0001493152-26-010228 | 10-K | XBRL Viewer | Security National Financial Corp

Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

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+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 214,897,130

$ 197,693,338

Real estate held for sale

6,424,027

1,278,033

Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

93,638,938

71,618,410

Real estate held for sale

6,272,474

1,126,480

UTAH | Land Developments [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

93,474,755

71,443,356

Lots developed

492

231

Lots to be developed

761

1,046

UTAH | Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

93,638,938

71,618,410

Real estate held for sale

5,456,806

849,900

COLORADO | Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

140,000

FLORIDA | Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

146,651

276,580

GEORGIA | Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

380,000

NEVADA | Residential Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

$ 149,017

[1]	Includes multiple residential subdivision development projects, refer to the following table.

Schedule of Estimate of Future Amortization for Other Intangible Assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total	$ 3,731,334	$ 4,078,667
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
2026	347,333
2027	347,333
2028	347,333
2029	347,333
2030	347,333
Thereafter	1,994,669
Total	$ 3,731,334

- Definition

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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+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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.

	Balance	December 31, 2025						December 31, 2024
	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	$	132,887,592	$	1,700,742	$	220,605	$	210,597,657	$	5,348,089	$	3,034,879
Total		$	132,887,592	$	1,700,742	$	220,605	$	210,597,657	$	5,348,089	$	3,034,879

Schedule of Gains and Losses on Derivatives

The following table 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 into income on the ineffective portion of the derivatives or any amounts excluded from effective testing.

		Years ended December 31,
Derivative	Classification	2025			2024
Loan commitments	Mortgage fee income	$	(833,073	)	$	729,948

Schedule of Assumptions Used in Determining MSR Value (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Servicing unpaid principal balance	$ 361,632,543	$ 385,134,774
Prepayment speed	12.27	8.79
Average life	7 years 5 months 8 days	8 years 3 months 10 days
Discount rate	11.92	12.14

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) (Parenthetical) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Cash and cash equivalents

$ 114,112,108

$ 150,102,620

$ 139,923,399

Security National Life Insurance [Member]

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

Surplus notes receivable

4,000,000

Restricted Assets [Member]

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

Cash and cash equivalents

9,919,800

^[1]

8,553,803

^[2]

Restricted Assets [Member] | Security National Life Insurance [Member]

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

Cash and cash equivalents

$ 8,383,847

$ 7,657,958

[1]	Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.
[2]	Including cash and cash equivalents of $7,657,958 for the life insurance and mortgage segments.

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 32,152,330	$ 29,119,165

- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Cash flows from operating activities:

Net earnings

$ 32,152,330

$ 29,119,165

Adjustments to reconcile net earnings to net cash provided by operating activities:

Gains on investments and other assets

(4,636,377)

(1,941,898)

Depreciation

8,155,965

8,172,446

Provision for credit losses

2,055,026

55,750

Net amortization of deferred fees and costs, premiums and discounts

(2,652,873)

(1,992,153)

Provision for deferred income taxes

1,454,181

998,697

Policy and pre-need acquisition costs deferred

(19,926,269)

(21,343,031)

Policy and pre-need acquisition costs amortized

11,167,373

10,477,722

Value of business acquired amortized

493,335

534,894

Interest credited to policyholder account balances

4,562,615

3,379,614

Policy fees assessed on policyholder account balances

(2,326,788)

(2,306,993)

Mortgage servicing rights, additions

(151,056)

(90,370)

Amortization of mortgage servicing rights

^[1]

562,475

611,638

Stock based compensation expense

1,320,497

800,820

Benefit plans funded with treasury stock

1,459,017

1,220,564

Net change in fair value of loans held for sale

(615,973)

(2,869,729)

Originations of loans held for sale

(2,296,054,902)

(2,295,830,408)

Proceeds from sales of loans held for sale

2,323,112,059

2,338,209,587

Net gains on sales of loans held for sale

(52,436,365)

(45,383,321)

Change in assets and liabilities:

Land and improvements held for sale

(704,651)

(1,430,941)

Future policy benefits and unpaid claims

31,232,581

32,180,630

Other operating assets and liabilities

7,317,697

4,747,167

Net cash provided by operating activities

45,539,897

57,319,850

Cash flows from investing activities:

Purchases of fixed maturity securities

(68,178,727)

(85,235,694)

Sales, calls and maturities of fixed maturity securities

61,228,738

101,038,735

Purchase of equity securities

(5,072,820)

(3,098,448)

Sales of equity securities

4,545,506

2,321,623

Purchases of restricted assets

(7,620,974)

(6,039,118)

Sales, calls and maturities of restricted assets

4,675,141

1,579,178

Purchases of cemetery perpetual care trust investments

(1,428,243)

(4,615,717)

Sales, calls and maturities of cemetery perpetual care trust investments

1,972,774

2,607,608

Mortgage loans held for investment, other investments and policy loans made

(856,738,839)

(740,739,575)

Payments received for mortgage loans held for investment, other investments and policy loans

826,248,424

707,194,046

Purchases of property and equipment

(1,691,272)

(2,470,032)

Sales of property and equipment

75,722

365,697

Purchases of real estate

(63,928,088)

(52,348,798)

Sales of real estate

38,704,832

36,306,431

Net cash used in investing activities

(67,207,826)

(43,134,064)

Cash flows from financing activities:

Policyholder account balances - deposits

11,980,092

13,302,949

Policyholder account balances - withdrawals

(16,336,822)

(15,631,260)

Proceeds from stock options exercised

106,012

449,122

Purchase of treasury stock

(1,610,049)

(3,053,506)

Repayment of bank loans

(71,047,816)

(1,929,346)

Proceeds from bank loans

69,000,000

Net change in warehouse line borrowings for loans held for sale

(6,414,000)

2,855,476

Net cash used in financing activities

(14,322,583)

(4,006,565)

Net change in cash, cash equivalents, restricted cash and restricted cash equivalents

(35,990,512)

10,179,221

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year

150,102,620

139,923,399

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year

114,112,108

150,102,620

Cash paid during the year for:

Interest

4,540,371

4,196,139

Federal Income taxes

6,436,909

8,070,000

State Income taxes

101,596

157,642

Non Cash Investing and Financing Activities:

Right-of-use assets obtained in exchange for operating lease liabilities

2,582,742

1,770,873

Fixed maturity securities available for sale transferred into other investments

1,185,603

Mortgage loans held for investment foreclosed into real estate held for sale

874,087

671,480

Loans held for sale foreclosed into real estate held for sale

380,000

858,977

Right-of-use assets obtained in exchange for finance lease liabilities

33,500

176,040

Loans held for sale foreclosed into receivables

382,936

Cash and cash equivalents

102,256,828

140,546,421

Restricted assets

9,919,800

8,553,803

Cemetery perpetual care trust investments

$ 1,935,480

$ 1,002,396

[1]	Included in other expenses on the consolidated statements of earnings

Schedule of Accrued Investment Income (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 9,054,645	$ 8,499,168
Fixed Maturity Securities Available for Sale [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	4,089,819	3,795,581
Equity Securities [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	13,169	11,049
Mortgage Loans Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	1,032,964	1,049,489
Real Estate Held for Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	3,850,958	3,559,463
Other Investment [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	30,916
Cash and Cash Equivalents [Member]
Financing Receivable, Past Due [Line Items]
Total accrued investment income	$ 36,819	$ 83,586

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Schedule of Amortization Expense is Expected (Details)	Dec. 31, 2025 USD ($)
Insurance [Abstract]
2026	$ 445,378
2027	406,158
2028	373,840
2029	346,290
2030	321,933
Thereafter	5,215,587
Total	$ 7,109,186

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

Dec. 31, 2025

Dec. 31, 2024

Short term investment

$ 646,500

^[1]

$ 2,404,900

^[2]

Membership [Member]

Short term investment

581,600

553,900

Activity Stock Due [Member]

Short term investment

$ 64,900

$ 1,851,000

[1]	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.
[2]	Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

Schedule of Commercial Real Estate Investment (Details)

Dec. 31, 2025

USD ($)

ft²

Dec. 31, 2024

USD ($)

ft²

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 214,897,130

$ 197,693,338

Commercial Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 121,258,192

$ 126,074,928

Total square footage | ft²

548,563

UTAH | Commercial Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

^[1]

$ 121,240,268

$ 126,056,342

Total square footage | ft²

^[1]

546,941

LOUISIANA | Commercial Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for investment (net of accumulated depreciation)

$ 17,924

$ 18,586

Total square footage | ft²

1,622

[1]	Includes Center53

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Loans Held For Sale

Balance, beginning of period

$ 696,626

$ 547,233

Provision on current loan originations

^[1]

805,518

932,154

Additional provision

^[2]

40,000

Charge-offs, net of recaptured amounts

(1,157,960)

(782,761)

Balance, end of period

$ 384,184

$ 696,626

[1]	Included in Mortgage fee income on the consolidated statements of earnings
[2]	Included in other expenses

Schedule of commercial and Residential Mortgage Loans By Credit Quality Indicator (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Financing Receivable, Credit Quality Indicator [Line Items]

Total

$ 327,275,081

Commercial Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

38,044,207

$ 18,086,542

Year 2

14,323,086

26,440,776

Year 3

16,600,776

3,175,547

Year 4

756,633

1,269,128

Year 5

1,207,201

4,913,313

Prior

8,299,883

8,867,779

Total

$ 79,231,786

$ 62,753,085

% of Total

100.00%

Residential Portfolio Segment [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 11,492,854

$ 14,861,098

Year 2

12,638,591

13,473,840

Year 3

10,793,857

44,085,709

Year 4

39,970,241

3,368,260

Year 5

2,264,902

5,824,578

Prior

13,484,145

10,448,302

Total

$ 90,644,590

$ 92,061,787

% of Total

100.00%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 10,946,252

$ 14,861,098

Year 2

11,711,336

10,030,848

Year 3

10,177,427

42,634,670

Year 4

39,714,697

3,076,901

Year 5

2,264,902

5,513,462

Prior

12,734,067

8,940,966

Total

$ 87,548,681

$ 85,057,945

% of Total

96.58%

92.39%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 546,602

^[1]

^[2]

Year 2

927,255

^[1]

3,442,992

^[2]

Year 3

616,430

^[1]

1,451,039

^[2]

Year 4

255,544

^[1]

291,359

^[2]

Year 5

^[1]

311,116

^[2]

Prior

750,078

^[1]

1,507,336

^[2]

Total

$ 3,095,909

^[1]

$ 7,003,842

^[2]

% of Total

3.42%

^[1]

7.61%

^[2]

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 34,518,653

$ 7,653,600

Year 2

3,890,144

24,600,000

Year 3

15,600,000

2,352,150

Year 4

462,761

864,128

Year 5

810,696

Prior

8,299,883

8,867,779

Total

$ 63,582,137

$ 44,337,657

% of Total

80.25%

70.65%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 4,382,324

$ 6,241,730

Year 2

6,054,903

4,931,376

Year 3

4,118,599

5,488,954

Year 4

5,710,475

1,790,036

Year 5

968,377

2,440,002

Prior

7,259,011

5,273,672

Total

$ 28,493,689

$ 26,165,770

% of Total

31.43%

28.42%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 3,525,554

$ 10,432,942

Year 2

10,432,942

1,840,776

Year 3

1,000,776

823,397

293,872

4,913,313

$ 15,253,144

$ 18,010,428

% of Total

19.25%

28.70%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 6,673,602

$ 7,802,984

Year 2

6,428,826

7,662,200

Year 3

6,380,363

37,509,634

Year 4

32,514,676

1,578,224

Year 5

1,296,525

2,701,008

Prior

5,688,715

5,107,289

Total

$ 58,982,707

$ 62,361,339

% of Total

65.07%

67.74%

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

Financing Receivable, Credit Quality Indicator [Line Items]

405,000

396,505

$ 396,505

$ 405,000

% of Total

0.50%

0.65%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 436,928

$ 816,384

Year 2

154,862

880,264

Year 3

294,895

1,087,121

Year 4

1,745,090

Year 5

683,568

Prior

536,419

67,341

Total

$ 3,168,194

$ 3,534,678

% of Total

3.50%

3.84%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 7,519,000

$ 16,300,000

Year 2

10,000,000

20,990,000

Year 3

7,500,000

1,000,000

Year 4

Year 5

4,913,313

Prior

5,292,385

5,414,274

Total

$ 30,311,385

$ 48,617,587

% of Total

38.26%

77.47%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 28,300,207

$ 432,942

Year 2

4,323,086

5,450,776

Year 3

9,100,776

2,175,547

Year 4

756,633

1,269,128

Year 5

1,207,201

Prior

3,007,498

3,453,505

Total

$ 46,695,401

$ 12,781,898

% of Total

58.94%

20.37%

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

Financing Receivable, Credit Quality Indicator [Line Items]

Year 1

$ 2,225,000

$ 1,353,600

$ 2,225,000

$ 1,353,600

% of Total

2.81%

2.16%

[1]	Includes residential mortgage loans in the process of foreclosure of $616,430
[2]	Includes residential mortgage loans in the process of foreclosure of $3,942,392

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total	$ 3,731,334	$ 4,078,667
Mortgage Servicing Rights [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
2026	264,862
2027	243,111
2028	221,463
2029	198,063
2030	177,913
Thereafter	1,423,047
Total	$ 2,528,459

Schedule of Balances of and Changes in Deferred Profit Liability for Traditional and Limited- Payment Life (Details) - Traditional And Limited Payment Life [Member] - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effects of Reinsurance [Line Items]

Balance, beginning of year

$ 547,984,488

Effect of actual variances from expected experience

^[1]

(15,224,887)

$ (12,409,158)

Adjusted balance, beginning of period

826,404,487

Interest accrual

41,342,032

40,743,098

Net liability for future policy benefits, post-flooring

581,389,399

547,984,488

Less: Receivable from reinsurers

9,186,983

9,252,984

Net liability for future policy benefits, after reinsurance

572,202,416

538,731,504

Deferred Profit Liability [Member]

Effects of Reinsurance [Line Items]

Balance, beginning of year

192,278,993

177,843,975

Effect of actual variances from expected experience

^[2]

(4,188,728)

(3,219,369)

Adjusted balance, beginning of period

188,090,265

174,624,606

Profits deferred

67,048,417

65,502,313

Interest accrual

9,823,588

9,157,208

Amortization

(59,159,496)

(57,005,134)

Other adjustments

Net liability for future policy benefits, post-flooring

205,802,774

192,278,993

Less: Receivable from reinsurers

985,258

1,017,678

Net liability for future policy benefits, after reinsurance

$ 204,817,516

$ 191,261,315

[1]	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
[2]	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Future Policy Benefits and Unpaid Claims (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The following table provides a reconciliation of future policy benefits and unpaid claims and the related receivable from reinsurers to the consolidated balance sheets.


