US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss		171
Available for sale securities, fair value		53,501
Available for sale securities, unrecognized holding loss		171
Available for sale securities, fair value		53,501
Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	2,000	1,000
Available for sale securities, fair value	529,762	249,877
Available for sale securities, unrecognized holding loss	4,500	7,282
Available for sale securities, fair value	411,188	673,319
Available for sale securities, unrecognized holding loss	6,500	8,282
Available for sale securities, fair value	940,950	923,196
Restricted Assets [Member] \| US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	240	1,000
Available for sale securities, fair value	301,644	249,877
Available for sale securities, unrecognized holding loss
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	240	1,000
Available for sale securities, fair value	301,644	249,877
Restricted Assets [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	1,433
Available for sale securities, fair value	178,028
Available for sale securities, unrecognized holding loss	3,448	4,542
Available for sale securities, fair value	292,624	451,985
Available for sale securities, unrecognized holding loss	4,881	4,542
Available for sale securities, fair value	470,652	451,985
Restricted Assets [Member] \| US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrecognized holding loss	327
Available for sale securities, fair value	50,090
Available for sale securities, unrecognized holding loss	1,052	2,740
Available for sale securities, fair value	118,564	221,334
Available for sale securities, unrecognized holding loss	1,379	2,740
Available for sale securities, fair value	$ 168,654	$ 221,334

Schedule of Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net mortuary and cemetery sales	$ 6,814,331	$ 7,234,031	$ 21,531,769	$ 20,874,174
Major Goods Or Services Lines At Need [Member]
Net mortuary and cemetery sales	5,024,330	4,832,352	15,299,010	14,985,838
Major Goods Or Services Lines Pre Need [Member]
Net mortuary and cemetery sales	1,790,001	2,401,679	6,232,759	5,888,336
Timing Of Revenue Recognition Goods Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	4,064,864	4,762,777	13,287,515	13,321,412
Timing Of Revenue Recognition Services Transferred At A Point In Time [Member]
Net mortuary and cemetery sales	$ 2,749,467	$ 2,471,254	$ 8,244,254	$ 7,552,762

Accumulated Other Comprehensive Income (loss) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income (loss):

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Unrealized gains (losses) on fixed maturity securities available for sale	$	10,595,637		$	(6,725,752	)	$	8,809,823		$	(6,310,923	)
Amounts reclassified into net earnings		(152,147	)		(79,850	)		(148,472	)		(269,827	)
Net unrealized gains (losses) before taxes		10,443,490			(6,805,602	)		8,661,351			(6,580,750	)
Tax (expense) benefit		(2,198,474	)		1,429,176			(1,824,502	)		1,381,958
Net		8,245,016			(5,376,426	)		6,836,849			(5,198,792	)
Unrealized gains (losses) on restricted assets (1)		9,353			(12,284	)		5,770			(14,340	)
Tax (expense) benefit		(2,330	)		3,060			(1,437	)		3,572
Net		7,023			(9,224	)		4,333			(10,768	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		4,263			(2,487	)		2,438			(3,299	)
Tax (expense) benefit		(1,062	)		610			(607	)		838
Net		3,201			(1,877	)		1,831			(2,461	)
Other comprehensive income (loss) changes	$	8,255,240		$	(5,387,527	)	$	6,843,013		$	(5,212,021	)

(1)

Fixed maturity securities available for sale

Schedule of Accumulated Balances of Other Comprehensive Income

The following table presents the accumulated balances of other comprehensive income (loss) as of September 30, 2024:

	Beginning Balance December 31, 2023			Change for the period		Ending Balance September 30, 2024
Unrealized gains (losses) on fixed maturity securities available for sale	$	(6,876,629	)	$	6,836,849	$	(39,780	)
Unrealized gains (losses) on restricted assets (1)		(4,757	)		4,333		(424	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(4,172	)		1,831		(2,341	)
Other comprehensive income (loss)	$	(6,885,558	)	$	6,843,013	$	(42,545	)

(1)

Fixed maturity securities available for sale

The following table presents the accumulated balances of other comprehensive income (loss) as of December 31, 2023:

	Beginning Balance December 31, 2022			Change for the period		Ending Balance December 31, 2023
Unrealized gains (losses) on fixed maturity securities available for sale	$	(13,050,767	)	$	6,174,138	$	(6,876,629	)
Unrealized gains (losses) on restricted assets (1)		(13,148	)		8,391		(4,757	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(6,362	)		2,190		(4,172	)
Other comprehensive income (loss)	$	(13,070,277	)	$	6,184,719	$	(6,885,558	)

(1)

Fixed maturity securities available for sale

Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	$ 270,461,098	$ 161,832,250
Derivative asset, notional amount	5,563,882	4,995,486
Derivative liability, notional amount	3,168,855	3,412,224
Net Derivatives Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	270,461,098	161,832,250
Derivative asset, notional amount	5,563,882	4,995,486
Derivative liability, notional amount	$ 3,168,855	$ 3,412,224

Nominal or face amount used to calculate payments on the derivative asset.

Nominal or face amount used to calculate payments on the derivative liability.

Schedule of Activity of Stock Option Plans (Details) (Parenthetical) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock price	$ 9.20	$ 7.84

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	22.20%	21.70%	22.30%	21.90%
Provision for income taxes	$ 3,383,238	$ 1,117,397	$ 7,646,071	$ 3,258,740
Federal statutory income tax rate, percent			21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (ee)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 347,143,698	$ 390,884,441
Estimated fair value	346,513,336	381,535,986
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Amortized cost	33,740,031	40,359,878
Estimated fair value	30,518,532	36,157,571
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized cost	250,000	250,000
Estimated fair value	250,000	260,000
Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	775,054
Estimated fair value	771,935
Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	1,748,149	1,860,195
Estimated fair value	1,747,584	$ 1,853,860
Due in 1 year [Member]
Marketable Securities [Line Items]
Amortized cost	7,981,489
Estimated fair value	7,842,911
Due in 1 year [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 1 year [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 2-5 years [Member]
Marketable Securities [Line Items]
Amortized cost	136,017,903
Estimated fair value	136,085,053
Due in 2-5 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	721,973
Estimated fair value	720,120
Due in 2-5 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	1,109,780
Estimated fair value	1,114,228
Due in 5-10 years [Member]
Marketable Securities [Line Items]
Amortized cost	103,303,678
Estimated fair value	106,137,140
Due in 5-10 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 5-10 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	101,523
Estimated fair value	100,833
Due in more than 10 years [Member]
Marketable Securities [Line Items]
Amortized cost	65,850,597
Estimated fair value	65,679,700
Due in more than 10 years [Member] \| Cemetery Perpectual Care Oblication [Member]
Marketable Securities [Line Items]
Amortized cost	53,081
Estimated fair value	51,815
Due in more than 10 years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	536,846
Estimated fair value	$ 532,523

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) (Parenthetical) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

$ 188,938,399

$ 139,923,399

$ 147,122,807

$ 133,483,817

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

15,232,601

^[1]

10,114,694

^[2]

Restricted Assets [Member] | Security National Life Insurance [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

$ 12,032,252

$ 6,930,930

[1]	Including cash and cash equivalents of $12,032,252 for the life insurance and mortgage segments.
[2]	Including cash and cash equivalents of $6,930,930 for the life insurance and mortgage segments.