	December 31,
	2025		2024
Traditional and limited-payment life	$	581,389,399	$	547,984,488
Deferred profit liability - traditional and limited-payment life		205,802,774		192,278,993
Payout annuities		95,436		99,605
Accident and health		505,208		543,792
Other policyholder funds		4,514,783		4,482,462
Reported but unpaid claims		3,299,899		2,463,220
Incurred but not reported claims		4,099,447		4,228,098

Gross future policy benefits and unpaid claims	$	799,706,946	$	752,080,658

Receivable from reinsurers

Traditional and limited pay life		9,186,983		9,252,984
Deferred profit liability - traditional and limited-payment life		985,258		1,017,678
Accident and health		70,173		74,762
Reported but unpaid claims		131,712		45,595
Incurred but not reported claims		6,000		10,000

Total receivable from reinsurers		10,380,126		10,401,019

Net future policy benefits and unpaid claims	$	789,326,820	$	741,679,639

Net unpaid claims	$	7,261,634	$	6,635,723

Schedule of Balances of and Changes in the Liability for Future Policy Benefits

The following table summarizes the balances of and changes in the liability for future policy benefits for traditional and limited-payment life:


	December 31,
	2025			2024
Present Value of Expected Net Premiums:
Balance, beginning of year	$	252,828,338		$	261,319,018
Beginning balance at original discount rate		258,790,211			259,735,586
Effect of changes in cash flow assumptions		–			–
Effect of actual variances from expected experience (1)		(19,082,021	)		(14,132,236	)
Adjusted beginning of year balance		239,708,190			245,603,350
Issuances		50,311,759			53,853,867
Interest accrual		12,184,348			12,553,581
Net premiums collected (2)		(51,872,527	)		(53,220,587	)
Ending balance at original discount rate		250,331,770			258,790,211
Effect of changes in discount rate assumptions		118,532			(5,961,873	)
Balance, end of period	$	250,450,302		$	252,828,338

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	800,812,826		$	833,621,080
Beginning balance at original discount rate		858,516,933			838,813,645
Effect of changes in cash flow assumptions		–			–
Effect of actual variances from expected experience (1)		(15,224,887	)		(12,409,158	)
Adjusted beginning of year balance		843,292,046			826,404,487
Issuances		50,684,159			55,415,178
Interest accrual		41,342,032			40,743,098
Benefit payments		(68,140,720	)		(64,045,830	)
Ending balance at original discount rate		867,177,517			858,516,933
Effect of changes in discount rate assumptions		(35,337,817	)		(57,704,107	)
Balance, end of period	$	831,839,700		$	800,812,826

Net liability for future policy benefits, pre-flooring	$	581,309,175		$	547,983,396
Flooring impact, end of period		80,224			1,092
Net liability for future policy benefits, post-flooring		581,389,399			547,984,488
Less: Receivable from reinsurers		9,186,983			9,252,984
Net liability for future policy benefits, after reinsurance	$	572,202,416		$	538,731,504

(1)	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
(2)	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Schedule of Amount of Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefit Payments

The following table summarizes the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for traditional and limited-payment life:


	December 31,
	2025		2024
Undiscounted expected future benefit payments	$	1,929,788,387	$	1,924,273,198
Discounted expected future benefit payments (at original discount rate)		867,097,293		858,515,841
Discounted expected future benefit payments (at current discount rate)		831,839,700		800,812,826

Undiscounted expected future gross premiums	$	813,914,337	$	832,580,093
Discounted expected future gross premiums (at original discount rate)		544,923,472		556,009,689
Discounted expected future gross premiums (at current discount rate)		545,181,493		543,200,631

Schedule of Gross Premiums and Interest Accretion

The following table summarizes the amount of gross premiums and interest accretion recognized in insurance premiums and other considerations and increase in future policy benefits, respectively, in the consolidated statements of earnings for traditional and limited-payment life:


	December 31,
	2025		2024
Gross premiums	$	118,920,945	$	118,722,900
Interest accretion	$	29,157,684	$	28,189,517

Schedule of Weighted-average Interest Rates

The following table summarizes the weighted-average interest rates for traditional and limited-payment life:


	December 31,
	2025			2024
Interest accretion rate		4.90	%		4.90	%
Current discount rate		6.00	%		5.40	%

Schedule of Weighted Average Duration of the Liability

The following table summarizes the weighted-average duration of the liability for traditional and limited-payment life:


	December 31,
	2025		2024
Duration of the liability in years (at original discount rate)		15		15
Duration of the liability in years (at current discount rate)		13		14

Schedule of Balances of and Changes in Deferred Profit Liability for Traditional and Limited- Payment Life

The following table summarizes the balances of and changes in Deferred Profit Liability for traditional and limited- payment life:


	December 31,
	2025			2024
Balance, beginning of year	$	192,278,993		$	177,843,975
Effect of actual variances from expected experience (1)		(4,188,728	)		(3,219,369	)
Adjusted balance, beginning of period		188,090,265			174,624,606
Profits deferred		67,048,417			65,502,313
Interest accrual		9,823,588			9,157,208
Amortization		(59,159,496	)		(57,005,134	)
Other adjustments		–			–
Balance, end of period		205,802,774			192,278,993
Less: Receivable from reinsurers		985,258			1,017,678
Deferred profit liability, net of reinsurance	$	204,817,516		$	191,261,315

(1)	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Schedule of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims

The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2023	$	8,129,161		$	379,278		$	18,000		$	8,526,439
Incurred		58,116,837	(1)		12,416,335	(2)		2,767	(3)		70,535,939
Settled		(59,882,755	)		(12,540,133	)		(3,767	)		(72,426,655	)
Balance at 12/31/2024		6,363,243			255,480			17,000			6,635,723
Incurred		60,422,703	(1)		12,874,267	(2)		83,309	(3)		73,380,279
Settled		(59,844,155	)		(12,826,904	)		(83,309	)		(72,754,368	)
Balance at 12/31/2025	$	6,941,791		$	302,843		$	17,000		$	7,261,634

(1)	Included in policyholder benefits and claims on the consolidated statements of earnings
(2)	Released from policyholder account balances
(3)	Included in policyholder benefits and claims on the consolidated statements of earnings

Loans Held for Sale

12 Months Ended

Dec. 31, 2025

Loans Held For Sale

Loans Held for Sale

3)	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 consolidated statement of earnings. See Note 21 of the Notes to 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.

	2025		2024
	December 31,
	2025		2024
Aggregate fair value	$	155,968,266	$	131,181,148
Unpaid principal balance		154,484,198		128,948,072
Unrealized gain		1,484,068		2,233,076

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:

	2025			2024
	Years Ended December 31
	2025			2024
Loan fees	$	24,765,098		$	26,343,919
Interest income		8,650,067			8,192,353
Secondary gains		75,816,772			70,354,845
Change in fair value of loan commitments		(833,073	)		729,948
Change in fair value of loans held for sale		615,973			2,869,729
Provision for loan loss reserve		(805,518	)		(932,154	)
Mortgage fee income	$	108,209,319		$	107,558,640

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

3)	Loans Held for Sale (Continued)

Loan Loss Reserve

Repurchase demands (“demand(s)”) from third party investors for 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 demand. In many instances, the Company can resolve the issues relating to the 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:

	December 31,
	2025			2024
Beginning Balance	$	696,626		$	547,233
Provision for current loan originations (1)		805,518			932,154
Additional provision (2)		40,000			–
Charge-offs, net of recaptured amounts		(1,157,960	)		(782,761	)
Ending Balance	$	384,184		$	696,626

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

The Company maintains reserves for estimated losses on current production volumes. For 2025, $805,518 in reserves were added at a rate of 3.5 basis points per loan, the equivalent of $350 per $1,000,000 in loans originated. This is a decrease over 2024, when $932,154 in reserves were added at a rate of 4.1 basis points per loan originated, the equivalent of $410 per $1,000,000 in loans originated. The Company monitors market data and trends and economic conditions (including forecasts) and uses its own experience to determine adequate loss reserves on current production.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Reinsurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reinsurance

14)	Reinsurance

The Company followed the procedure of reinsuring risks of more than a specified limit, which ranged from $25,000 to $100,000 on newly issued policies. Currently, the Company does not reinsure risks on newly issued policies. The Company has also assumed various reinsurance agreements through acquisition of various life companies and has assets held in trust related to certain agreements. 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 had a significant concentration of credit risk with a single reinsurer of 94.6% and 94.4% of ceded life insurance in force as of December 31, 2025 and 2024, respectively. This represented approximately 7.6% and 7.8% of the Company’s total life insurance in force as of December 31, 2025 and 2024, respectively.

The Company’s life insurance in force and premiums for reinsurance are summarized as follows:

									Percentage
			Ceded to		Assumed				of Amount
	Direct		Other		from Other		Net		Assumed
	Amount		Companies		Companies		Amount		to Net
2025
Life Insurance in force ($000)	$	3,902,015	$	316,251	$	31,240	$	3,617,004		0.9	%

Premiums:
Life Insurance	$	121,324,575	$	1,959,362	$	220,502	$	119,585,715		0.2	%
Accident and Health Insurance		171,380		–		8		171,388		0.0	%
Total premiums	$	121,495,955	$	1,959,362	$	220,510	$	119,757,103		0.2	%

2024
Life Insurance in force ($000)	$	3,914,583	$	325,189	$	33,088	$	3,622,482		0.9	%

Premiums:
Life Insurance	$	121,392,765	$	2,142,678	$	217,701	$	119,467,788		0.2	%
Accident and Health Insurance		187,949		–		8		187,957		0.0	%
Total premiums	$	121,580,714	$	2,142,678	$	217,709	$	119,655,745		0.2	%

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

19)	Earnings Per Share

Earnings per share have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share were calculated as follows:


	Years Ended December 31,
	2025		2024
Numerator:
Net earnings	$	32,152,330	$	29,119,165

Denominator:
Denominator for basic earnings per share-weighted-average shares		24,727,498		24,492,597

Effect of dilutive securities
Employee stock options		756,696		693,877
Unvested restricted stock units		118		32
Dilutive potential common shares		756,814		693,908

Denominator for diluted earnings per share-adjusted weighted-average shares and assumed conversions		25,484,312		25,186,505

Basic earnings per share	$	1.30	$	1.19
Diluted earnings per share	$	1.26	$	1.16

For 2025 and 2024, there were 435,485 and 363,700 of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. Basic and diluted earnings per share are the same for each class of common stock.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity.

Schedule of Mortgage Servicing Rights

	2025			2024
	December 31,
	2025			2024
Amortized cost:
Balance before valuation allowance at beginning of year	$	2,939,878		$	3,461,146
MSR additions resulting from loan sales		151,056			90,370
Amortization (1)		(562,475	)		(611,638	)
Sale of MSRs		–			–
Application of valuation allowance to write down MSRs with other than temporary impairment		–			–
Balance before valuation allowance at year end	$	2,528,459		$	2,939,878

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 year end	$	–		$	–

Mortgage servicing rights, net	$	2,528,459		$	2,939,878

Estimated fair value of MSRs at year end	$	4,035,635		$	4,552,316

(1)	Included in other expenses on the 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 for the December 31, 2025, 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
2026	$	264,862
2027		243,111
2028		221,463
2029		198,063
2030		177,913
Thereafter		1,423,047
Total	$	2,528,459

Schedule of Other Revenues

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

Schedule of Other Revenues

	2025		2024
	Years Ended December 31,
	2025		2024
Contractual servicing fees	$	918,850	$	968,814
Late fees		63,599		77,123
Total	$	982,449	$	1,045,937

Schedule of Assumptions Used in Determining MSR Value

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

	December 31,
	2025		2024
Servicing UPB	$	361,632,543	$	385,134,774

The following key assumptions were used in determining MSR value.

Prepayment

Speeds

Average

Life(Years)

Discount

Rate

December 31, 2025

12.27

7.44

11.92

December 31, 2024

8.79

8.28

12.14

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

December 31, 2025

12.27

7.44

11.92

December 31, 2024

8.79

8.28

12.14

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

24)	Commitments and Contingencies

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 potential losses on loans sold. See Note 3 for additional information about the Company’s loan loss reserve.

Non-Cancelable Leases

The Company leases office space and equipment under various non-cancelable agreements. See Note 15 regarding leases.

Other Contingencies and Commitments

See Note 2 regarding the Company’s commitments to fund existing construction and land development mortgage loans held for investment.

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 subsidiaries. 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 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 management’s assessment and legal counsel’s representations 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.

Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Receivable

Receivables consist of the following:

Schedule of Receivable

	2025			2024
	December 31,
	2025			2024
Contracts with customers	$	6,981,676		$	7,095,589
Receivables from sales agents		4,193,842			4,028,881
Insurance premiums due		1,275,664			1,294,070
Other		4,588,564			5,118,734
Total receivables		17,039,746			17,537,274
Allowance for credit losses		(1,428,672	)		(1,678,531	)
Net receivables	$	15,611,074		$	15,858,743

Schedule of Allowance Credit Losses

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

Schedule of Allowance Credit Losses

	Allowance
Beginning balance - December 31, 2024	$	1,678,531
Change in provision for credit losses (1)		192,467
Charge-offs		(442,326	)
Ending balance - December 31, 2025	$	1,428,672

Beginning balance - December 31, 2023	$	1,897,887
Change in provision for credit losses (1)		(140,277	)
Charge-offs		(79,079	)
Ending balance - December 31, 2024	$	1,678,531

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

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 (12/31/2024)	7,095,589		–	20,168,405
Closing (12/31/2025)	6,981,676		–	22,991,603
Increase/(decrease)	(113,913	)	–	2,823,198

		Contract Balances
		Receivables (1)		Contract Asset		Contract Liability
Opening (12/31/2023)	$	6,321,573	$	–	$	18,237,246
Closing (12/31/2024)		7,095,589		–		20,168,405
Increase/(decrease)		774,016		–		1,931,159

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

Schedule of Opening and Closing Balances of the Assets and Liabilities

The following table disaggregates the opening and closing balances of the Company’s contract balances.

	Contract Balances
	Contract Asset		Contract Liability
Pre-need merchandise and services	$	–	$	19,511,868
At-need specialty merchandise		–		656,537
Pre-need land sales		–		–
Opening (12/31/2024)	$	–	$	20,168,405

Pre-need merchandise and services	$	–	$	22,177,345
At-need specialty merchandise		–		814,258
Pre-need land sales		–		–
Closing (12/31/2025)	$	–	$	22,991,603

	Contract Balances
	Contract Asset		Contract Liability
Pre-need merchandise and services	$	–	$	17,424,764
At-need specialty merchandise		–		812,482
Pre-need land sales		–		–
Opening (12/31/2023)	$	–	$	18,237,246

Pre-need merchandise and services	$	–	$	19,511,868
At-need specialty merchandise		–		656,537
Pre-need land sales		–		–
Closing (12/31/2024)	$	–	$	20,168,405

Schedule of Revenues of the Cemetery and Mortuary Contracts

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

	2025		2024
	Years Ended December 31
	2025		2024
Major goods/service lines
At-need	$	21,300,289	$	19,989,995
Pre-need		7,404,161		9,047,178
Net mortuary and cemetery sales	$	28,704,450	$	29,037,173

Timing of Revenue Recognition
Goods transferred at a point in time	$	17,979,697	$	18,147,136
Services transferred at a point in time		10,724,753		10,890,037
Net mortuary and cemetery sales	$	28,704,450	$	29,037,173

Schedule of Reconciliation of Revenues from Cemetery and mortuary contracts to Business Segment Information

The following table disaggregates contract costs that are included in the deferred policy and pre-need contract acquisition costs on the consolidated balances sheets.

	2025		2024
	Years Ended December 31
	2025		2024
Pre-need merchandise and services	$	4,321,822	$	4,113,793
At-need specialty merchandise		15,807		11,268
Pre-need land sales		–		–
	$	4,337,629	$	4,125,061

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements

	Receivable from Reinsurers			Deferred Policy Acquistion Costs		Value of Business Acquired			Future Policy Benefits and Unpaid Claims			Unearned Premium Reserve		Income Taxes			Accumulated Other Comprehensive Income (loss)			Retained Earnings
Balance as reported, December 31, 2023	$	14,857,059		$	116,351,067	$	8,467,613		$	916,038,616		$	2,543,822	$	13,752,981		$	(6,885,558	)	$	206,978,373
Effect of discount rate remeasurement of future policy benefits		-			-		-			(6,775,997	)		-		1,422,959			5,353,038			-
Removal of related amounts in accumulated other comprehensive income (loss)		-			3,531		(330,494	)		-			1,310		(68,937	)		(259,336	)		-
Other balance sheet reclassifications and adjustments		(164,530	)		-		296			10,632			-		(36,722	)		-			(138,144	)
Balance as adjusted, January 1, 2024	$	14,692,529		$	116,354,598	$	8,137,415		$	909,273,251		$	2,545,132	$	15,070,281		$	(1,791,856	)	$	206,840,229

Schedule of Error Correcetion Prior Period Adjustments

The following tables present amounts as previously reported in 2024, the effect upon those amounts from the adoption of the new guidance under ASU No. 2018-12, and the resulting adjusted amounts that are reflected in the consolidated financial statements included herein. The following tables only include those line items impacted by the adoption of the new guidance.

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Balance Sheets:	December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Assets:
Receivable from reinsurers	$	13,831,093		$	(14,430	)	$	13,816,663
Deferred policy and pre-need contract acquisition costs		122,661,298			4,558,609			127,219,907
Value of business acquired		7,491,600			110,921			7,602,521
Total Assets		1,489,807,214			4,655,100			1,494,462,314

Liabilities:
Future policy benefits and unpaid claims		802,004,527			(49,923,869	)		752,080,658
Unearned premium reserve		2,011,679			1,566			2,013,245
Income taxes		13,079,257			11,461,255			24,540,512
Total liabilities		1,151,024,935			(38,461,048	)		1,112,563,887

Stockholders’ Equity:
Accumulated other comprehensive income (loss), net of taxes		(6,951,266	)		40,670,895			33,719,629
Retained earnings		225,359,186			2,445,253			227,804,439
Total stockholders’ equity		338,782,279			43,116,148			381,898,427
Total liabilities and stockholders’ equity	$	1,489,807,214		$	4,655,100		$	1,494,462,314

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	98,955,459		$	1,657,632		$	100,613,091
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		15,940,371			(4,927,755	)		11,012,616
Total benefits and expenses		300,418,898			(3,270,123	)		297,148,775

Earnings before income taxes		34,103,770			3,270,123			37,373,893
Income tax expense		(7,568,002	)		(686,726	)		(8,254,728	)
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165

Net earnings per Class A equivalent common share (1)	$	1.08		$	0.11		$	1.19

Net earnings per Class A equivalent common share - assuming dilution (1)	$	1.05		$	0.11		$	1.16

(1)	Adjusted retroactively for the effect of annual stock dividends

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale		(79,228	)		68,186			(11,042	)
Interest rate remeasurement of future policy benefits		-			44,966,236			44,966,236
Other comprehensive income (loss), before income tax		(79,790	)		45,034,422			44,954,632
Income tax benefit (expense)		14,082			(9,457,229	)		(9,443,147	)
Other comprehensive income (loss), net of income tax		(65,708	)		35,577,193			35,511,485
Comprehensive income (loss)	$	26,470,060		$	38,160,590		$	64,630,650

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statement of Stockholders’ Equity:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(6,951,266	)	$	40,670,895	$	33,719,629
Retained earnings		225,359,186			2,445,253		227,804,439
Total stockholders’ equity	$	338,782,279		$	43,116,148	$	381,898,427

	As Previously Reported		Effect of Change			As Currently Reported
Consolidated Statement of Cash Flows:	Year Ended December 31, 2024
	As Previously Reported		Effect of Change			As Currently Reported
Cash flows from operating activities:
Net earnings	$	26,535,768	$	2,583,397		$	29,119,165
Provision for deferred income taxes		311,971		686,726			998,697
Policy and pre-need acquisition costs amortized		15,032,413		(4,554,691	)		10,477,722
Value of business acquired amortized		907,958		(373,064	)		534,894
Future policy benefits and unpaid claims	$	30,522,998	$	1,657,632		$	32,180,630

Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,993,203	$ 33,193,689
Less accumulated depreciation	(14,781,486)	(14,146,001)
Total	18,211,717	19,047,688
Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,511,360	17,194,972
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,481,843	$ 15,998,717

Schedule of Activity of Stock Option Plans (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Common Class A [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, outstanding, ending

646,594

833,570

Weighted average exercise price, outstanding, ending

^[1]

$ 5.63

$ 4.91

Number of Shares, adjustment for the effect of stock dividends

27,898

38,724

Number of shares, granted

284,707

59,200

Number of shares, exercised

(162,467)

(267,491)

Number of shares, cancelled

(35,894)

(17,409)

Number of shares, outstanding, ending

760,838

646,594

Weighted average exercise price, outstanding, ending

^[1]

$ 6.85

$ 5.63

Number of shares, options exercisable

494,756

Weighted average exercise price, options exercisable

^[1]

$ 5.89

Number of shares, available options for future grant

1,903,835

Weighted average contractual term of options outstanding

6 years 8 months 15 days

Weighted average contractual term of options exercisable

5 years 1 month 2 days

Aggregated intrinsic value of options outstanding

^[2]

$ 1,822,785

Aggregated intrinsic value of options exercisable

^[2]

$ 1,702,761

Common Class C [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, outstanding, ending

1,724,400

1,520,062

Weighted average exercise price, outstanding, ending

^[1]

$ 6.87

$ 5.57

Number of Shares, adjustment for the effect of stock dividends

80,571

76,005

Number of shares, granted

674,343

330,000

Number of shares, exercised

(113,023)

(201,667)

Number of shares, cancelled

Number of shares, outstanding, ending

2,366,291

1,724,400

Weighted average exercise price, outstanding, ending

^[1]

$ 7.54

$ 6.87

Number of shares, options exercisable

1,691,948

Weighted average exercise price, options exercisable

^[1]

$ 7.13

Number of shares, available options for future grant

4,207

Weighted average contractual term of options outstanding

6 years 11 months 26 days

Weighted average contractual term of options exercisable

5 years 10 months 20 days

Aggregated intrinsic value of options outstanding

^[2]

$ 4,717,929

Aggregated intrinsic value of options exercisable

^[2]

$ 4,404,475

[1]	Adjusted for the effect of annual stock dividends.
[2]	The Company used a stock price of $9.01 as of December 31, 2025 to derive intrinsic value.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Net earnings

$ 32,152,330

$ 29,119,165

Denominator for basic earnings per share-weighted-average shares

^[1]

24,727,498

24,492,597

Employee stock options

756,696

693,877

Unvested restricted stock units

118

Dilutive potential common shares

756,814

693,908

Denominator for diluted earnings per share-adjusted weighted-average shares and assumed conversions

^[1]

25,484,312

25,186,505

Basic earnings per share

^[1]

$ 1.30

$ 1.19

^[2]

Diluted earnings per share

^[1]

$ 1.26

$ 1.16

^[2]

[1]	Net earnings per share 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.
[2]	Adjusted retroactively for the effect of annual stock dividends

- Definition

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

+ References

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+ Details

- Definition

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.

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+ Details

- Definition

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

+ References

+ Details

Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Subsidiary, Sale of Stock [Line Items]

Loans held for sale at estimated fair value

$ 155,968,266

$ 131,181,148

Derivatives - loan commitments (net)

1,700,742

^[1]

5,348,089

Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $382,401,293 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $579,450 and $420,993 for 2025 and 2024, respectively)

382,777,918

366,546,129

Loans Held For Sale [Member]

Subsidiary, Sale of Stock [Line Items]

Loans held for sale at estimated fair value

$ 155,968,266

$ 131,181,148

$ 126,549,190

Fair value measurement, range of inputs, minimum value

86.00%

84.00%

Fair value measurement, range of inputs, maximum value

107.00%

109.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

102.00%

Net Derivatives Loan Commitments [Member]

Subsidiary, Sale of Stock [Line Items]

Fair value measurement, range of inputs, minimum value

60.00%

63.00%

Fair value measurement, range of inputs, maximum value

100.00%

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average

89.00%

83.00%

Derivatives - loan commitments (net)

$ 1,480,137

$ 2,313,210

1,583,262

Fixed Maturity Securities Available For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

$ 574,643

$ 1,149,926

$ 1,238,656

Fair value measurement, range of inputs, minimum value, price per share

$ 100.00

Fair value measurement, range of inputs, maximum value, price per share

100.77

101.20

Fair value measurement with unobservable inputs reconciliation, recurring basis, asset and liability, weighted average, price per share

$ 100.10

$ 100.16

[1]	Included in other assets on the consolidated balance sheets

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

General Overview of Business

General Overview of Business

Security National Financial Corporation and its wholly owned subsidiaries (the “Company”) operate in three reportable business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance and annuity products marketed primarily in the states located in western, mid-western and southern regions of the United States. The cemetery and mortuary segment of the Company consists of eleven mortuaries and five cemeteries in Utah, one cemetery in California, and four mortuaries and one cemetery in New Mexico. The mortgage segment is an approved government and conventional lender that originates and underwrites residential and commercial loans for new construction, existing homes, and real estate projects primarily in Arizona, California, Florida, Texas, and Utah.

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Principles of Consolidation

Principles of Consolidation

These consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

Use of Estimates

Management of the Company has made several estimates and assumptions related to the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with GAAP. 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 liability for future policy benefits; those used in determining the value of loans held for sale; and those used in determining loan loss reserve. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

Reclassifications

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current-period presentation.

Investments

Investments

The Company’s management determines the appropriate classifications of investments in fixed maturity securities and equity securities at the acquisition date and re-evaluates the classifications at each balance sheet date.

Fixed maturity securities available for sale are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded in accumulated other comprehensive income (loss).

Equity securities are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings as a component of gains (losses) on investments and other assets.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

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 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 term of the loans. Origination fees are included in net investment income on the 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.

Real estate held for investment is carried at cost, less accumulated depreciation provided on a straight-line basis over the estimated useful lives of the properties or is adjusted to a new basis for impairment in value, if any. Included, if any, are foreclosed properties. These properties are recorded at the lower of cost or fair value upon foreclosure. Also, included is residential subdivision land development which is carried at cost.

Real estate held for sale is carried at lower of cost or fair value, less estimated costs to sell. Included, if any, are foreclosed properties. These properties are recorded at the lower of cost or fair value upon foreclosure. Depreciation is not recognized on real estate classified as held for sale.

Other investments and policy loans are carried at the aggregate unpaid balances, less allowances for credit losses.

Accrued investment income refers to the income earned from investments that has not yet been received by the Company.

Gains (losses) on investments (except for equity securities carried at fair value through net earnings) arise when investments are sold and are recorded on the trade date and the cost of the securities sold is determined using the specific identification method. The provision (release) for credit losses for fixed maturity securities available for sale are also included in gains (losses) on investments. See Note 2 for more information regarding the Company’s evaluation of credit losses.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

Loans Held for Sale

Loans Held for Sale

Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments”, allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Company elected the fair value option for loans held for sale. The Company believes the fair value option most closely aligns the timing of the recognition of gains and costs. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Electing fair value also reduces certain timing differences and better matches changes in the fair value of these assets with changes in the fair value of the related derivatives used for these assets.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

The Company, through its mortgage subsidiary, sells mortgage loans to third-party investors without recourse unless defects are identified in the representations and warranties made at loan sale. It may be required, however, to repurchase a loan or pay a fee instead of repurchasing under certain events, which include the following:

	●	Failure to deliver original documents specified by the investor,
	●	The existence of misrepresentation or fraud in the origination of the loan,
	●	The loan becomes delinquent due to nonpayment during the first several months after it is sold,
	●	Early pay-off of a loan, as defined by the agreements,
	●	Excessive time to settle a loan,
	●	Investor declines purchase, and
	●	Discontinued product and expired commitment.

Loan purchase commitments generally specify a date 30 to 45 days after delivery upon which the underlying loans should be settled. Depending on market conditions, these commitment settlement dates can be extended at a cost to the Company.

It is the Company’s policy to cure any documentation problems regarding such loans at a minimal cost for up to a six-month period and to pursue efforts to enforce loan purchase commitments from third-party investors concerning the loans. The Company believes that six months allows adequate time to remedy any documentation issues, to enforce purchase commitments, and to exhaust other alternatives. Remedial methods include the following:

	●	Research reasons for rejection,
	●	Provide additional documents,
	●	Request investor exceptions,
	●	Appeal rejection decision to purchase committee, and
	●	Commit to secondary investors.

Once purchase commitments have expired and other alternatives to remedy are exhausted, which could be earlier than the six-month period, the loans are referred to as scratch and dent, within the loans held for sale portfolio. Any previously recognized gain-on-sale or mortgage fee income related to the loan is reversed through earnings. Scratch and dent loans are recorded at fair value. The Company may reclassify a scratch and dent loan to mortgage loans held for investment. At that time, the Company establishes an allowance for credit losses in accordance with the current expected credit loss (“CECL”) model over the contractual term of the loan. The allowance is updated each reporting period based on changes in credit quality, including delinquency status.

Determining Fair Value

The cost for loans held for sale is equal to the amount paid to the warehouse bank and the amount originally funded by the Company. Fair value is often difficult to determine and may contain significant unobservable inputs, but is based on the following guidelines:

	●	For loans that are committed, the Company uses the commitment price.
	●	For loans that are non-committed that have an active market, the Company uses the market price.
	●	For loans that are non-committed where there is no market but there is a similar product, the Company uses the fair value for the similar product.
	●	For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the fair value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

The appraised value of the real estate underlying the original mortgage loan adds support to the Company’s determination of fair value because if the loan becomes delinquent the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loan, thus minimizing credit losses. Most loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.

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. All revenues and costs are recognized when the mortgage loan is funded and any changes in fair value are shown as a component of mortgage fee income.

See Note 3 and Note 21 for additional disclosures regarding loans held for sale and mortgage fee income.