Loans Held for Sale

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Loans Held for Sale

4) Loans Held for Sale

The Company’s loans held for sale portfolio is valued using the fair value option. Changes in the fair value of the loans are included in mortgage fee income. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on recognition of mortgage loan interest income and is included in mortgage fee income on the condensed consolidated statement of earnings. Included in loans held for sale are loans in the process of foreclosure with an aggregate unpaid principal balance of $332,848 and $1,636,090 as of September 30, 2024 and December 31, 2023, respectively. See Note 8 to the condensed consolidated financial statements for additional disclosures regarding loans held for sale.

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale:

	As of September 30, 2024		As of December 31, 2023

Aggregate fair value	$	142,897,741	$	126,549,190
Unpaid principal balance		139,678,479		127,185,867
Unrealized gain (loss)		3,219,262		(636,677	)

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income and other income related to the origination and sale of mortgage loans held for sale.

Major categories of mortgage fee income for loans held for sale are summarized as follows:

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Loan fees	$	7,358,830		$	6,033,227		$	20,245,527		$	16,408,443
Interest income		2,357,379			2,637,971			6,104,113			7,265,516
Secondary gains		17,982,124			17,625,394			51,387,693			54,884,965
Change in fair value of loan commitments		(179,836	)		(1,504,286	)		811,765			(977,716	)
Change in fair value of loans held for sale		2,959,729			(108,676	)		3,855,914			(715,799	)
Provision for loan loss reserve		(254,134	)		252,389			(729,734	)		138,369
Mortgage fee income	$	30,224,092		$	24,936,019		$	81,675,278		$	77,003,778

Loan Loss Reserve

Repurchase demands from third party investors that correspond to mortgage loans previously held for sale and sold are reviewed and relevant data is captured so that an estimated future loss can be calculated. The key factors that are used in the estimated future loss calculation are as follows: (i) lien position, (ii) payment status, (iii) claim type, (iv) unpaid principal balance, (v) interest rate, and (vi) validity of the demand. Other data is captured and is useful for management purposes; the actual estimated loss is generally based on these key factors. The Company conducts its own review upon the receipt of a repurchase demand. In many instances, the Company can resolve the issues relating to the repurchase demand by the third-party investor without having to make any payments to the investor.

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	As of September 30, 2024			As of December 31, 2023
Balance, beginning of period	$	547,233		$	1,725,667
Provision on current loan originations (1)		729,734			27,164
Charge-offs, net of recaptured amounts		(444,882	)		(1,205,598	)
Balance, end of period	$	832,085		$	547,233

(1)	Included in mortgage fee income

The Company maintains reserves for estimated losses on current production volumes. For the nine month period ended September 30, 2024, $729,734 in reserves were added at a rate of 4.2 basis points per loan, the equivalent of $420 per $1,000,000 in loans originated. This is a decrease over the nine month period ended September 30, 2023, when reserves of $770,220 were added at a rate of 4.5 basis points per loan originated, the equivalent of $450 per $1,000,000 in loans originated. The Company monitors market data and trends, economic conditions (including forecasts), and its own experience to maintain adequate loss reserves on current production.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member]	Sep. 30, 2024 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
2024	$ 359,390
2025	309,358
2026	275,446
2027	243,362
2028	216,468
Thereafter	1,647,781
Total	$ 3,051,805

Schedule of Mortgage Servicing Rights (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Balance before valuation allowance at beginning of year

$ 3,461,146

$ 3,039,765

MSR additions resulting from loan sales

^[1]

49,226

1,009,312

Amortization

^[2]

(458,567)

(587,931)

Sale of MSRs

Application of valuation allowance to write down MSRs with other than temporary impairment

Balance before valuation allowance at end of period

3,051,805

3,461,146

Balance at beginning of year

Additions

Balance at end of period

Mortgage servicing rights, net

3,051,805

3,461,146

Estimated fair value of MSRs at end of period

$ 4,170,880

$ 4,543,657

[1]	Included in mortgage fee income on the condensed consolidated statements of earnings
[2]	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Allowance for Loan Losses (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Financing receivable, allowance for credit loss, beginning balance

$ 2,853,852

$ 2,663,560

$ 3,818,653

$ 1,970,311

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13

^[1]

665,030

^[2]

(178,621)

(50,616)

(1,143,422)

(22,397)

Financing receivable, allowance for credit loss, ending balance

(1,095,485)

1,579,746

2,612,944

1,579,746

2,612,944

Financing receivable, allowance for credit loss, beginning balance

849,323

831,055

1,219,653

187,129

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13

^[1]

555,807

^[2]

(87,611)

(20,873)

(457,941)

67,246

Financing receivable, allowance for credit loss, ending balance

761,712

810,182

761,712

810,182

Financing receivable, allowance for credit loss, beginning balance

1,779,386

1,589,860

2,390,894

1,739,980

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13

^[1]

(192,607)

^[2]

(127,239)

10,310

(738,747)

52,797

Financing receivable, allowance for credit loss, ending balance

(1,095,485)

556,662

1,600,170

556,662

1,600,170

Financing receivable, allowance for credit loss, beginning balance

225,143

242,645

208,106

43,202

Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13

^[1]

301,830

^[2]

36,229

(40,053)

53,266

(142,440)

Financing receivable, allowance for credit loss, ending balance

$ 261,372

$ 202,592

$ 261,372

$ 202,592

[1]	See Note 2 of the notes to the condensed consolidated financial statements
[2]	Included in other expenses on the condensed consolidated statements of earnings

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Schedule of Allowance for Credit Losses (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Financing Receivable, Allowance for Credit Loss, Beginning

$ 1,535,324

$ 1,690,693

$ 1,553,836

$ 1,609,951

Financing Receivable, Allowance for Credit Loss, Ending

1,540,835

1,555,261

1,540,835

1,555,261

Allowance for credit losses, change in provision

^[1]

259,643

214,934

752,256

667,260

Allowance for credit losses, Charge-offs

$ (254,132)

$ (350,366)

$ (765,257)

$ (721,950)

[1]	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

$ 347,143,698

$ 390,884,441

7,838,153

4,550,214

Available for sale securities, unrecognized holding loss

(8,053,913)

^[1]

(13,584,120)

^[2]

Available for sale securities, estimated fair value

346,513,336

381,535,986

Available-for-sale securities, amortized cost basis

11,357,095

10,571,505

Available-for-sale securities, gross unrealized gain

16,385,571

13,636,071

281,734,182

275,616,837

7,860,824

10,170,790

Cemetery Perpectual Care Obligation [Member]

188,938,399

139,923,399

$ 147,122,807

$ 133,483,817

Total restricted assets

27,957,336

20,028,976

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

647,261

1,815

302

Available for sale securities, unrecognized holding loss

(4,934)

(5,859)

Available for sale securities, estimated fair value

771,935

641,704

2,369

2,999,256

2,867,047

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

1,748,149

1,860,195

5,935

1,947

Available for sale securities, unrecognized holding loss

(6,500)

(8,282)

Available for sale securities, estimated fair value

1,747,584

1,853,860

Residential Construction [Member] | Cemetery Perpectual Care Obligation [Member]

15,232,601

^[3]

10,114,694

^[4]

Total restricted assets

27,957,336

20,028,976

Impairment Effects on Earnings Per Share [Line Items]

(200)

(495)

Residential Construction [Member] | Restricted Assets [Member]

100,000

247,360

Impairment Effects on Earnings Per Share [Line Items]

Fair value allowance for credit losses

1,113,300

676,572

(2,227)

(1,353)

1,111,073

675,219

US Government Corporations and Agencies Securities [Member] | Cemetery Perpectual Care Obligation [Member]

5,167

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

53,672

Available for sale securities, unrecognized holding loss

(171)

Available for sale securities, estimated fair value

53,501

US Treasury Securities [Member] | Cemetery Perpectual Care Obligation [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

649,256

477,797

1,815

302

Available for sale securities, unrecognized holding loss

(385)

(574)

Available for sale securities, estimated fair value

650,686

477,525

US Treasury Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

1,002,584

932,737

5,878

1,433

Available for sale securities, unrecognized holding loss

(240)

(1,000)

Available for sale securities, estimated fair value

1,008,222

933,170

US States and Political Subdivisions Debt Securities [Member] | Cemetery Perpectual Care Obligation [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

125,798

115,792

Available for sale securities, unrecognized holding loss

(4,549)

(5,114)

Available for sale securities, estimated fair value

121,249

110,678

US States and Political Subdivisions Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

550,532

652,770

305

Available for sale securities, unrecognized holding loss

(4,881)

(4,542)

Available for sale securities, estimated fair value

545,678

648,533

Corporate Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, unrecognized holding gain

195,033

274,688

209

Available for sale securities, unrecognized holding loss

(1,379)

(2,740)

Available for sale securities, estimated fair value

193,684

272,157

Industrial Miscellaneous and All Other [Member] | Cemetery Perpectual Care Obligation [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

3,830,983

3,614,392

Available for sale securities, unrecognized holding gain

1,362,684

859,680

Available for sale securities, unrecognized holding loss

(121,246)

(146,771)

Available-for-sale securities, gross unrealized gain

5,072,421

4,327,301

Industrial Miscellaneous and All Other [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

7,996,032

6,516,044

Available for sale securities, unrecognized holding gain

2,075,560

1,117,155

Available for sale securities, unrecognized holding loss

(210,681)

(247,996)

Available-for-sale securities, gross unrealized gain

9,860,911

7,385,203

Equity Securities One [Member] | Cemetery Perpectual Care Obligation [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

3,830,983

3,614,392

Available for sale securities, unrecognized holding gain

1,362,684

859,680

Available for sale securities, unrecognized holding loss

(121,246)

(146,771)

Available-for-sale securities, gross unrealized gain

5,072,421

4,327,301

Equity Securities One [Member] | Restricted Assets [Member]

99,800

246,865

Impairment Effects on Earnings Per Share [Line Items]

Available-for-sale securities, amortized cost basis

7,996,032

6,516,044

Available for sale securities, unrecognized holding gain

2,075,560

1,117,155

Available for sale securities, unrecognized holding loss

(210,681)

(247,996)

Available-for-sale securities, gross unrealized gain

$ 9,860,911

$ 7,385,203

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses
[3]	Including cash and cash equivalents of $12,032,252 for the life insurance and mortgage segments.
[4]	Including cash and cash equivalents of $6,930,930 for the life insurance and mortgage segments.

Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU

	Amount
Mortgage loans held for investment:
Residential	$	(192,607	)
Residential construction		301,830
Commercial		555,807
Total		665,030

Restriced assets - mortgage loans held for investment:
Residential construction		3,463

Cemetery perpetual care trust investments - mortgage loans held for investment:
Residential construction		3,013

Grand Total		671,506

Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU (Details) - USD ($)

3 Months Ended

9 Months Ended

Jan. 01, 2023

Sep. 30, 2024

^[1]

Sep. 30, 2023

^[1]

Sep. 30, 2024

^[2]

Sep. 30, 2023

^[2]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member]

$ (167,300)

$ 53,878

$ (254,306)

$ (597,430)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member]

$ 671,506

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Residential Mortgage [Member]

665,030

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Residential Construction [Member]

(192,607)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Mortgage Loans Held for Investment [Member] | Commercial [Member]

301,830

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Restricted Assets Mortgage Loans Held For Investment [Member] | Residential Construction [Member]

555,807

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accounting Standards Update 2016-13 [Member] | Cemetery Perpetual Care Trust Investments Mortgage Loans Held For Investment [Member] | Residential Construction [Member]

3,463

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 3,013

[1]	Included in other expenses on the condensed consolidated statements of earnings
[2]	Included in other expenses on the condensed consolidated statements of earnings

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contract with Customer [Abstract]

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Receivables, beginning balance

^[1]

$ 6,321,573

$ 5,392,779

Contract asset, beginning balance

Contract liability, beginning balance

18,237,246

16,226,836

Receivables, ending balance

^[1]

6,593,720

6,321,573

Contract asset, ending balance

Contract liability, ending balance

19,493,005

18,237,246

Increase (decrease) in accounts receivable

^[1]

272,147

928,794

Increase (decrease) in contract asset

Increase (decrease) in contract liability

$ 1,255,759

$ 2,010,410

[1]	Included in Receivables, net on the condensed consolidated balance sheets

Recent Accounting Pronouncements (Details Narrative)	Jan. 01, 2023 USD ($)
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings	$ 671,506

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cemetery Perpetual Care Trust Investments and Obligation and Restricted Assets (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cemetery Perpectual Care Obligation [Member]
Schedule of Investments [Line Items]
Credit loss recognized	$ 0	$ 0	$ 0	$ 0
Four Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	99.20%		99.20%		98.10%
12 Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	99.30%		99.30%		99.10%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 11,831,444	$ 7,271,549	$ 7,474,522	$ 4,041,293	$ 6,352,706	$ 1,240,172	$ 26,577,515	$ 11,634,171

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Earnings Per Share (Details Narrative) - shares	9 Months Ended
Earnings Per Share (Details Narrative) - shares	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		55,125

Schedule of Aggregate Fair Value Loans Held for Sale (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans Held For Sale
Aggregate fair value	$ 142,897,741	$ 126,549,190
Unpaid principal balance	139,678,479	127,185,867
Unrealized gain (loss)	$ 3,219,262	$ (636,677)

Schedule of Allowance Credit Losses (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Change in provision for credit losses

Beginning balance

$ 1,770,911

$ 1,492,934

$ 1,897,887

$ 2,229,791

(167,300)

^[1]

53,878

^[1]

(254,306)

^[2]

(597,430)

^[2]

Charge-offs

(37,461)

(26,011)

(77,431)