Loan Loss Reserve

Loan Loss Reserve

The loan loss reserve, included in other liabilities and accrued expenses on the consolidated balance sheets, is an estimate of probable losses at the balance sheet date that the Company will realize in the future on loans sold to third-party investors classified as loans held for sale on the consolidated balance sheets. The Company may be required to reimburse third-party investors for costs associated with early payoff of loans within six months of origination of such loans and to repurchase loans where there is a default, in any, of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities.

Upon completion of a transfer that satisfies the conditions to be accounted for as a sale, the Company initially measures at fair value liabilities incurred in a sale relating to any guarantee or recourse provisions in the event of defects in the representation and warranties made at loan sale. The Company accrues a monthly allowance for indemnification losses to investors based on total production. This estimate is based on the Company’s historical experience and is included as a component of mortgage fee income. Subsequent updates to the recorded liability from changes in assumptions are recorded in selling, general and administrative expenses as a component of provision for loan loss reserve. The estimated liability for indemnification losses is included in other liabilities and accrued expenses.

The loan loss reserve analysis involves mortgage loans that have been sold to third-party investors, which were believed to have met investor underwriting guidelines at the time of sale, where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are further described as follows:

Make whole demand — A make whole demand occurs when an investor forecloses on a property and then sells the property. The make whole amount is calculated as the difference between the original unpaid principal balance, payments received, accrued interest and fees, less the sale proceeds.

Repurchase demand — A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.

Indemnification demand — On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.

The Company believes the loan loss reserve represents probable loan losses incurred as of the balance sheet date.

Additional information related to the Loan Loss Reserve is included in Note 3.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Restricted Assets

Restricted Assets

Restricted assets are assets held in a trust account for future mortuary services and merchandise. Restricted assets also include escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company funded its medical benefit safe-harbor limit based on the qualified direct costs and has included this amount as a component of restricted cash. Additional information related to restricted assets is included in Notes 2 and 5.

Cemetery Perpetual Care Trust Investments

Cemetery Perpetual Care Trust Investments

Cemetery endowment care trusts have been set up for five of the seven cemeteries owned by the Company. Under endowment care arrangements a portion of the price for each lot sold is withheld and invested in a portfolio of investments like those described in the prior paragraph. The earnings stream from the investments is designed to fund future maintenance and upkeep of the cemetery. Additional information related to cemetery perpetual care trust investments is included in Notes 2 and 6.

Cemetery Land and Improvements

The development of a cemetery involves not only the initial acquisition of raw land but also the installation of roads, water lines, landscaping, and other costs to establish a marketable cemetery lot. The costs of developing the cemetery are shown as an asset on the balance sheet. The amount on the balance sheet is reduced by the total cost assigned to the development of a particular lot when the criterion for recognizing a sale of that lot is met.

Mortgage Servicing Rights

Mortgage Servicing Rights

Mortgage Servicing Rights (“MSR”) arise from contractual agreements between the Company and third-party investors (or their agents) when mortgage loans are sold. Under these contracts, the Company retains and provides loan servicing functions on loans sold, in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition of real estate owned and property dispositions.

The total residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans. The value of MSRs is derived from the net cash flows associated with the servicing contracts. The Company receives a servicing fee of generally about 0.25% annually on the remaining outstanding principal balances of the loans. Based on the result of the cash flow analysis, an asset or liability is recorded for mortgage servicing rights. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges, and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax, and insurance payments. Contractual servicing fees and late fees are included in other revenues on the consolidated statements of earnings.

The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with an initial term of 30 years and MSRs backed by mortgage loans with an initial term of 15 years. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in the market. 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.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Interest rate risk, prepayment risk, and default risk are inherent risks in MSR valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as rates decline. A significant decrease in rates beyond expectation could cause a decline in the value of the MSR. On the contrary, if rates increase borrowers are less likely to refinance or prepay their mortgage, which extends the duration of the loan and MSR values are likely to rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value.

The Company periodically assesses MSRs for impairment. Impairment occurs when the current fair value of the MSR falls below the 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. When management 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.

Additional information related to MSRs is included in Note 7.

Property and Equipment

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method over the estimated useful lives of the assets which range from 3 three to forty years. Leasehold improvements paid for by the Company as a lessee are amortized over the lesser of the useful life or remaining lease terms. Additional information related to property and equipment is included in Note 8.

Long-lived Assets

Long-lived assets to be held and used, including property and equipment and real estate held for investment, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset, and long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Additional information related to long-lived assets is included in Notes 2 and 8.

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs and Value of Business Acquired

Commissions and other acquisition costs, net of commission and expense allowances for reinsurance ceded, that vary with and are primarily related to the production of new insurance business that have been incurred are deferred. For traditional long-duration life insurance products, deferred policy acquisition costs (“DAC”) are amortized on a constant-level basis established on a cohort-grouped contract basis over the expected term of the related contracts, with the amortization basis being units in force using assumptions consistent with those used in computing the liability for future policy benefits. For policyholder account balance insurance products, DAC is amortized using the policy counts for annuities and units in-force for interest sensitive life products. Deferred acquisition costs are written off when policies terminate.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

When accounting for DAC, the Company considers internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights, or coverage that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to contract, or by the election of a feature or coverage within a contract. Modifications that result in a replacement contract that is substantially changed from the replaced contract are accounted for as an extinguishment of the replaced contract. Unamortized DAC and unearned revenue liabilities from the replaced contract are written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

Value of business acquired (“VOBA”) is the present value of estimated future profits of the acquired business and is amortized in the same way as DAC.

Additional information related to DAC and VOBA is included in Note 9.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Previous acquisitions have been accounted for as purchases under which assets acquired, and liabilities assumed were recorded at their fair values with the excess purchase price recognized as goodwill. The Company evaluates annually or when changes in circumstances warrant the recoverability of goodwill and if there is a decrease in value, the related impairment is recognized as a charge against income.

Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. The Company engages a third-party valuation firm to analyze the value of the intangible assets that result from significant acquisitions. The value of the intangible assets that result from these acquisitions are included in Other Assets and are determined using the income approach, relying on a relief from the royalty method.

Additional information related to goodwill and other intangible assets is included in Note 10.

Derivative Instruments

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.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

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 fund within the terms of the commitments.

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 the exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value in contrast 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 consolidated balance sheets.

Additional information related to derivative instruments is included in Note 11.

Allowances for Credit Losses

Allowances for Credit Losses

The Company records allowances for current expected credit losses from fixed maturity securities available for sale, mortgage loans held for investment, other investments, and receivables in accordance with GAAP. The allowances for credit losses are valuation accounts that are reported as a reduction of the financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The Company estimates allowances for credit losses using relevant available information from both internal and external sources. The Company considers its historical loss experience, analyzes current market conditions and forecasts and uses third-party assistance to arrive at current expected credit losses. Amounts are written off against the allowance for credit losses when determined to be uncollectible. See Notes 2 and 4 regarding the Company’s evaluation of allowances for credit losses.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Future Policy Benefits and Unpaid Claims

A liability for future policy benefits is accrued as premium revenue is recognized, which is the present value of expected future policy benefits to be paid to or on behalf of policyholders less the present value of expected future net premiums to be collected from policyholders. This liability is calculated using a discount rate assumption that is an upper-medium grade fixed-income instrument yield as provided by Bloomberg’s Evaluated Pricing (“BVAL”) methodology. This discount rate for a particular cohort is locked-in when that cohort is closed to new contracts and is used for purposes of interest accretion for the future policy benefits liability and is reflected in policyholder benefits and claims on the consolidated statements of earnings. The current rate as of each reporting date is used to calculate an adjusted future policy benefit liability and is recognized through accumulated other comprehensive income (“AOCI”). Other assumptions include best-estimate mortality and lapse rates that are based on the company’s historical experience, industry data, and other factors; also estimates of expected non-level costs, such as termination or settlement costs. Routine policy maintenance costs are not included. These assumptions are reviewed at least annually. Any changes to these assumptions will be reflected in policyholder benefits and claims on the consolidated statements of earnings. Cohorts are established based on differences in Company (Acquisition), Direct Business v. Acquired, Market (Final Expense v. Pre-need v. Ordinary), Limited-Payment v. Whole Life v. Term, issue year, and significant reinsurance. A deferred profit liability (“DPL”) is also held. The DPL equals accumulated deferrals (prior to and including the valuation date) minus accumulated amortization, where “deferrals” equals the difference between gross and net premium, and “amortization” equals the product of the measure of in force policies (units in force) and an amortization ratio which is updated at the same time as the net premium ratio.

The Company records an unpaid claims liability for claims in the course of settlement equal to the death benefit amount and records a reinsurance recoverable receivable amount, if any, for claims reported. There is also an unpaid claims liability for claims incurred but not reported. This liability is based on the historical experience of the net amount of claims that were reported in reporting periods subsequent to the reporting period when claims were incurred.

Additional information related to future policy benefits and unpaid claims is included in Note 1 for the adoption of Accounting Standards Update (“ASU”) 2018-12 and in Note 12.

Policyholder Account Balances

Policyholder Account Balances

Policyholder account balances 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 more than related policy account balances. Interest credit rates for interest-sensitive insurance products ranged from 3% to 6.5%. Additional information related to policyholder account balances is included in Note 13.

Unearned Premium Reserve

Unearned Premium Reserve

Policy initiation fees (front end loads) assessed on universal life–type contracts that are not related to future services are deferred as an unearned revenue liability. The deferred amount is amortized into earnings analogous to the amortization of the deferred acquisition costs of this block of business. Additional information related to the unearned premium reserve is included in Note 9.

Participating Insurance

Participating Insurance

Participating business constituted less than 1% of insurance in force for the years ended 2025 and 2024. The provision for policyholders’ dividends included in policyholder obligations is based on dividend scales anticipated by management. The amounts to be paid are determined by the Company’s Board of Directors. The expense recognized for policyholder dividends is included in policyholder benefits and claims on the consolidated statements of earnings and is immaterial.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Insurance Premiums and Other Considerations

Insurance Premiums and Other Considerations

Premiums and other considerations for traditional life insurance products (which include those products with fixed and guaranteed premiums and benefits and consist principally of whole life insurance policies, limited-payment life insurance policies, and certain annuities with life contingencies) are recognized as revenues when due from policyholders. Premiums and other consideration for interest-sensitive insurance policies (which include universal life policies, interest-sensitive life policies, deferred annuities, and annuities without life contingencies) are reflected as increases in liabilities for policyholder account balances and not as revenues. Revenues reported for these products consist of policy charges for the cost of insurance, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. Surrender benefits paid relating to these products are reflected as decreases in liabilities for policyholder account balances and not as expenses. The Company receives investment income earned from the funds deposited into account balances, a portion of which is passed through to the policyholders in the form of interest credited. Interest credited to policyholder account balances and benefit claims more than policyholder account balances are reported as expenses, included in policyholder benefits and claims, in the consolidated financial statements.

Reinsurance

Reinsurance

The Company follows the procedure of reinsuring risks of more than $100,000 to provide for greater diversification of business to allow management to control exposure to potential losses arising from large risks and provide additional capacity for growth. The Company remains liable for amounts ceded in the event the reinsurers are unable to meet their obligations.

The Company entered into coinsurance agreements with unaffiliated insurance companies under which the Company assumed 100% of the risk for certain life insurance policies and certain other policy-related liabilities of the insurance company.

Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Expense allowances received in connection with reinsurance ceded are accounted for as a reduction of the related policy acquisition costs and are deferred and amortized accordingly. Additional information related to reinsurance is included in Note 14.

Pre-need Sales and Costs

Pre-need Sales and Costs

Pre-need contract sales of funeral services and caskets - revenue and costs associated with the sales of pre-need funeral services and caskets are deferred until the performance obligations are fulfilled (services are performed or the caskets are delivered).

Sales of cemetery interment rights (cemetery burial property) - revenue and costs associated with the sale of cemetery interment rights are deferred until 10% of the sales price has been collected.

Pre-need contract sales of cemetery merchandise (primarily markers and vaults) - revenue and costs associated with the sale of pre-need cemetery merchandise is deferred until the merchandise is delivered to the Company.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Pre-need contract sales of cemetery services (primarily merchandise delivery, installation fees and burial opening and closing fees) - revenue and costs associated with the sales of pre-need cemetery services are deferred until the services are performed.

Prearranged funeral and pre-need cemetery customer acquisition costs - costs incurred related to obtaining new pre-need contract cemetery and prearranged funeral services, which include only costs that vary with and are primarily related to the acquisition of new pre-need cemetery and prearranged funeral services, are deferred until the merchandise is delivered or services are performed.

Revenues and costs for at-need sales are recorded when a valid contract exists, the services are performed, collection is reasonably assured and there are no significant performance obligations remaining.

The Company, through its cemetery and mortuary operations, provides guaranteed funeral arrangements wherein a prospective customer can receive future goods and services at guaranteed prices. To accomplish this, the Company, through its life insurance operations, sells to the customer an increasing benefit life insurance policy that is assigned to the mortuaries. If, at the time of need, the policyholder/potential mortuary customer utilizes one of the Company’s facilities, the guaranteed funeral arrangement contract that has been assigned will provide the funeral goods and services at the contracted price. The increasing life insurance policy will cover the difference between the original contract prices and current prices. Risks may arise if the difference cannot be fully met by the life insurance policy. However, management believes that given current inflation rates and related price increases of goods and services, the risk of exposure is minimal.

Additional information related to pre-need sales and costs is included in Note 4.

Income Taxes

Income Taxes

Income taxes include taxes currently payable plus deferred taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences in the financial reporting basis and tax basis of assets and liabilities and operating loss carry-forwards. Deferred tax assets are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. Liabilities are established for uncertain tax positions expected to be taken in income tax returns when such positions are judged to meet the “more-likely-than-not” threshold based on the technical merits of the positions. Deferred tax assets and liabilities require various estimates and judgments and may be affected favorably or unfavorably by various internal and external factors. Factors affecting the deferred tax assets and liabilities include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, and changes to overall levels of pre-tax earnings. Changes in these estimates, judgments or factors may result in an increase or decrease to the Company’s deferred tax assets and liabilities with a related increase or decrease in the Company’s provision for income taxes. Estimated interest and penalties related to uncertain tax penalties are included as a component of income tax expense. Additional information related to income taxes is included in Note 1 for the adoption of ASU 2023-09 and Note 17.

Earnings Per Share

Earnings Per Share

The Company computes earnings per share, which requires a presentation of basic and diluted earnings per share. Basic earnings per equivalent Class A common share are computed by dividing net earnings by the weighted-average number of Class A common shares outstanding during each year presented, after the effect of the assumed conversion of Class C Common Stock to Class A Common Stock. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding during the year used to compute basic earnings per share plus dilutive potential incremental shares by application of the treasury stock method. Basic and diluted earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends. Additional information related to earnings per share is included in Note 19.

Stock Based Compensation

Stock Based Compensation

The cost of employee services received in exchange for an award of equity instruments is recognized in the financial statements and is measured based on the fair value on the grant date of the award. The fair value of stock options is calculated using the Black Scholes Option Pricing Model. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award and is included in personnel expenses on the consolidated statements of earnings. Additional information related to stock-based compensation is included in Note 22.