(111,560)

Ending balance

$ 1,566,150

$ 1,520,801

$ 1,566,150

$ 1,520,801

[1]	Included in other expenses on the condensed consolidated statements of earnings
[2]	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 346,513,336

$ 381,535,986

16,385,571

13,636,071

142,897,741

126,549,190

1,747,584

^[1]

1,853,860

^[2]

9,860,911

^[3]

7,385,203

^[4]

771,935

641,704

5,072,421

4,327,301

Total assets accounted for at fair value on a recurring basis

5,563,882

^[5]

4,995,486

^[6]

528,813,381

540,924,801

Total liabilities accounted for at fair value on a recurring basis

(3,168,855)

^[7]

(3,412,224)

^[8]

(3,168,855)

(3,412,224)

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

16,385,571

13,636,071

^[1]

^[2]

9,860,911

^[3]

7,385,203

^[4]

5,072,421

4,327,301

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

31,318,903

25,348,575

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

345,281,782

380,297,330

1,747,584

^[1]

1,853,860

^[2]

^[3]

^[4]

771,935

641,704

Total assets accounted for at fair value on a recurring basis

^[5]

^[6]

347,801,301

382,792,894

Total liabilities accounted for at fair value on a recurring basis

^[7]

^[8]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,231,554

1,238,656

142,897,741

126,549,190

^[1]

^[2]

^[3]

^[4]

Total assets accounted for at fair value on a recurring basis

5,563,882

^[5]

4,995,486

^[6]

149,693,177

132,783,332

Total liabilities accounted for at fair value on a recurring basis

(3,168,855)

^[7]

(3,412,224)

^[8]

$ (3,168,855)

$ (3,412,224)

[1]	Fixed maturity securities available for sale
[2]	Fixed maturity securities available for sale
[3]	Equity securities
[4]	Equity securities
[5]	Included in other assets on the consolidated balance sheets
[6]	Included in other assets on the consolidated balance sheets
[7]	Included in other liabilities and accrued expenses on the consolidated balance sheets
[8]	Included in other liabilities and accrued expenses on the consolidated balance sheets

Stock Compensation Plans (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
Stock Compensation Plans (Details Narrative) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 196,326	$ 184,066	$ 199,887	$ 145,973	$ 141,954	$ 143,671
Intrinsic value, stock options exercised							$ 290,159	$ 454,923
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	895						2,666	742
Total unrecognized compensation expense	598						598
Stock Option Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	195,431			$ 145,973			577,613	$ 430,856
Total unrecognized compensation expense	$ 134,239						$ 134,239

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Accumulated Other Comprehensive Income (loss)

Schedule of Assumptions Used in Determining MSR Value (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Prepayment speed	10.60	9.70
Average life	7 years 5 months 12 days	7 years 9 months 14 days
Discount rate	11.81	11.85

Schedule of Other Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
Schedule of Other Revenues (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Contractual servicing fees	$ 237,531	$ 249,050	$ 736,137	$ 892,668
Late fees	17,349	21,037	56,637	84,358
Total	$ 254,880	$ 270,087	$ 792,774	$ 977,026

Reinsurance, Commitments and Contingencies (Details Narrative)	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares
Loss Contingencies [Line Items]
Payment for other liabilities	$ 193,870,000
Other commitments	131,896,896
U.S Bank [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 15,000,000
Interest rate terms	charges interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR
Line of credit, maturity date	Jun. 20, 2025
Adjustment of debt \| $ / shares	$ 1.00
Western Alliance Bank [Member]
Loss Contingencies [Line Items]
Line of credit, maximum borrowing capacity	$ 25,000,000
Interest rate terms	charges interest at the 1-Month SOFR rate plus 2.0%
Line of credit, maturity date	Aug. 27, 2025
Adjustment of debt \| $ / shares	$ 1.00
Minimum [Member]
Loss Contingencies [Line Items]
Reinsurance payable	$ 25,000
Interest rate	2.00%
Minimum [Member] \| Loans [Member]
Loss Contingencies [Line Items]
Loan commitment ranges	50.00%
Interest rate	5.25%
Maximum [Member]
Loss Contingencies [Line Items]
Reinsurance payable	$ 100,000
Interest rate	10.50%
Maximum [Member] \| Loans [Member]
Loss Contingencies [Line Items]
Loan commitment ranges	80.00%
Interest rate	8.50%

Accumulated Other Comprehensive Income (loss)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

16) Accumulated Other Comprehensive Income (loss)

The following table summarizes the changes in accumulated other comprehensive income (loss):

	2024			2023			2024			2023
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023

Unrealized gains (losses) on fixed maturity securities available for sale	$	10,595,637		$	(6,725,752	)	$	8,809,823		$	(6,310,923	)
Amounts reclassified into net earnings		(152,147	)		(79,850	)		(148,472	)		(269,827	)
Net unrealized gains (losses) before taxes		10,443,490			(6,805,602	)		8,661,351			(6,580,750	)
Tax (expense) benefit		(2,198,474	)		1,429,176			(1,824,502	)		1,381,958
Net		8,245,016			(5,376,426	)		6,836,849			(5,198,792	)
Unrealized gains (losses) on restricted assets (1)		9,353			(12,284	)		5,770			(14,340	)
Tax (expense) benefit		(2,330	)		3,060			(1,437	)		3,572
Net		7,023			(9,224	)		4,333			(10,768	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		4,263			(2,487	)		2,438			(3,299	)
Tax (expense) benefit		(1,062	)		610			(607	)		838
Net		3,201			(1,877	)		1,831			(2,461	)
Other comprehensive income (loss) changes	$	8,255,240		$	(5,387,527	)	$	6,843,013		$	(5,212,021	)

(1)

Fixed maturity securities available for sale

The following table presents the accumulated balances of other comprehensive income (loss) as of September 30, 2024:

	Beginning Balance December 31, 2023			Change for the period		Ending Balance September 30, 2024
Unrealized gains (losses) on fixed maturity securities available for sale	$	(6,876,629	)	$	6,836,849	$	(39,780	)
Unrealized gains (losses) on restricted assets (1)		(4,757	)		4,333		(424	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(4,172	)		1,831		(2,341	)
Other comprehensive income (loss)	$	(6,885,558	)	$	6,843,013	$	(42,545	)

(1)

Fixed maturity securities available for sale

The following table presents the accumulated balances of other comprehensive income (loss) as of December 31, 2023:

	Beginning Balance December 31, 2022			Change for the period		Ending Balance December 31, 2023
Unrealized gains (losses) on fixed maturity securities available for sale	$	(13,050,767	)	$	6,174,138	$	(6,876,629	)
Unrealized gains (losses) on restricted assets (1)		(13,148	)		8,391		(4,757	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(6,362	)		2,190		(4,172	)
Other comprehensive income (loss)	$	(13,070,277	)	$	6,184,719	$	(6,885,558	)

(1)