Concentration of Credit Risk

For a description of the concentration risk regarding available for sale debt securities, mortgage loans held for investment and real estate held for investment, refer to Note 2, and for receivables from reinsurers, refer to Note 14 of the Notes to Consolidated Financial Statements.

Advertising

Advertising

The Company expenses advertising costs as incurred.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted in 2025

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. In November 2020, ASU No. 2020-11: “Financial Services – Insurance (Topic 944): Effective Date and Early Application,” was issued. This ASU was issued to provide additional time for the implementation of ASU No. 2018-12 by deferring the effective date by one year. For smaller reporting companies, this update is effective for annual reporting periods beginning after December 15, 2024, and interim reporting periods beginning after December 15, 2025. On December 31, 2025, the Company adopted ASU No. 2018-12, using the modified retrospective approach, for changes to the liability for future policy benefits and deferred policy acquisition costs. The Company applied the guidance as of a transition date of January 1, 2024, and retrospectively adjusted prior period amounts to reflect the new guidance. The Company’s consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2024.

After adoption, cash flow assumptions, such as mortality, lapse, and expense, will be reviewed at least annually and, if necessary, they will be updated to reflect actual experience and current expectations in the calculation of the Company’s future policy benefits. Historically, cash flow assumptions were locked in at policy issuance and remained in place for the life of the business—even when material variances emerged between assumptions and actual experience—except in the case of a premium deficiency. Under the new guidance, net premiums are capped at 100 percent of gross premiums at the cohort level. Adoption of this standard also requires changes in the future treatment of the Company’s Deferred Acquisition Cost (“DAC”) asset.

Historically, the interest rate used to calculate the Company’s future policy benefits was set at policy issuance and remained in effect for the life of the policy. The Company used an expected investment portfolio rate of return based on a conservative experience assumption. The new guidance seeks to improve reporting on the financial impact associated with interest rate sensitivity. To accomplish this, future policy benefits are calculated using a discount rate based on an upper-medium-grade (A-rated) fixed income instrument.

The initial future policy benefit for each cohort is calculated using the original discount rate and then remeasured using the current discount rate curve. The original rate is used to determine interest accretion on the liability—which is included in net earnings—as well as to calculate the net premiums in both scenarios. The impact of remeasurement, from the original locked-in discount rate to the current rate, is reported as a component of the Company’s AOCI. This original discount rate is locked in at the cohort’s inception or at the Transition Date and will continue to be used in determining the impact on future net earnings associated with that contract.

DAC is used by insurance companies to defer costs related to acquiring insurance policies. Under the new guidance, amortization methods are simplified, and DAC for all insurance contracts will be subject to constant-level basis amortization over the lifetime of the policy. Historically, traditional life contracts were amortized in proportion to premiums over the expected premium-paying period. Additionally, shadow DAC is no longer reported.

The requirements of the new guidance did not impact capital and surplus or net income under statutory accounting practices, cash flows on the Company’s policies, or the underlying economics of the Company’s business.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

The following table presents a summary of the January 1, 2024 transition date impact by providing a roll forward of the ending reported balances as of December 31, 2023, to the opening balances as of January 1, 2024 for the impacted consolidated balance sheet line items.

	Receivable from Reinsurers			Deferred Policy Acquistion Costs		Value of Business Acquired			Future Policy Benefits and Unpaid Claims			Unearned Premium Reserve		Income Taxes			Accumulated Other Comprehensive Income (loss)			Retained Earnings
Balance as reported, December 31, 2023	$	14,857,059		$	116,351,067	$	8,467,613		$	916,038,616		$	2,543,822	$	13,752,981		$	(6,885,558	)	$	206,978,373
Effect of discount rate remeasurement of future policy benefits		-			-		-			(6,775,997	)		-		1,422,959			5,353,038			-
Removal of related amounts in accumulated other comprehensive income (loss)		-			3,531		(330,494	)		-			1,310		(68,937	)		(259,336	)		-
Other balance sheet reclassifications and adjustments		(164,530	)		-		296			10,632			-		(36,722	)		-			(138,144	)
Balance as adjusted, January 1, 2024	$	14,692,529		$	116,354,598	$	8,137,415		$	909,273,251		$	2,545,132	$	15,070,281		$	(1,791,856	)	$	206,840,229

The transition date impacts associated with the adoption of ASU No. 2018-12 were applied as follows:

Future Policy Benefits (“FPB”) (See Note 12)

	●	Contracts in-force as of the transition date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing transition date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of ASU No. 2018-12 (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased by $10,214 for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the transition date;
	●	The difference between the FPB calculated at the current upper-medium grade discount rate and the FPB calculated at the locked-in discount rate was recorded as an adjustment to opening accumulated other comprehensive income as of the transition date; and
	●	Corresponding adjustments were made to ceded reinsurance balances.

Limited-payment long-duration products transition follows a similar approach to traditional non-participating products, except that these product cohorts may have a deferred profit liability (“DPL”) which is adjusted at the transition date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the transition date.

Deferred Acquisition Costs (“DAC”) and Value of Business Acquired (“VOBA”) (See Note 9)

The opening balances of these accounts were adjusted for the removal of the related amounts in accumulated other comprehensive income, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Balance Sheets:	December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Assets:
Receivable from reinsurers	$	13,831,093		$	(14,430	)	$	13,816,663
Deferred policy and pre-need contract acquisition costs		122,661,298			4,558,609			127,219,907
Value of business acquired		7,491,600			110,921			7,602,521
Total Assets		1,489,807,214			4,655,100			1,494,462,314

Liabilities:
Future policy benefits and unpaid claims		802,004,527			(49,923,869	)		752,080,658
Unearned premium reserve		2,011,679			1,566			2,013,245
Income taxes		13,079,257			11,461,255			24,540,512
Total liabilities		1,151,024,935			(38,461,048	)		1,112,563,887

Stockholders’ Equity:
Accumulated other comprehensive income (loss), net of taxes		(6,951,266	)		40,670,895			33,719,629
Retained earnings		225,359,186			2,445,253			227,804,439
Total stockholders’ equity		338,782,279			43,116,148			381,898,427
Total liabilities and stockholders’ equity	$	1,489,807,214		$	4,655,100		$	1,494,462,314

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	98,955,459		$	1,657,632		$	100,613,091
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		15,940,371			(4,927,755	)		11,012,616
Total benefits and expenses		300,418,898			(3,270,123	)		297,148,775

Earnings before income taxes		34,103,770			3,270,123			37,373,893
Income tax expense		(7,568,002	)		(686,726	)		(8,254,728	)
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165

Net earnings per Class A equivalent common share (1)	$	1.08		$	0.11		$	1.19

Net earnings per Class A equivalent common share - assuming dilution (1)	$	1.05		$	0.11		$	1.16

(1)	Adjusted retroactively for the effect of annual stock dividends

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale		(79,228	)		68,186			(11,042	)
Interest rate remeasurement of future policy benefits		-			44,966,236			44,966,236
Other comprehensive income (loss), before income tax		(79,790	)		45,034,422			44,954,632
Income tax benefit (expense)		14,082			(9,457,229	)		(9,443,147	)
Other comprehensive income (loss), net of income tax		(65,708	)		35,577,193			35,511,485
Comprehensive income (loss)	$	26,470,060		$	38,160,590		$	64,630,650

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statement of Stockholders’ Equity:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(6,951,266	)	$	40,670,895	$	33,719,629
Retained earnings		225,359,186			2,445,253		227,804,439
Total stockholders’ equity	$	338,782,279		$	43,116,148	$	381,898,427

	As Previously Reported		Effect of Change			As Currently Reported
Consolidated Statement of Cash Flows:	Year Ended December 31, 2024
	As Previously Reported		Effect of Change			As Currently Reported
Cash flows from operating activities:
Net earnings	$	26,535,768	$	2,583,397		$	29,119,165
Provision for deferred income taxes		311,971		686,726			998,697
Policy and pre-need acquisition costs amortized		15,032,413		(4,554,691	)		10,477,722
Value of business acquired amortized		907,958		(373,064	)		534,894
Future policy benefits and unpaid claims	$	30,522,998	$	1,657,632		$	32,180,630

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). The Company adopted ASU 2023-09 retrospectively for the annual period beginning January 1, 2025. The adoption of this standard did not affect the Company’s financial position or results of operations. Refer to Note 16 for the disclosures regarding income taxes.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Accounting Standards Issued But Not Yet Adopted

ASU No. 2024-03: “Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” — Issued in November 2024, ASU 2024-03 requires public business entities to disclose, in the notes to the consolidated financial statements, specified information about certain expenses at each interim and annual reporting period. ASU 2024-03 requires disclosures about specific types of expenses (i.e., (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization) included in the expense captions presented on the face of the statement of earnings as well as disclosures about selling expenses. ASU 2024-03 does not change the requirements for the presentation of expenses on the statement of earnings. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Accordingly, the Company will adopt the standard commencing with its annual reporting period ending December 31, 2027. The Company is in the process of estimating the potential impact of this new standard on the consolidated financial statements.

ASU No. 2025-11: “Interim Reporting (Topic 270): Narrow-Scope Improvements” — Issued in December 2025, ASU 2025-11 clarifies the form, content, and disclosure requirements for interim financial statements and the application of Topic 270. The update differentiates requirements by entity type: SEC registrants must continue to follow SEC rules for condensed financial statements; non-SEC registrants may present either full or condensed statements, using either the ASU’s guidance or SEC-style condensed guidance; and not-for-profit entities follow the non-SEC model with additional presentation considerations specific to NFP reporting. The ASU also compiles a comprehensive list of required interim disclosures for condensed statements from across the Codification, supported by conforming edits, to improve usability (while not replacing underlying guidance). In addition, the ASU reinforces a disclosure principle requiring entities to provide interim disclosures for significant events or transactions that have had a material effect since the most recent year-end, such as changes in accounting principles, key estimates, financing arrangements, long-term contracts, or the reporting entity. The amendments are effective for public business entities for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance may be applied prospectively or retrospectively. The Company is in the process of estimating the potential impact of this new standard 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 Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

Schedule of Residential Construction Mortgage Loans (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 327,275,081
Residential Construction Mortgage Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	105,516,880	$ 118,863,944
Year 2	42,129,717	21,375,552
Year 3	5,820,344	972,468
Year 4		9,960,769
Year 5	3,931,764
Total	$ 157,398,705	$ 151,172,733
% of Total	100.00%	100.00%
Residential Construction Mortgage Loans [Member] \| Less than 65% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 24,286,540	$ 48,065,177
Year 2	20,684,760	21,375,552
Year 3	5,820,344	518,590
Year 4		9,960,769
Year 5	3,931,764
Total	$ 54,723,408	$ 79,920,088
% of Total	34.77%	52.87%
Residential Construction Mortgage Loans [Member] \| 65% to 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 78,223,502	$ 70,798,767
Year 2	21,444,957
Year 3		453,878
Year 4
Year 5
Total	$ 99,668,459	$ 71,252,645
% of Total	63.32%	47.13%
Residential Construction Mortgage Loans [Member] \| Greater than 80% [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 3,006,838
Year 2
Year 3
Year 4
Year 5
Total	$ 3,006,838
% of Total	1.91%	0.00%
Performing Financial Instruments [Member] \| Residential Construction Mortgage Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1	$ 105,516,880	$ 118,863,944
Year 2	42,129,717	21,375,552
Year 3	5,820,344	972,468
Year 4		9,960,769
Year 5	3,931,764
Total	$ 157,398,705	$ 151,172,733
% of Total	100.00%	100.00%
Nonperforming Financial Instruments [Member] \| Residential Construction Mortgage Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 1
Year 2
Year 3
Year 4
Year 5
Total
% of Total	0.00%	0.00%

Summary of Income Tax Liability (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Current	$ 516,851	$ (725,175)
Deferred	25,403,711	25,265,687
Total	$ 25,920,562	$ 24,540,512

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

21)	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 presented in its 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 available for sale 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 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 available for sale 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 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 Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	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 and may contain significant unobservable inputs.

Loan Commitments and Forward Sale Commitments: The Company’s mortgage segment enters into loan commitments with potential borrowers and forward sale commitments to sell loans to 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 fund 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 area comparable properties and property condition as well as potential rental income that could be generated (particularly for commercial properties). For residential construction loans, the collateral is typically incomplete, so 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: Fair value is generally determined by obtaining an independent appraisal, which typically considers area comparable properties and property conditions. The Company believes that in an orderly market, fair value approximates the replacement cost of a home and will list for sale any foreclosed properties. In a disorderly market, the Company believes the highest and best use of the properties is as income producing assets and will hold the properties as rental properties, matching the income from the investment in rental properties with the funds required for estimated future policy benefits. Accordingly, in addition to an appraisal, the determination of the fair value will generally be weighed more heavily toward the rental analysis.

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 net rental income over seven years. The Company also considers comparable properties int the area 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.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	Fair Value of Financial Instruments (Continued)

Mortgage Servicing Rights: The Company initially recognizes 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.

The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet as of December 31, 2025.

	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	$	382,777,918		$	–	$	382,203,275	$	574,643
Equity securities		18,050,062			18,050,062		–		–
Loans held for sale		155,968,266			–		–		155,968,266
Restricted assets (1)		1,177,251			–		1,177,251		–
Restricted assets (2)		14,928,917			14,928,917		–		–
Cemetery perpetual care trust investments (1)		272,012			–		272,012		–
Cemetery perpetual care trust investments (2)		6,303,732			6,303,732		–		–
Derivatives - loan commitments (3)		1,700,742			–		–		1,700,742
Total assets accounted for at fair value on a recurring basis	$	581,178,900		$	39,282,711	$	383,652,538	$	158,243,651

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(220,605	)	$	–	$	–	$	(220,605	)
Total liabilities accounted for at fair value on a recurring basis	$	(220,605	)	$	–	$	–	$	(220,605	)

(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 Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	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	$	366,546,129		$	–	$	365,396,203	$	1,149,926
Equity securities		15,771,681			15,771,681		–		–
Loans held for sale		131,181,148			–		–		131,181,148
Restricted assets (1)		2,351,369			–		2,351,369		–
Restricted assets (2)		9,972,166			9,972,166		–		–
Cemetery perpetual care trust investments (1)		769,662			–		769,662		–
Cemetery perpetual care trust investments (2)		4,920,044			4,920,044		–		–
Derivatives - loan commitments (3)		5,348,089			–		–		5,348,089
Total assets accounted for at fair value on a recurring basis	$	536,860,288		$	30,663,891	$	368,517,234	$	137,679,163

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(3,034,879	)	$	–	$	–	$	(3,034,879	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,034,879	)	$	–	$	–	$	(3,034,879	)

(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

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	12/31/2025		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	155,968,266	Market approach	Investor contract pricing as a percentage of unpaid principal balance		86.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		1,480,137	Market approach	Pull-through rate		60.0	%		100.0	%		89.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			52 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.77		$	100.10

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	12/31/2024		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	131,181,148	Market approach	Investor contract pricing as a percentage of unpaid principal balance		84.0	%		109.0	%		102.0	%

Derivatives - loan commitments (net)		2,313,210	Market approach	Pull-through rate		63.0	%		100.0	%		83.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			242 bps			47 bps

Fixed maturity securities available for sale		1,149,926	Broker quotes	Pricing quotes	$	100.00		$	101.20		$	100.16

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale

Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926
Originations/purchases		–			2,296,054,902			–
Sales, maturities and paydowns		–			(2,323,112,059	)		(574,074	)
Foreclosed into real estate held for sale		–			(828,063	)		-
Foreclosed into receivables		–			(380,000	)		–
Total gains (losses):
Included in earnings		(833,073	) (1)		53,052,338	(1)		–	(2)
Included in other comprehensive income		–			–			(1,209	)

Balance - December 31, 2025	$	1,480,137		$	155,968,266		$	574,643

(1)	As a component of mortgage fee income on the consolidated statements of earnings
(2)	As a component of net investment income on the consolidated statements of earnings

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives 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/purchases		–			2,295,830,408			–
Sales, maturities and paydowns		–			(2,338,209,587	)		(92,593	)
Foreclosed into real estate held for sale		–			(858,977	)		–
Foreclosed into receivables		–			(382,936	)		–
Total gains (losses):
Included in earnings		729,948	(1)		48,253,050	(1)		–	(2)
Included in other comprehensive income		–			–			3,863

Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926

(1)	As a component of mortgage fee income on the consolidated statements of earnings
(2)	As a component of net investment income on the consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	Fair Value of Financial Instruments (Continued)

The Company did not have any financial assets and financial liabilities measured at fair value on a nonrecurring basis as of December 31, 2025, or 2024, respectively.

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 December 31, 2025, and 2024.

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, 2025:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	88,348,354		$	–	$	–	$	89,318,434		$	89,318,434
Residential construction		156,744,272			–		–		156,744,272			156,744,272
Commercial		77,342,759			–		–		78,683,341			78,683,341
Mortgage loans held for investment, net	$	322,435,385		$	–	$	–	$	324,746,047		$	324,746,047
Policy loans		14,467,357			–		–		14,467,357			14,467,357
Insurance assignments, net (1)		44,507,531			–		–		44,507,531			44,507,531
Restricted assets (2)		810,802			–		–		810,802			810,802
Cemetery perpetual care trust investments (2)		66,209			–		–		66,209			66,209
Mortgage servicing rights, net		2,528,459			–		–		4,035,635			4,035,635

Liabilities
Bank and other loans payable	$	(98,387,919	)	$	–	$	–	$	(87,490,315	)	$	(87,490,315	)
Policyholder account balances - universal life		(35,825,494	)		–		–		(35,986,392	)		(35,986,392	)
Policyholder account balances - fixed annuities		(104,780,256	)		–		–		(103,880,576	)		(103,880,576	)

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

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	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, 2024:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	89,780,350		$	–	$	–	$	90,168,328		$	90,168,328
Residential construction		150,211,240			–		–		150,211,240			150,211,240
Commercial		61,755,768			–		–		60,864,775			60,864,775
Mortgage loans held for investment, net	$	301,747,358		$	–	$	–	$	301,244,343		$	301,244,343
Policy loans		14,019,248			–		–		14,019,248			14,019,248
Insurance assignments, net (1)		46,956,932			–		–		46,956,932			46,956,932
Restricted assets (2)		983,834			–		–		983,834			983,834
Cemetery perpetual care trust investments (2)		2,141,464			–		–		2,141,464			2,141,464
Mortgage servicing rights, net		2,939,878			–		–		4,552,316			4,552,316

Liabilities
Bank and other loans payable	$	(106,740,104	)	$	–	$	–	$	(90,455,678	)	$	(90,455,678	)
Policyholder account balances - universal life		(37,091,230	)		–		–		(37,626,593	)		(37,626,593	)
Policyholder account balances - fixed annuities		(105,716,086	)		–		–		(104,611,544	)		(104,611,544	)

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

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of 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 by estimating expected future cash flows of payments and discounting them using current interest rates for single family mortgages and considering pricing of similar loans that were sold recently.

Residential Construction — These loans primarily have short term maturities. 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: These loans are fully collateralized by the cash surrender value of the underlying insurance policy. Accordingly, the carrying amounts reported in the accompanying consolidated balance sheets approximate their fair values.

Insurance Assignments, Net: These investments primarily have short term maturities. Accordingly, the carrying amounts reported in the accompanying consolidated balance sheets approximate their fair values.

Bank and Other Loans Payable: The carrying amounts reported in the accompanying 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: Policyholder account balances 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 more than related policy account balances. Interest credit rates for interest-sensitive insurance products ranged from 1.5% to 6.5%. The fair values for these investment-type insurance policies are estimated based on the present value of liability cash flows. The fair values for the Company’s insurance policies other than investment-type policies are not required to be disclosed. However, the fair values of liabilities under all insurance policies 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 policies.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

- Definition

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.

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restricted Assets (Tables)

12 Months Ended

Dec. 31, 2025

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
At December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	8,737	$	986,365	$	478,239	$	22,110,495	$	486,976	$	23,096,860
Obligations of states and political subdivisions		15,003		2,167,918		275,445		3,008,385		290,448		5,176,303
Corporate securities including public utilities		1,888,022		93,562,219		5,034,849		77,975,776		6,922,871		171,537,995
Mortgage-backed securities		32,150		2,915,192		4,212,490		19,041,442		4,244,640		21,956,634
Totals	$	1,943,912	$	99,631,694	$	10,001,023	$	122,136,098	$	11,944,935	$	221,767,792

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at December 31, 2025, by contractual maturity. Expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay its obligations.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	40,822,516	$	40,759,962
Due in 2-5 years		122,737,580		124,221,407
Due in 5-10 years		129,282,637		132,560,322
Due in more than 10 years		63,976,211		63,226,351
Mortgage-backed securities		24,832,349		21,286,434
Redeemable preferred stock		750,000		723,442
Total	$	382,401,293	$	382,777,918

Restricted Assets [Member]

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

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

Restricted assets as of December 31, 2025 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	895,817		$	1,735	$	–		$	897,552
Obligations of states and political subdivisions		228,512			124		(8	)		228,628
Corporate securities including public utilities		52,030			–		(959	)		51,071
Total fixed maturity securities available for sale	$	1,176,359		$	1,859	$	(967	)	$	1,177,251

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917
Total equity securities at estimated fair value	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917

Mortgage loans held for investment at amortized cost:
Residential construction	$	812,427
Less: Allowance for credit losses		(1,625	)
Total mortgage loans held for investment	$	810,802

Other investments	$	1,957,888

Cash and cash equivalents (1)	$	9,919,800

Accrued investment income	$	11,288

Total restricted assets	$	28,805,946

(1)	Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

5)	Restricted Assets(Continued)

Restricted assets as of December 31, 2024 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,741,029		$	2,256	$	(1,511	)	$	1,741,774
Obligations of states and political subdivisions		471,217			180		(4,223	)		467,174
Corporate securities including public utilities		144,616			32		(2,227	)		142,421
Total fixed maturity securities available for sale	$	2,356,862		$	2,468	$	(7,961	)	$	2,351,369

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	8,547,709		$	1,914,309	$	(489,852	)	$	9,972,166
Total equity securities at estimated fair value	$	8,547,709		$	1,914,309	$	(489,852	)	$	9,972,166

Mortgage loans held for investment at amortized cost:
Residential construction	$	985,806
Less: Allowance for credit losses		(1,972	)
Total mortgage loans held for investment	$	983,834

Other investments	$	1,939,269

Cash and cash equivalents (1)	$	8,553,803

Accrued investment income	$	6,395

Total restricted assets	$	23,806,836

(1)	Including cash and cash equivalents of $7,657,958 for the life insurance and mortgage segments.

Schedule of Fair Value of 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 December 31, 2025, and 2024. The unrealized losses were primarily related to interest rate fluctuations. The tables set 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		Fair Value
At December 31, 2025
Obligations of states and political subdivisions	$	–	$	–	$	8	$	103,504	$	8	$	103,504
Corporate securities including public utilities		–		–		959		51,071		959		51,071
Total unrealized losses	$	–	$	–	$	967	$	154,575	$	967	$	154,575

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,511	$	558,707	$	–	$	–	$	1,511	$	558,707
Obligations of states and political subdivisions		2,004		237,636		2,219		129,358		4,223		366,994
Corporate securities including public utilities		1,316		51,685		911		65,704		2,227		117,389
Total unrealized losses	$	4,831	$	848,028	$	3,130	$	195,062	$	7,961	$	1,043,090

Schedule of Investments Classified by Contractual Maturity Date

The table below presents the amortized cost and estimated fair value of fixed maturity securities available for sale as of December 31, 2025, by contractual maturity. 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		Estimated Fair
	Cost		Value
Due in 1 year	$	945,818	$	947,563
Due in 2-5 years		–		–
Due in 5-10 years		–		–
Due in more than 10 years		230,541		229,688
Total	$	1,176,359	$	1,177,251

Reinsurance (Details Narrative) - USD ($)			12 Months Ended
Reinsurance (Details Narrative) - USD ($)	Jan. 01, 2025	Jan. 01, 2024	Dec. 31, 2025	Dec. 31, 2024
Ceded Credit Risk [Line Items]
Concentration risk percentage			100.00%
Single Reinsurer [Member] \| Insurance Receivable [Member] \| Credit Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Concentration risk percentage	94.60%	94.40%
Single Reinsurer [Member] \| Insurance Receivable [Member] \| Credit Concentration Risk [Member] \| Whole Life Insurance [Member]
Ceded Credit Risk [Line Items]
Concentration risk percentage	7.60%	7.80%
Minimum [Member]
Ceded Credit Risk [Line Items]
Reinsurance payable			$ 25,000
Maximum [Member]
Ceded Credit Risk [Line Items]
Reinsurance payable				$ 100,000

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

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

$ 382,777,918

$ 366,546,129

Equity securities

18,050,062

15,771,681

Loans held for sale

155,968,266

131,181,148

Restricted assets

1,177,251

^[1]

2,351,369

Restricted assets

14,928,917

^[2]

9,972,166

Cemetery perpetual care trust investments

272,012

^[1]

769,662

Cemetery perpetual care trust investments

6,303,732

^[2]

4,920,044

Derivatives - loan commitments

1,700,742

^[3]

5,348,089

Total assets accounted for at fair value on a recurring basis

581,178,900

536,860,288

Derivatives - loan commitments

(220,605)

^[4]

(3,034,879)

Total liabilities accounted for at fair value on a recurring basis

(220,605)

(3,034,879)

Fair Value, Inputs, Level 1 [Member]

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

Equity securities

18,050,062

15,771,681

Loans held for sale

Restricted assets

^[1]

Restricted assets

14,928,917

^[2]

9,972,166

Cemetery perpetual care trust investments

^[1]

Cemetery perpetual care trust investments

6,303,732

^[2]

4,920,044

Derivatives - loan commitments

^[3]

Total assets accounted for at fair value on a recurring basis

39,282,711

30,663,891

Derivatives - loan commitments

^[4]

Total liabilities accounted for at fair value on a recurring basis

Fair Value, Inputs, Level 2 [Member]

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

382,203,275

365,396,203

Equity securities

Loans held for sale

Restricted assets

1,177,251

^[1]

2,351,369

Restricted assets

^[2]

Cemetery perpetual care trust investments

272,012

^[1]

769,662

Cemetery perpetual care trust investments

^[2]

Derivatives - loan commitments

^[3]

Total assets accounted for at fair value on a recurring basis

383,652,538

368,517,234

Derivatives - loan commitments

^[4]

Total liabilities accounted for at fair value on a recurring basis

Fair Value, Inputs, Level 3 [Member]

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

574,643

1,149,926

Equity securities

Loans held for sale

155,968,266

131,181,148

Restricted assets

^[1]

Restricted assets

^[2]

Cemetery perpetual care trust investments

^[1]

Cemetery perpetual care trust investments

^[2]

Derivatives - loan commitments

1,700,742

^[3]

5,348,089

Total assets accounted for at fair value on a recurring basis

158,243,651

137,679,163

Derivatives - loan commitments

(220,605)

^[4]

(3,034,879)

Total liabilities accounted for at fair value on a recurring basis

$ (220,605)

$ (3,034,879)

[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

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Finite-Lived Intangible Assets [Line Items]

Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

Schedule of Goodwill by Segment

	Life Insurance		Cemetery/ Mortuary		Total
Balance at December 31, 2023:
Goodwill	$	2,765,570	$	2,488,213	$	5,253,783
Accumulated impairment		–		–		–
Total goodwill, net		2,765,570		2,488,213		5,253,783

Acquisition		–		–		–

Balance at December 31, 2024:
Goodwill		2,765,570		2,488,213		5,253,783
Accumulated impairment		–		–		–
Total goodwill, net		2,765,570		2,488,213		5,253,783

Acquisition		–		–		–

Balance at December 31, 2025:
Goodwill		2,765,570		2,488,213		5,253,783
Accumulated impairment		–		–		–
Total goodwill, net	$	2,765,570	$	2,488,213	$	5,253,783

Schedule of Carrying Value of Intangible Asset

The carrying value of the Company’s other intangible assets were as follows, which are included in other assets on the consolidated balance sheets:

		December 31,
	Useful Life	2025			2024
Intangible asset - trade name (1)	15 years	$	2,100,000		$	2,100,000
Intangible assets - other (1)	15 years		210,000			210,000
Intangible asset - trade name (2)	15 years		610,000			610,000
Intangible asset - customer lists (2)	15 years		2,290,000			2,290,000
Less accumulated amortization			(1,478,666	)		(1,131,333	)
Balance at end of year		$	3,731,334		$	4,078,667

(1)	Cemetery/Mortuary Segment
(2)	Life Insurance Segment

Schedule of Estimate of Future Amortization for Other Intangible Assets

	Estimated MSR Amortization
2026	$	264,862
2027		243,111
2028		221,463
2029		198,063
2030		177,913
Thereafter		1,423,047
Total	$	2,528,459

Other Intangible Assets [Member]

Finite-Lived Intangible Assets [Line Items]

Schedule of Estimate of Future Amortization for Other Intangible Assets

The following table summarizes the Company’s estimate of future amortization for the other intangible assets:


2026	$	347,333
2027		347,333
2028		347,333
2029		347,333
2030		347,333
Thereafter		1,994,669
Total	$	3,731,334

- Definition

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.

+ References

+ Details

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

18)

Equity

Capital Stock

The Company has one class of preferred stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. The preferred stock is non-voting.

The Company has two classes of common stock with shares outstanding, Class A common shares and Class C common shares. Class C shares have 10 votes per share on all matters except for the election of one third of the directors who are elected solely by the Class A shares. Class C shares are convertible into Class A shares at any time on a one-to-one ratio.

Stockholders of both Class A and Class C Common Stock have received 5% stock dividends in the years 1990 through 2019, a 7.5% stock dividend in the year 2020, and a 5% stock dividend in the years 2021 through 2025, as authorized by the Company’s Board of Directors.