Fixed maturity securities available for sale

Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues from external customers	$ 88,273,687	$ 80,241,727	$ 255,253,221	$ 243,588,620
Intersegment revenues
Segment profit (loss) before income taxes	15,214,682	5,158,690	34,223,586	14,892,911
Identifiable Assets	1,489,570,412	1,408,518,452	1,489,570,412	1,408,518,452
Goodwill	5,253,783	5,253,783	5,253,783	5,253,783	$ 5,253,783
Total Assets	1,494,824,195	1,413,772,235	1,494,824,195	1,413,772,235
Life Insurance [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	48,853,356	47,199,169	146,061,306	140,685,555
Intersegment revenues	2,066,052	2,330,292	5,351,600	6,357,810
Segment profit (loss) before income taxes	12,358,186	7,175,181	28,052,410	20,017,102
Identifiable Assets	1,379,914,778	1,299,027,212	1,379,914,778	1,299,027,212
Goodwill	2,765,570	2,765,570	2,765,570	2,765,570
Total Assets	1,382,680,348	1,301,792,782	1,382,680,348	1,301,792,782
Cemetery/Mortuary [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	8,542,677	7,416,423	25,608,123	23,427,327
Intersegment revenues	85,699	85,699	255,234	254,302
Segment profit (loss) before income taxes	2,840,346	1,469,592	7,984,287	6,082,343
Identifiable Assets	103,403,799	92,299,022	103,403,799	92,299,022
Goodwill	2,488,213	2,488,213	2,488,213	2,488,213
Total Assets	105,892,012	94,787,235	105,892,012	94,787,235
Mortgage [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	30,877,654	25,626,135	83,583,792	79,475,738
Intersegment revenues	137,946	133,639	429,541	393,145
Segment profit (loss) before income taxes	16,150	(3,486,083)	(1,813,111)	(11,206,534)
Identifiable Assets	99,663,509	107,800,781	99,663,509	107,800,781
Goodwill
Total Assets	99,663,509	107,800,781	99,663,509	107,800,781
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers
Intersegment revenues	(2,289,697)	(2,549,630)	(6,036,375)	(7,005,257)
Segment profit (loss) before income taxes
Identifiable Assets	(93,411,674)	(90,608,563)	(93,411,674)	(90,608,563)
Goodwill
Total Assets	$ (93,411,674)	$ (90,608,563)	$ (93,411,674)	$ (90,608,563)

Schedule of Changes in Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Net loan commitments, beginning

^[1]

$ 4,995,486

Loans Held for Sale, Beginning

126,549,190

Fixed Maturity Securities Available for Sale, Beginning

381,535,986

45,346,681

$ 50,158,586

Total gains (losses) included in other comprehensive income

(89,829,379)

(33,160,924)

$ 10,595,637

$ (6,725,752)

8,809,823

(6,310,923)

Net loan commitments, ending

^[2]

5,563,882

Loans Held for Sale, Ending

142,897,741

Fixed Maturity Securities Available for Sale, Ending

346,513,336

Net Derivatives Loan Commitments [Member]

(3,017,626)

Net loan commitments, beginning

2,574,863

3,233,447

1,583,262

2,706,877

Total gains (losses) included in earnings

(179,836)

^[3]

(1,504,286)

^[4]

811,765

^[5]

(977,716)

^[6]

Total gains (losses) included in other comprehensive income

Net loan commitments, ending

2,395,027

1,729,161

2,395,027

1,729,161

Loans Held For Sale [Member]

Loans Held for Sale, Beginning

150,196,416

161,310,060

126,549,190

141,179,620

633,213,359

569,095,944

1,723,036,874

1,708,831,185

Total gains (losses) included in earnings

(655,088,969)

(585,545,472)

(1,742,693,113)

(1,726,023,095)

14,576,935

^[3]

9,553,586

^[4]

36,863,767

^[5]

Total gains (losses) included in other comprehensive income

Loans Held for Sale, Ending

142,897,741

152,546,566

142,897,741

152,546,566

Loans held for sale foreclosed into real estate held for sale

(1,867,552)

(3,017,626)

(858,977)

31,576,482

^[6]

Fixed Maturity Securities Available For Sale 1 [Member]

Fixed Maturity Securities Available for Sale, Beginning

1,237,469

1,431,874

1,238,656

1,435,519

Total gains (losses) included in earnings

(129,521)

^[7]

(109)

^[8]

^[9]

(109)

^[10]

Total gains (losses) included in other comprehensive income

(5,915)

(70,057)

(7,102)

(73,702)

Fixed Maturity Securities Available for Sale, Ending

$ 1,231,554

$ 1,232,187

1,231,554

1,232,187

Commitments and Contingencies Disclosure [Abstract]

[1]	Included in other assets on the consolidated balance sheets
[2]	Included in other assets on the consolidated balance sheets
[3]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[4]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[5]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[6]	As a component of Mortgage fee income on the condensed consolidated statements of earnings
[7]	As a component of Net investment income on the condensed consolidated statements of earnings
[8]	As a component of Net investment income on the condensed consolidated statements of earnings
[9]	As a component of Net investment income on the condensed consolidated statements of earnings
[10]	As a component of Net investment income on the condensed consolidated statements of earnings

Reinsurance, Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Reinsurance, Commitments and Contingencies

10) Reinsurance, Commitments and Contingencies

Reinsurance

The Company follows the procedure of reinsuring risks of more than a specified limit, which ranges from $25,000 to $100,000 on newly issued policies. The Company has also assumed various reinsurance agreements through acquisition of life companies. The Company is ultimately liable for these reinsured amounts in the event such reinsurers are unable to pay their portion of the claims. The Company evaluates the financial condition of reinsurers and monitors the concentration of credit risk. The Company is also a reinsurer of insurance with other companies.

Mortgage Loan Loss Settlements

Future loan losses can be extremely difficult to estimate. However, the Company believes that the Company’s reserve methodology and its current practice of property preservation allow it to estimate its potential losses on loans sold. See Note 4 to the condensed consolidated financial statements for additional information about the Company’s loan loss reserve.

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary SecurityNational Mortgage, has two lines of credit for the purpose of funding mortgage loans.

The Company’s agreement with U.S. Bank allows SecurityNational Mortgage to borrow up to $15,000,000. The agreement charges interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR and matures on June 20, 2025. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income (excluding any changes in the fair value of mortgage servicing rights) of at least $1.00 on a rolling twelve months.

The Company’s agreement with Western Alliance Bank allows SecurityNational Mortgage to borrow up to $25,000,000. The agreement charges interest at the 1-Month SOFR rate plus 2.0% and matures on August 27, 2025. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and minimum combined pre-tax income of at least $1.00 on a quarterly basis.