The Company has Class B common stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. Class B shares are non-voting stock except to any proposed amendment to the Articles of Incorporation which would affect Class B common stock.

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

	Class A		Class C
Outstanding shares at December 31, 2023 (1)		22,119,436		3,291,273

Exercise of stock options		200,072		201,667
Vesting of restricted stock units		1,785		–
Conversion of Class C to Class A		266		(266	)

Outstanding shares at December 31, 2024 (1)		22,321,559		3,492,674
Outstanding shares, beginning		22,321,559		3,492,674

Exercise of stock options		96,566		95,337
Vesting of restricted stock units		9,726		–
Conversion of Class C to Class A		774		(774	)

Outstanding shares at December 31, 2025		22,428,625		3,587,237
Outstanding shares, ending		22,428,625		3,587,237

(1)	Adjusted retroactively for the effect of annual stock dividends

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

18)	Equity (Continued)

Accumulated Other Comprehensive Income (Loss)

Refer to Note 1 regarding the adoption of ASU 2018-12.

The following summarizes the changes in accumulated other comprehensive income (loss):


	December 31
	2025			2024

Unrealized gains on fixed maturity securities available for sale	$	10,258,631		$	145,520
Amounts reclassified into net earnings		(257,606	)		(156,562	)
Net unrealized gains (losses) before taxes		10,001,025			(11,042	)
Tax expense		(2,101,090	)		(377	)
Net		7,899,935			(11,419	)
Unrealized gains on restricted assets (1)		6,386			841
Tax expense		(1,591	)		(210	)
Net		4,795			631
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		4,811			(1,403	)
Unrealized gains (losses)		4,811			(1,403	)
Tax benefit (expense)		(1,199	)		350
Net		3,612			(1,053	)
Interest rate remeasurement of future policy benefits		(16,285,885	)		44,966,236
Tax benefit (expense)		3,420,037			(9,442,910	)
Net		(12,865,848	)		35,523,326
Other comprehensive income (loss) changes	$	(4,957,506	)	$	35,511,485

(1)	Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2025:

	Beginning Balance December 31, 2024			Change for the period			Ending Balance December 31, 2025
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,147,384	)	$	7,899,935		$	752,551
Unrealized gains (losses) on restricted assets (1)		(4,126	)		4,795			669
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(5,225	)		3,612			(1,613	)
Interest rate remeasurement of future policy benefits		40,876,364			(12,865,848	)		28,010,516
Other comprehensive income	$	33,719,629		$	(4,957,506	)	$	28,762,123

(1)	Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

18)	Equity (Continued)

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2024:

	Beginning Balance January 1, 2024			Change for the period			Ending Balance December 31, 2024
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,135,965	)	$	(11,419	)	$	(7,147,384	)
Unrealized gains (losses) on restricted assets (1)		(4,757	)		631			(4,126	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(4,172	)		(1,053	)		(5,225	)
Interest rate remeasurement of future policy benefits		5,353,038			35,523,326			40,876,364
Other comprehensive income (loss)	$	(1,791,856	)	$	35,511,485		$	33,719,629

(1)	Fixed maturity securities available for sale

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Loans Held For Sale

Provision on current loan originations

^[1]

$ 805,518

$ 932,154

Loan increase per point

$ 350

$ 410

Amount of loan increased, per point

$ 1,000,000

[1]	Included in Mortgage fee income on the consolidated statements of earnings

Bank and Other Loans Payable (Details Narrative) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Line of Credit Facility [Line Items]

Interest expense

$ 4,518,965

$ 4,254,100

382,777,918

366,546,129

Federal home loan bank stock

646,500

^[1]

2,404,900

^[2]

Bank [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

5,000,000

Line of credit

$ 0

Interest rate

2.25%

Line of credit, maturity date

Jun. 01, 2026

U.S. Bank [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 15,000,000

Line of credit, maturity date

Jul. 17, 2026

Line of credit, maturity date description

The relevant agreement contemplates interest at 2.10% plus the greater of (i) 0%

Minimum pre-tax loss

$ 1

Western Alliance Bank [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 25,000,000

Line of credit, maturity date

Aug. 15, 2026

Minimum pre-tax loss

$ 1

Interest rate terms

contemplates interest at the 1-Month SOFR rate plus 2.0%

J P Morgan Chase Bank [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 35,000,000

Line of credit, maturity date

Aug. 15, 2026

Minimum pre-tax loss

$ 1

Interest rate terms

contemplates interest at the 1-Month SOFR rate plus 1.95%

US Bank and JP Morgan Chase Bank [Member]

Line of Credit Facility [Line Items]

Line of credit

$ 4,173,449

Letter of Credit [Member]

Line of Credit Facility [Line Items]

Letter of credit conitingent cover amount

443,758

Letter of credit for land development

3,441,240

Letter of Credit [Member] | Bank [Member]

Line of Credit Facility [Line Items]

Letter of credit for land development

1,250,000

Maximum [Member] | Letter of Credit [Member]

Line of Credit Facility [Line Items]

Letter of credit

3,884,998

Federal Home Loan Bank of Des Moines [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

48,350,685

$ 41,235,894

55,751,822

54,487,812

Line of credit

Federal home loan bank stock

500,100

479,100

Federal Home Loan Bank of Dallas [Member]

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

6,087,398

8,342,442

6,784,513

9,312,642

Line of credit

Federal home loan bank stock

$ 146,400

$ 1,925,800

[1]	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.
[2]	Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

Schedule of Investments (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Marketable Securities [Line Items]

Available for sale securities, amortized cost

$ 382,401,293

$ 376,012,071

Available for sale securities, gross unrealized gain

8,196,174

2,899,986

Available for sale securities, gross unrealized losses

(7,240,099)

^[1]

(11,944,935)

^[2]

Available for sale securities, allowance for credit losses

(579,450)

(420,993)

$ (314,549)

Available for sale securities, estimated fair value

382,777,918

366,546,129

Equity securities, amortized cost

12,206,559

11,386,454

Equity securities, estimated fair value

18,050,062

15,771,681

Mortgage loans on real estate and construction

327,275,081

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

(1,995,795)

(2,082,241)

Mortgage loans on real estate and construction, allowance for losses

(2,588,918)

(1,885,390)

(3,818,653)

Mortgage loans on real estate and construction, discount

(254,983)

(272,616)

Mortgage loans on real estate and construction

322,435,385

301,747,358

Real estate held for investment, net of depreciation

214,897,130

197,693,338

Real estate held for sale

6,424,027

1,278,033

Policy loans

14,467,357

14,019,248

Insurance assignments

46,183,999

48,493,858

Federal home loan bank stock

646,500

^[3]

2,404,900

^[4]

Other investments

25,601,905

11,473,961

Allowance for credit losses

(1,676,468)

(1,536,926)

(1,553,836)

Total policy loans and other investments

85,223,293

74,855,041

Accrued investment income

9,054,645

8,499,168

Total investments

1,038,862,460

966,390,748

US Treasury Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

75,713,307

74,680,606

Available for sale securities, gross unrealized gain

982,769

327,618

Available for sale securities, gross unrealized losses

(89,550)

^[1]

(486,976)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

76,606,526

74,521,248

US States and Political Subdivisions Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

3,396,999

6,416,751

Available for sale securities, gross unrealized gain

11,662

1,762

Available for sale securities, gross unrealized losses

(172,184)

^[1]

(290,448)

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

3,236,477

6,128,065

Corporate Debt Securities [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

277,708,638

262,954,278

Available for sale securities, gross unrealized gain

7,029,453

2,444,842

Available for sale securities, gross unrealized losses

(3,387,651)

^[1]

(6,922,871)

^[2]

Available for sale securities, allowance for credit losses

(425,401)

(408,944)

Available for sale securities, estimated fair value

280,925,039

258,067,305

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

Marketable Securities [Line Items]

Available for sale securities, amortized cost

24,832,349

31,710,436

Available for sale securities, gross unrealized gain

161,348

125,764

Available for sale securities, gross unrealized losses

(3,553,214)

^[1]

(4,244,640)

^[2]

Available for sale securities, allowance for credit losses

(154,049)

(12,049)

Available for sale securities, estimated fair value

21,286,434

27,579,511

Redeemable Preferred Stock [Member]

Marketable Securities [Line Items]

Available for sale securities, amortized cost

750,000

250,000

Available for sale securities, gross unrealized gain

10,942

Available for sale securities, gross unrealized losses

(37,500)

^[1]

^[2]

Available for sale securities, allowance for credit losses

Available for sale securities, estimated fair value

723,442

250,000

Industrial Miscellaneous and All Other [Member]

Marketable Securities [Line Items]

Equity securities, amortized cost

12,206,559

11,386,454

Equity securities, gross unrealized gain

6,176,440

4,976,567

Equity securities, gross unrealized losses

(332,937)

^[1]

(591,340)

^[2]

Equity securities, estimated fair value

18,050,062

15,771,681

Equity Securities One [Member]

Marketable Securities [Line Items]

Equity securities, amortized cost

12,206,559

11,386,454

Equity securities, gross unrealized gain

6,176,440

4,976,567

Equity securities, gross unrealized losses

(332,937)

^[1]

(591,340)

^[2]

Equity securities, estimated fair value

18,050,062

15,771,681

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

90,644,590

92,061,787

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

(1,283,049)

(1,307,539)

Mortgage loans on real estate and construction, allowance for losses

(904,738)

(850,550)

(2,390,894)

Mortgage loans on real estate and construction, discount

(108,449)

(123,348)

Mortgage loans on real estate and construction

88,348,354

89,780,350

Real estate held for investment, net of depreciation

93,638,938

71,618,410

Real estate held for sale

6,272,474

1,126,480

Residential Construction [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

157,398,705

151,172,733

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

(338,374)

(659,147)

Mortgage loans on real estate and construction, allowance for losses

(316,059)

(302,346)

$ (208,106)

Mortgage loans on real estate and construction, discount

Mortgage loans on real estate and construction

156,744,272

150,211,240

Commercial [Member]

Marketable Securities [Line Items]

Mortgage loans on real estate and construction

79,231,786

62,753,085

Real estate held for investment, net of depreciation

121,258,192

126,074,928

Real estate held for sale

$ 151,553

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses
[3]	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.
[4]	Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Impairment Effects on Earnings Per Share [Line Items]
Balance	$ 420,993	$ 314,549
Additions for credit losses not previously recorded	143,000	55,000
Change in allowance on securities with previous allowance	199,957	66,000
Reductions for securities sold during the period	(184,500)
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off		(14,556)
Balance	579,450	420,993
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	408,944	308,500
Additions for credit losses not previously recorded	143,000	55,000
Change in allowance on securities with previous allowance	57,957	60,000
Reductions for securities sold during the period	(184,500)
Reductions for securities with credit losses due to intent to sell
Write-offs charged against the allowance
Recoveries of amounts previously written off		(14,556)
Balance	425,401	408,944
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
Change in allowance on securities with previous allowance	142,000	6,000
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	$ 154,049	$ 12,049

Policyholder Account Balances

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Policyholder Account Balances

13)	Policyholder Account Balances

The Company reports policyholder account balances pursuant to the accounting policy discussed in Note 1. The Company establishes liabilities for policyholder account balances, which are generally equal to the account value, and which include interest credited.

The following table provides a reconciliation of policyholder account balances and the related receivable from reinsurers to the consolidated balance sheets.


	December 31,
	2025		2024
Policyholder account balances - fixed annuities	$	104,233,454	$	105,088,621
Deferred profit liability - fixed annuities		546,802		627,465
Policyholder account balances - universal life		35,825,494		37,091,230

Gross policyholder account balances	$	140,605,750	$	142,807,316

Receivable from reinsurers

Policyholder account balances - fixed annuities		3,275,247		3,415,644

Total receivable from reinsurers		3,275,247		3,415,644

Net policyholder account balances	$	137,330,503	$	139,391,672

The following table summarizes the balances and changes in policyholder account balances for the lines of business indicated:


	December 31, 2025						December 31, 2024
		Universal Life			Fixed Annuities			Universal Life			Fixed Annuities
Balance, beginning of year	$	37,091,230		$	105,088,621		$	37,992,650		$	105,442,891
Deposits		1,416,081			10,564,011			1,563,684			11,739,265
Interest credited		1,739,242			2,823,373			1,076,848			2,302,766
Policy charges (1)		(2,314,244	)		(12,544	)		(2,296,283	)		(10,710	)
Surrenders, withdrawals and benefit payments		(2,106,815	)		(14,230,007	)		(1,245,669	)		(14,385,591	)
Balance, end of period		35,825,494			104,233,454			37,091,230			105,088,621
Less: Receivable from reinsurers		–			3,275,247			–			3,415,644
Policyholder account balances, net of reinsurance	$	35,825,494		$	100,958,207		$	37,091,230		$	101,672,977

Weighted-average crediting rate		4.16	%		3.04	%		4.16	%		3.02	%
Net amount at risk (2)		132,136,625			N/A			138,917,721			N/A
Cash surrender value		35,825,494			103,752,177			37,091,230			104,734,535

(1)	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. Included in premiums and other considerations on the consolidated statements of earnings.
(2)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

13)	Policyholder Account Balances (Continued)

The following table summarizes the balances of and changes in Deferred Profit Liability for fixed annuities:


	December 31,
	2025			2024
Balance, beginning of year	$	627,465		$	738,351
Effect of actual variances from expected experience		–			–
Adjusted balance, beginning of period		627,465			738,351
Profits deferred		–			–
Interest accrual		–			–
Amortization		(80,663	)		(110,886	)
Other adjustments		–			–
Balance, end of period		546,802			627,465
Less: Receivable from reinsurers		–			–
Deferred profit liability, net of reinsurance	$	546,802		$	627,465

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

13)	Policyholder Account Balances (Continued)

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums for the lines of business indicated are as follows:


	December 31, 2025
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%		–		–		–		–	$	–
1.00% - 1.99%		–		–		–		–		–
2.00% - 2.99%		–		–		–		–		–
3.00% - 4.00%		25,201,294		–		1,539,544		–		26,740,838
Greater than 4.00%		4,413,796		4,670,860		–		–		9,084,656
Total	$	29,615,090	$	4,670,860	$	1,539,544	$	–	$	35,825,494

Fixed Annuities
Less than 1.00%	$	–	$	–	$	–	$	–	$	–
1.00% - 1.99%		11,015,277		10,211,390		–		–		21,226,667
2.00% - 2.99%		4,658,151		–		331,769		4,892,688		9,882,608
3.00% - 4.00%		34,527,466		10,424,384		39,271		431,296		45,422,417
Greater than 4.00%		27,356,830		–		344,932		–		27,701,762
Total	$	77,557,724	$	20,635,774	$	715,972	$	5,323,984	$	104,233,454


	December 31, 2024
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%		–		–		–		–	$	–
1.00% - 1.99%		–		–		–		–		–
2.00% - 2.99%		–		–		–		–		–
3.00% - 4.00%		26,046,613		–		1,534,331		–		27,580,944
Greater than 4.00%		4,734,233		4,776,053		–		–		9,510,286
Total	$	30,780,846	$	4,776,053	$	1,534,331	$	–	$	37,091,230

Fixed Annuities
Less than 1.00%	$	–	$	–	$	–	$	–	$	–
1.00% - 1.99%		12,054,288		11,769,363		–		–		23,823,651
2.00% - 2.99%		4,971,936		–		333,150		5,103,114		10,408,200
3.00% - 4.00%		30,725,910		10,535,194		35,597		437,677		41,734,378
Greater than 4.00%		28,768,112		–		354,280		–		29,122,392
Total	$	76,520,246	$	22,304,557	$	723,027	$	5,540,791	$	105,088,621

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Opening and Closing Balances of the Assets and Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract asset, beginning balance
Contract liability, beginning balance	20,168,405	18,237,246
Contract asset, ending balance
Contract liability, ending balance	22,991,603	20,168,405
Pre-need Merchandise and Service Revenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract asset, beginning balance
Contract liability, beginning balance	19,511,868	17,424,764
Contract asset, ending balance
Contract liability, ending balance	22,177,345	19,511,868
At-need Specialty Merchandise Revenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract asset, beginning balance
Contract liability, beginning balance	656,537	812,482
Contract asset, ending balance
Contract liability, ending balance	814,258	656,537
Pre-need Land Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract asset, beginning balance
Contract liability, beginning balance
Contract asset, ending balance
Contract liability, ending balance

Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2025

Loans Held For Sale

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.