The agreements for both warehouse lines of credit include cross default provisions where certain events of default under other of SecurityNational Mortgage’s obligations constitute events of default under the warehouse lines of credit. As of September 30, 2024, the Company was in compliance with the net income covenant of the warehouse lines of credit and its operating cash flow covenant for its standby letter of credit with its primary bank. The Company has performed an internal analysis of its funding capacities of both internal and external sources and has determined that there are sufficient funds to continue its current business model. The Company continues to negotiate other warehouse lines of credit with other lenders.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

10) Reinsurance, Commitments and Contingencies (Continued)

Debt Covenants for Revolving Lines of Credit and Bank Loans

The Company also has debt covenants on its revolving lines of credit and is required to comply with minimum operating cash flow ratios and minimum net worth for each of its business segments. The Company also has debt covenants for one of its loans on real estate for a minimum consolidated operating cash flow ratio, minimum liquidity, and consolidated net worth. In addition to these financial debt covenants, the Company is required to provide segment specific financial statements and building specific financial statements on all bank loans. As of September 30, 2024, the Company was in compliance with all these debt covenants.

Other Contingencies and Commitments

The Company has commitments to fund existing construction and land development loans pursuant to the various loan agreements. As of September 30, 2024, the Company’s commitments were approximately $193,870,000 for these loans, of which $131,896,896 had been funded. The Company advances funds in accordance with the loan agreements once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 80% of appraised value. The Company receives fees and interest for these loans and the interest rate is generally fixed at 5.25% to 8.50% per annum. Maturities range between six and eighteen months.

The Company belongs to a captive insurance group (“the captive group”) for certain casualty insurance, worker compensation and general liability programs. The captive group maintains insurance reserves relative to these programs. The level of exposure from catastrophic events is limited by the purchase of stop-loss and aggregate liability reinsurance coverage. When estimating the insurance liabilities and related reserves, the captive group considers several factors, which include historical claims experience, demographic factors, severity factors and valuations provided by independent third-party actuaries. If actual claims or adverse development of loss reserves occurs and exceed these estimates, additional reserves may be required from the Company and its members. The estimation process contains uncertainty since captive insurance management must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date.

The Company is a defendant in various other legal actions arising from the normal conduct of business. The Company believes that none of the actions, if adversely determined, will have a material effect on the Company’s financial position or results of operations. Based on the Company’s assessment and legal counsel’s analysis concerning the likelihood of unfavorable outcomes, no amounts have been accrued for the above claims in the consolidated financial statements. The Company is not a party to any other material legal proceedings outside the ordinary course of business or to any other legal proceedings, which, if adversely determined, would have a material adverse effect on its financial condition or results of operations.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Stock Option Plans

Activity of the stock option plans during the nine month period ended September 30, 2024, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)

Outstanding at January 1, 2024		833,570		$	4.91		1,520,062	$	5.57
Adjustment for the effect of stock dividends		38,724					76,005
Granted		16,500					-
Exercised		(88,714	)				-
Cancelled		(17,333	)				-
Outstanding at September 30, 2024		782,747		$	5.16		1,596,067	$	5.57

As of September 30, 2024:
Options exercisable		751,872		$	5.05		1,519,817	$	5.46

As of September 30, 2024:
Available options for future grant		39,006					556,238

Weighted average contractual term of options outstanding at September 30, 2024		4.91 years					5.74 years

Weighted average contractual term of options exercisable at September 30, 2024		4.73 years					5.63 years

Aggregated intrinsic value of options outstanding at September 30, 2024 (1)	$	3,165,305				$	5,793,310

Aggregated intrinsic value of options exercisable at September 30, 2024 (1)	$	3,119,776				$	5,676,723

(1)	The Company used a stock price of $9.20 as of September 30, 2024 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the nine month period ended September 30, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price

Outstanding at January 1, 2023		976,605		$	4.56		1,157,203	$	5.31
Adjustment for the effect of stock dividends		38,266					57,859
Granted		16,000					-
Exercised		(233,180	)				-
Cancelled		-					-
Outstanding at September 30, 2023		797,691		$	4.78		1,215,062	$	5.31

As of September 30, 2023:
Options exercisable		770,066		$	4.73		1,141,312	$	5.25

As of September 30, 2023:
Available options for future grant		171,386					834,750

Weighted average contractual term of options outstanding at September 30, 2023		4.69 years					6.15 years

Weighted average contractual term of options exercisable at September 30, 2023		4.53 years					6.03 years

Aggregated intrinsic value of options outstanding at September 30, 2023 (1)	$	2,438,675				$	3,074,037

Aggregated intrinsic value of options exercisable at September 30, 2023 (1)	$	2,398,360				$	2,955,012

(1)	The Company used a stock price of $7.84 as of September 30, 2023 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

Schedule of Activity Restricted Stock Units

Activity of the RSUs during the nine month period ended September 30, 2024 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024		2,245		$	7.72
Granted		-
Vested		(1,325	)
Non-vested at September 30, 2024		920		$	7.99

Available RSUs for future grant		16,540

Activity of the RSUs during the nine month period ended September 30, 2023 is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		1,620		$	6.48
Granted		-
Vested		(810	)
Non-vested at September 30, 2023		810		$	6.48

Available RSUs for future grant		18,380

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Net earnings

$ 11,831,444

$ 4,041,293

$ 26,577,515

$ 11,634,171

Other comprehensive income:

Unrealized gains (losses) on fixed maturity securities available for sale

10,443,490

(6,805,602)

8,661,351

(6,580,750)

Unrealized gains (losses) on restricted assets

^[1]

9,353

(12,284)

5,770

(14,340)

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

4,263

(2,487)

2,438

(3,299)

Other comprehensive income (loss), before income tax

10,457,106

(6,820,373)

8,669,559

(6,598,389)

Income tax (expense) benefit

(2,201,866)

1,432,846

(1,826,546)

1,386,368

Other comprehensive income (loss), net of income tax

8,255,240

(5,387,527)

6,843,013

(5,212,021)

Comprehensive income (loss)

$ 20,086,684

$ (1,346,234)

$ 33,420,528

$ 6,422,150

[1]	Fixed maturity securities available for sale

Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant changes in the near term are those used in determining the value of derivative assets and liabilities; those used in determining deferred acquisition costs and the value of business acquired; those used in determining the value of mortgage loans foreclosed to real estate held for investment or sale; those used in determining the liability for future policy benefits and unearned revenue; those used in determining the estimated future costs for pre-need sales; those used in determining the value of mortgage servicing rights; those used in determining the value of loans held for sale; those used in determining allowances for credit losses; those used in determining loan loss reserve; and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8) Fair Value of Financial Instruments

GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. GAAP also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy:

Level 1: Financial assets and financial liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

Level 2: Financial assets and financial liabilities whose values are based on the following:

	a)	Quoted prices for similar assets or liabilities in active markets.
	b)	Quoted prices for identical or similar assets or liabilities in non-active markets; or
	c)	Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing financial assets and financial liabilities.

The Company utilizes a combination of third-party valuation service providers, brokers, and internal valuation models to determine fair value.

The following methods and assumptions were used by the Company in estimating the fair value disclosures related to significant financial instruments.

The items shown under Level 1 and Level 2 are valued as follows:

Fixed Maturity Securities Available for Sale: The fair values of fixed maturity securities are based on quoted market prices, when available. For fixed maturity securities not actively traded, fair values are estimated using values obtained from independent pricing services, or in the case of private placements (considered Level 3 financial assets), are estimated by discounting expected future cash flows using a current market value applicable to the coupon rate, credit and maturity of the investments.

Equity Securities: The fair values for equity securities are based on quoted market prices.

Restricted Assets: A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents and participations in mortgage loans. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Cemetery Perpetual Care Trust Investments: A portion of these assets include equity securities and fixed maturity securities that have quoted market prices that are used to determine fair value. Also included are cash and cash equivalents. The carrying amounts reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair values due to their short-term nature.

Additionally, there were no transfers between Level 1 and Level 2 in the fair value hierarchy.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The items shown under Level 3 are valued as follows:

Loans Held for Sale: The Company elected the fair value option for loans held for sale. The fair value is based on quoted market prices, when available. When a quoted market price is not readily available, the Company uses the market price from its last sale of similar assets. Fair value is often difficult to determine in volatile markets and may contain significant unobservable inputs.

Loan Commitments and Forward Sale Commitments: The Company’s mortgage segment enters loan commitments with potential borrowers and forward sale commitments to sell loans with third-party investors. The Company also uses a hedging strategy for these transactions. A loan commitment binds the Company to lend funds to a qualified borrower at a specified interest rate and within a specified period, generally up to 30 days after issuance of the loan commitment. Loan commitments are defined to be derivatives under GAAP and are recognized at fair value on the consolidated balance sheets with changes in their fair values recorded in current earnings.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued. Following issuance, the value of a mortgage loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will be funded within the terms of the commitments.

Impaired Mortgage Loans Held for Investment: The Company believes that the fair value of these nonperforming loans will approximate the unpaid principal balance expected to be recovered based on the fair value of the underlying collateral. For residential and commercial properties, the collateral value is estimated by obtaining an independent appraisal. The appraisal typically considers comparable sales in the area, property condition, and potential rental income that could be generated (particularly for commercial properties). For residential construction loans, the collateral is typically incomplete, so the fair value is estimated as the replacement cost using data from a provider of building cost information to the real estate construction.

Impaired Real Estate Held for Investment: The Company believes that in an orderly market, fair value will approximate the replacement cost of a home and the rental income provides a cash flow stream for investment analysis. The Company believes the highest and best use of the properties are as income producing assets since it is the Company’s intent to hold the properties as rental properties, matching the income from the investment in rental properties with the funds required for future estimated policy claims.

It should be noted that for replacement cost, when determining the fair value of real estate held for investment, the Company uses a provider of building cost information to the real estate construction industry. For the investment analysis, the Company uses market data based upon its real estate operation experience and projected the present value of the net rental income over seven years. The Company also considers area comparable properties and property conditions when determining fair value.

In addition to this analysis performed by the Company, the Company depreciates Real Estate Held for Investment. This depreciation reduces the book value of these properties and lessens the exposure to the Company from further deterioration in real estate values.

Mortgage Servicing Rights: The Company initially recognizes Mortgage Servicing Rights (“MSRs”) at their estimated fair values derived from the net cash flows associated with the servicing contracts, where the Company assumes the obligation to service the loan in the sale transaction.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	346,513,336		$	-	$	345,281,782	$	1,231,554
Equity securities		16,385,571			16,385,571		-		-
Loans held for sale		142,897,741			-		-		142,897,741
Restricted assets (1)		1,747,584			-		1,747,584		-
Restricted assets (2)		9,860,911			9,860,911		-		-
Cemetery perpetual care trust investments (1)		771,935					771,935		-
Cemetery perpetual care trust investments (2)		5,072,421			5,072,421		-		-
Derivatives - loan commitments (3)		5,563,882			-		-		5,563,882
Total assets accounted for at fair value on a recurring basis	$	528,813,381		$	31,318,903	$	347,801,301	$	149,693,177

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		(3,168,855	)		-		-		(3,168,855	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,168,855	)	$	-	$	-	$	(3,168,855	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale	$	381,535,986		$	-	$	380,297,330	$	1,238,656
Equity securities		13,636,071			13,636,071		-		-
Loans held for sale		126,549,190			-		-		126,549,190
Restricted assets (1)		1,853,860			-		1,853,860		-
Restricted assets (2)		7,385,203			7,385,203		-		-
Cemetery perpetual care trust investments (1)		641,704			-		641,704		-
Cemetery perpetual care trust investments (2)		4,327,301			4,327,301		-		-
Derivatives - loan commitments (3)		4,995,486			-		-		4,995,486
Total assets accounted for at fair value on a recurring basis	$	540,924,801		$	25,348,575	$	382,792,894	$	132,783,332

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(3,412,224	)	$	-	$	-	$	(3,412,224	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,412,224	)	$	-	$	-	$	(3,412,224	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	September		Valuation	Unobservable	Minimum			Maximum			Weighted
	30, 2024		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	142,897,741	Market approach	Investor contract pricing as a percentage of unpaid principal balance		87.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		2,395,027	Market approach	Pull-through rate		65.0	%		100.0	%		85.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			135 bps			44 bps

Fixed maturity securities available for sale		1,231,554	Broker quotes	Pricing quotes	$	98.40		$	100.00		$	99.27

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value at			Significant	Range of Inputs
	December		Valuation	Unobservable	Minimum			Maximum			Weighted
	31, 2023		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	126,549,190	Market approach	Investor contract pricing as a percentage of unpaid principal balance		70.0	%		121.0	%		100.0	%

Derivatives - loan commitments (net)		1,583,262	Market approach	Pull-through rate		70.0	%		99.0	%		86.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			119 bps			49 bps

Fixed maturity securities available for sale		1,238,656	Broker quotes	Pricing quotes	$	98.40		$	102.46		$	99.86

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended September 30, 2024:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - June 30, 2024	$	2,574,863		$	150,196,416		$	1,237,469
Originations and purchases		-			633,213,359			-
Sales, maturities and paydowns		-			(655,088,969	)		-
Total gains (losses):
Included in earnings		(179,836	)(1)		14,576,935	(1)		-	(2)
Included in other comprehensive income		-			-			(5,915	)

Balance - September 30, 2024	$	2,395,027		$	142,897,741		$	1,231,554

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended September 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - June 30, 2023	$	3,233,447		$	161,310,060		$	1,431,874
Originations and purchases		-			569,095,944			-
Sales, maturities and paydowns		-			(585,545,472	)		(129,521	)
Transfer to mortgage loans held for investment					(1,867,552	)
Total gains (losses):
Included in earnings		(1,504,286	)(1)		9,553,586	(1)		(109	)(2)
Included in other comprehensive income		-			-			(70,057	)

Balance - September 30, 2023	$	1,729,161		$	152,546,566		$	1,232,187

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the nine month period ended September 30, 2024:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2023	$	1,583,262		$	126,549,190		$	1,238,656
Originations and purchases		-			1,723,036,874			-
Sales, maturities and paydowns		-			(1,742,693,113	)		-
Transfer to mortgage loans held for investment		-			-			-
Loans held for sale foreclosed into real estate held for sale					(858,977	)
Total gains (losses):
Included in earnings		811,765	(1)		36,863,767	(1)		-	(2)
Included in other comprehensive income		-			-			(7,102	)

Balance - September 30, 2024	$	2,395,027		$	142,897,741		$	1,231,554

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the nine month period ended September 30, 2023:

	Net Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale
Balance - December 31, 2022	$	2,706,877		$	141,179,620		$	1,435,519
Originations and purchases		-			1,708,831,185			-
Sales, maturities and paydowns		-			(1,726,023,095	)		(129,521	)
Transfer to mortgage loans held for investment		-			(3,017,626	)		-
Total gains (losses):
Included in earnings		(977,716	)(1)		31,576,482	(1)		(109	)(2)
Included in other comprehensive income		-			-			(73,702	)

Balance - September 30, 2023	$	1,729,161		$	152,546,566		$	1,232,187

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The Company did not have any financial assets and financial liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and as of December 31, 2023.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

Fair Value of Financial Instruments Carried at Other Than Fair Value

ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value.

The Company uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction as of September 30, 2024 and December 31, 2023.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of September 30, 2024:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	86,548,141		$	-	$	-	$	88,394,509		$	88,394,509
Residential construction		129,732,885			-		-		129,732,885			129,732,885
Commercial		65,453,156			-		-		66,238,958			66,238,958
Mortgage loans held for investment, net	$	281,734,182		$	-	$	-	$	284,366,352		$	284,366,352
Policy loans		13,735,282			-		-		13,735,282			13,735,282
Insurance assignments, net (1)		44,413,559			-		-		44,413,559			44,413,559
Restricted assets (2)		1,111,073			-		-		1,111,073			1,111,073
Cemetery perpetual care trust investments (2)		99,800			-		-		99,800			99,800
Mortgage servicing rights, net		3,051,805			-		-		4,170,880			4,170,880

Liabilities
Bank and other loans payable	$	(106,989,925	)	$	-	$	-	$	(92,105,403	)	$	(92,105,403	)
Policyholder account balances (3)		(37,305,721	)		-		-		(38,150,732	)		(38,150,732	)
Future policy benefits - annuities (3)		(106,361,533	)		-		-		(105,136,015	)		(105,136,015	)

(1)	Included in other investments and policy loans on the condensed consolidated balance sheets
(2)	Mortgage loans held for investment
(3)	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2023:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	99,519,750		$	-	$	-	$	96,998,106		$	96,998,106
Residential construction		103,529,896			-		-		103,529,896			103,529,896
Commercial		72,567,191			-		-		72,149,530			72,149,530
Mortgage loans held for investment, net	$	275,616,837		$	-	$	-	$	272,677,532		$	272,677,532
Policy loans		13,264,183			-		-		13,264,183			13,264,183
Insurance assignments, net (1)		44,051,486			-		-		44,051,486			44,051,486
Restricted assets (2)		675,219			-		-		675,219			675,219
Cemetery perpetual care trust investments (2)		246,865			-		-		246,865			246,865
Mortgage servicing rights, net		3,461,146			-		-		4,543,657			4,543,657

Liabilities
Bank and other loans payable	$	(105,555,137	)	$	-	$	-	$	(105,555,137	)	$	(105,555,137	)
Policyholder account balances (3)		(39,245,123	)		-		-		(48,920,691	)		(48,920,691	)
Future policy benefits - annuities (3)		(106,285,010	)		-		-		(102,177,585	)		(102,177,585	)

(1)	Included in other investments and policy loans on the consolidated balance sheets
(2)	Mortgage loans held for investment
(3)	Included in future policy benefits and unpaid claims on the consolidated balance sheets

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of these financial instruments are summarized as follows:

Mortgage Loans Held for Investment: The estimated fair value of the Company’s mortgage loans held for investment is determined using various methods. The Company’s mortgage loans are grouped into three categories: Residential, Residential Construction and Commercial. When estimating the expected future cash flows, it is assumed that all loans will be held to maturity, and any loans that are non-performing are evaluated individually for impairment.

Residential – The estimated fair value is determined through a combination of discounted cash flows (estimating expected future cash flows of payments and discounting them using current interest rates from single-family mortgages) and considering pricing of similar loans that were sold recently.

Residential Construction – These loans are primarily short in maturity. Accordingly, the estimated fair value is determined to be the carrying value.

Commercial – The estimated fair value is determined by estimating expected future cash flows of payments and discounting them using current interest rates for commercial mortgages.

Policy Loans: The carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values because they are fully collateralized by the cash surrender value of the underlying insurance policies.

Insurance Assignments, Net: These investments are primarily short in maturity, accordingly, the carrying amounts reported in the accompanying condensed consolidated balance sheet for these financial instruments approximate their fair values.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

Bank and Other Loans Payable: The carrying amounts reported in the accompanying condensed consolidated balance sheet for warehouse lines of credit approximate their fair values due to their relatively short-term maturities and variable interest rates. The estimated fair value for bank loans collateralized by real estate is determined by estimating future cash flows of payments and discounting them using current market rates.

Policyholder Account Balances and Future Policy Benefits-Annuities: Future policy benefit reserves for interest-sensitive insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period of more than related policy account balances. Interest crediting rates for interest-sensitive insurance products ranged from 1.5% to 6.5%. The fair values for these investment-type insurance contracts are estimated based on the present value of liability cash flows. The fair values for the Company’s insurance contracts other than investment-type contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Recent Accounting Pronouncements

2) Recent Accounting Pronouncements

Accounting Standards Adopted in 2023

ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” — Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans held for investment and held to maturity debt securities) and available for sale debt securities. For assets held at an amortized cost basis, Topic 326 eliminates the probable initial recognition threshold and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The Company adopted this standard on January 1, 2023, and after a review of the affected assets, decreased the opening balance of retained earnings in stockholders’ equity by $671,506 on January 1, 2023. The allowances for credit losses increased (decreased) by the following amounts.

	Amount
Mortgage loans held for investment:
Residential	$	(192,607	)
Residential construction		301,830
Commercial		555,807
Total		665,030

Restriced assets - mortgage loans held for investment:
Residential construction		3,463

Cemetery perpetual care trust investments - mortgage loans held for investment:
Residential construction		3,013

Grand Total		671,506

Accounting Standards Issued But Not Yet Adopted

ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” — Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The standard is aimed at improving the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplifying amortization of deferred acquisition costs while improving and expanding required disclosures. ASU No. 2018-12 is effective for annual reporting periods beginning after December 15, 2024 and interim reporting periods beginning after December 15, 2025. The Company will adopt the standard commencing with its annual reporting period ending December 31, 2025. The Company is nearing completion of its analysis and implementation of the new standard, including the identification of cohorts, system updates, and design. The Company has engaged its team of actuaries, accountants, and systems specialists and consulted external system providers as part of the implementation. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

2) Recent Accounting Pronouncements (Continued)

ASU No. 2023-09: “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” — Issued in December 2023, ASU 2023-09 requires that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for the Company beginning on January 1, 2025. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

ASU No. 2023-07: “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” — Issued in November 2023, ASU 2023-07 requires enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM. ASU 2023-07 is effective for the Company for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements.

The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.