	2025		2024
	December 31,
	2025		2024
Aggregate fair value	$	155,968,266	$	131,181,148
Unpaid principal balance		154,484,198		128,948,072
Unrealized gain		1,484,068		2,233,076

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:

	2025			2024
	Years Ended December 31
	2025			2024
Loan fees	$	24,765,098		$	26,343,919
Interest income		8,650,067			8,192,353
Secondary gains		75,816,772			70,354,845
Change in fair value of loan commitments		(833,073	)		729,948
Change in fair value of loans held for sale		615,973			2,869,729
Provision for loan loss reserve		(805,518	)		(932,154	)
Mortgage fee income	$	108,209,319		$	107,558,640

Summary 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:

	December 31,
	2025			2024
Beginning Balance	$	696,626		$	547,233
Provision for current loan originations (1)		805,518			932,154
Additional provision (2)		40,000			–
Charge-offs, net of recaptured amounts		(1,157,960	)		(782,761	)
Ending Balance	$	384,184		$	696,626

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

Schedule of Fair Value of Fixed Maturity Securities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	$ 687,764	$ 1,943,912
Available for sale securities, fair value	32,732,699	99,631,694
Available for sale securities, unrealized losses for more than twelve months	6,552,335	10,001,023
Available for sale securities, fair value	73,321,808	122,136,098
Available for sale securities, unrecognized holding loss	7,240,099	11,944,935
Available for sale securities, fair value	106,054,507	221,767,792
Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		4,831
Available for sale securities, fair value		848,028
Available for sale securities, unrealized losses for more than twelve months	967	3,130
Available for sale securities, fair value	154,575	195,062
Available for sale securities, unrecognized holding loss	967	7,961
Available for sale securities, fair value	154,575	1,043,090
US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	2,591	8,737
Available for sale securities, fair value	2,047,280	986,365
Available for sale securities, unrealized losses for more than twelve months	86,959	478,239
Available for sale securities, fair value	11,033,603	22,110,495
Available for sale securities, unrecognized holding loss	89,550	486,976
Available for sale securities, fair value	13,080,883	23,096,860
US Treasury Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		1,511
Available for sale securities, fair value		558,707
Available for sale securities, unrealized losses for more than twelve months
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss		1,511
Available for sale securities, fair value		558,707
US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	4,884	15,003
Available for sale securities, fair value	195,116	2,167,918
Available for sale securities, unrealized losses for more than twelve months	167,300	275,445
Available for sale securities, fair value	2,095,220	3,008,385
Available for sale securities, unrecognized holding loss	172,184	290,448
Available for sale securities, fair value	2,290,336	5,176,303
US States and Political Subdivisions Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		2,004
Available for sale securities, fair value		237,636
Available for sale securities, unrealized losses for more than twelve months	8	2,219
Available for sale securities, fair value	103,504	129,358
Available for sale securities, unrecognized holding loss	8	4,223
Available for sale securities, fair value	103,504	366,994
Corporate Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	638,436	1,888,022
Available for sale securities, fair value	30,085,561	93,562,219
Available for sale securities, unrealized losses for more than twelve months	2,749,214	5,034,849
Available for sale securities, fair value	42,688,720	77,975,776
Available for sale securities, unrecognized holding loss	3,387,650	6,922,871
Available for sale securities, fair value	72,774,281	171,537,995
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	4,353	32,150
Available for sale securities, fair value	192,242	2,915,192
Available for sale securities, unrealized losses for more than twelve months	3,548,862	4,212,490
Available for sale securities, fair value	17,504,265	19,041,442
Available for sale securities, unrecognized holding loss	3,553,215	4,244,640
Available for sale securities, fair value	17,696,507	21,956,634
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months	37,500
Available for sale securities, fair value	212,500
Available for sale securities, unrealized losses for more than twelve months
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss	37,500
Available for sale securities, fair value	212,500
Corporate Debt Securities [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		1,316
Available for sale securities, fair value		51,685
Available for sale securities, unrealized losses for more than twelve months	959	911
Available for sale securities, fair value	51,071	65,704
Available for sale securities, unrecognized holding loss	959	2,227
Available for sale securities, fair value	51,071	117,389
Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		6,960
Available for sale securities, fair value		769,662
Available for sale securities, unrealized losses for more than twelve months	2,991
Available for sale securities, fair value	118,432
Available for sale securities, unrecognized holding loss	2,991	6,960
Available for sale securities, fair value	118,432	769,662
Cemetery Perpectual Care Obligation [Member] \| US States and Political Subdivisions Debt Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		4,950
Available for sale securities, fair value		120,243
Available for sale securities, unrealized losses for more than twelve months	2,991
Available for sale securities, fair value	118,432
Available for sale securities, unrecognized holding loss	2,991	4,950
Available for sale securities, fair value	$ 118,432	120,243
Cemetery Perpectual Care Obligation [Member] \| US Treasury Securities [Member]
Marketable Securities [Line Items]
Available for sale securities, unrealized losses for less than twelve months		2,010
Available for sale securities, fair value		649,419
Available for sale securities, unrealized losses for more than twelve months
Available for sale securities, fair value
Available for sale securities, unrecognized holding loss		2,010
Available for sale securities, fair value		$ 649,419

Schedule of Liability for Reported but Unpaid Claims and Incurred but not Reported Claims (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effects of Reinsurance [Line Items]

Unpaid claims, Beginning balance

$ 6,635,723

$ 8,526,439

Unpaid claims, Incurred

100,817,674

100,613,091

Unpaid claims, Incurred

73,380,279

70,535,939

Unpaid claims, Settled

(72,754,368)

(72,426,655)

Unpaid claims, Ending balance

7,261,634

6,635,723

Life Insurance Product Line [Member]

Effects of Reinsurance [Line Items]

Unpaid claims, Beginning balance

6,363,243

8,129,161

Unpaid claims, Incurred

^[1]

60,422,703

58,116,837

Unpaid claims, Settled

(59,844,155)

(59,882,755)

Unpaid claims, Ending balance

6,941,791

6,363,243

Fixed Annuity [Member]

Effects of Reinsurance [Line Items]

Unpaid claims, Beginning balance

255,480

379,278

Unpaid claims, Incurred

^[2]

12,874,267

12,416,335

Unpaid claims, Settled

(12,826,904)

(12,540,133)

Unpaid claims, Ending balance

302,843

255,480

Accident and Health [Member]

Effects of Reinsurance [Line Items]

Unpaid claims, Beginning balance

17,000

18,000

Unpaid claims, Incurred

^[3]

83,309

2,767

Unpaid claims, Settled

(83,309)

(3,767)

Unpaid claims, Ending balance

$ 17,000

[1]	Included in policyholder benefits and claims on the consolidated statements of earnings
[2]	Released from policyholder account balances
[3]	Included in policyholder benefits and claims on the consolidated statements of earnings

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Life Insurance in Force and Premiums for Reinsurance

The Company’s life insurance in force and premiums for reinsurance are summarized as follows:

									Percentage
			Ceded to		Assumed				of Amount
	Direct		Other		from Other		Net		Assumed
	Amount		Companies		Companies		Amount		to Net
2025
Life Insurance in force ($000)	$	3,902,015	$	316,251	$	31,240	$	3,617,004		0.9	%

Premiums:
Life Insurance	$	121,324,575	$	1,959,362	$	220,502	$	119,585,715		0.2	%
Accident and Health Insurance		171,380		–		8		171,388		0.0	%
Total premiums	$	121,495,955	$	1,959,362	$	220,510	$	119,757,103		0.2	%

2024
Life Insurance in force ($000)	$	3,914,583	$	325,189	$	33,088	$	3,622,482		0.9	%

Premiums:
Life Insurance	$	121,392,765	$	2,142,678	$	217,701	$	119,467,788		0.2	%
Accident and Health Insurance		187,949		–		8		187,957		0.0	%
Total premiums	$	121,580,714	$	2,142,678	$	217,709	$	119,655,745		0.2	%

Cemetery Perpetual Care Trust Investments and Obligation

12 Months Ended

Dec. 31, 2025

Cemetery Perpetual Care Trust Investments And Obligation

Cemetery Perpetual Care Trust Investments and Obligation

6)	Cemetery Perpetual Care Trust Investments and Obligation

State law requires the Company to pay into endowment care trusts a portion of the proceeds from the sale of certain cemetery property interment rights for cemeteries that have established an endowment care trust. These endowment care trusts are defined as Variable Interest Entities pursuant to GAAP. The Company is the primary beneficiary of these trusts, as it absorbs both the losses and any expenses associated with the trusts. The Company has consolidated cemetery endowment care trust investments with a corresponding amount recorded as Cemetery Perpetual Care Obligation in the accompanying consolidated balance sheets.

The components of cemetery perpetual care investments and obligation as of December 31, 2025 are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	152,738		$	842	$	–		$	153,580
Obligations of states and political subdivisions		121,423			–		(2,991	)		118,432
Total fixed maturity securities available for sale	$	274,161		$	842	$	(2,991	)	$	272,012

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732
Total equity securities at estimated fair value	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732

Mortgage loans held for investment at amortized cost:
Residential construction	$	66,342
Less: Allowance for credit losses		(133	)
Total mortgage loans held for investment	$	66,209

Cash and cash equivalents	$	1,935,480

Other investements	$	1,290,271

Accrued investment income	$	4,243

Total cemetery perpetual care trust investments	$	9,871,947

Cemetery perpetual care obligation	$	(5,918,776	)

Trust investments in excess of trust obligations	$	3,953,171

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

6)	Cemetery Perpetual Care Trust Investments and Obligation (Continued)

The components of cemetery perpetual care investments and obligation as of December 31, 2024 are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	651,428		$	–	$	(2,010	)	$	649,418
Obligations of states and political subdivisions		125,194			–		(4,950	)		120,244
Total fixed maturity securities available for sale	$	776,622		$	–	$	(6,960	)	$	769,662

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,874,522		$	1,271,529	$	(226,007	)	$	4,920,044
Total equity securities at estimated fair value	$	3,874,522		$	1,271,529	$	(226,007	)	$	4,920,044

Mortgage loans held for investment at amortized cost:
Residential construction	$	202,600
Less: Allowance for credit losses		(405	)
Commercial		1,939,269
Less: Allowance for credit losses		–
Total mortgage loans held for investment	$	2,141,464

Cash and cash equivalents	$	1,002,396

Accrued investment income	$	2,937

Total cemetery perpetual care trust investments	$	8,836,503

Cemetery perpetual care obligation	$	(5,642,693	)

Trust investments in excess of trust obligations	$	3,193,810

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

6)	Cemetery Perpetual Care Trust Investments and Obligation (Continued)

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
At December 31, 2025
Obligations of states and political subdivisions	$	–	$	–	$	2,991	$	118,432	$	2,991	$	118,432
Total unrealized losses	$	–	$	–	$	2,991	$	118,432	$	2,991	$	118,432

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,010	$	649,419	$	–	$	–	$	2,010	$	649,419
Obligations of states and political subdivisions		4,950		120,243		–		–		4,950		120,243
Total unrealized losses	$	6,960	$	769,662	$	–	$	–	$	6,960	$	769,662

Relevant holdings were comprised of two securities with fair values aggregating 97.5% of aggregate amortized cost as of December 31, 2025 compared to four securities with fair values aggregating 99.1% of aggregate amortized cost as of December 31, 2024. No credit losses have been recognized for 2025, and 2024, since the unrealized losses are primarily the result of increases in interest rates. See Note 2 for additional information regarding the Company’s evaluation of the allowance for credit losses for fixed maturity securities available for sale.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	152,738	$	153,579
Due in 2-5 years		70,170		67,560
Due in 5-10 years		51,253		50,873
Due in more than 10 years		–		–
Total	$	274,161	$	272,012

See Notes 1, 2 and 21 for additional information regarding cemetery perpetual care trust investments.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is summarized below:

Schedule of Property and Equipment

	2025			2024
	December 31,
	2025			2024
Land and buildings	$	17,511,360		$	17,194,972
Furniture and equipment		15,481,843			15,998,717
Property and equipment, gross		32,993,203			33,193,689
Less accumulated depreciation		(14,781,486	)		(14,146,001	)
Total	$	18,211,717		$	19,047,688

Schedule of Recent Accounting Pronouncements (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Reinsurance Recoverables, Including Reinsurance Premium Paid	$ 13,655,373	$ 13,816,663
Deferred Policy Acquisition Cost	135,978,803	127,219,907		$ 116,354,598
Present Value of Future Insurance Profits, Net	7,109,186	7,602,521		8,137,415
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense	799,706,946	752,080,658
Unearned Premiums	1,824,796	2,013,245
Accrued Income Taxes	25,920,562	24,540,512
Accumulated Other Comprehensive Income (Loss), Net of Tax	28,762,123	33,719,629		(1,791,856)
Retained Earnings (Accumulated Deficit)	$ 248,795,475	227,804,439
Discount Rate Remeasurement of Future Policy Benefits [Member]
Reinsurance Recoverables, Including Reinsurance Premium Paid
Deferred Policy Acquisition Cost
Present Value of Future Insurance Profits, Net
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense			(6,775,997)
Unearned Premiums
Accrued Income Taxes			1,422,959
Accumulated Other Comprehensive Income (Loss), Net of Tax			5,353,038
Retained Earnings (Accumulated Deficit)
Removal of Related Amounts in AOCI [Member]
Reinsurance Recoverables, Including Reinsurance Premium Paid
Deferred Policy Acquisition Cost			3,531
Present Value of Future Insurance Profits, Net			(330,494)
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense
Unearned Premiums			1,310
Accrued Income Taxes			(68,937)
Accumulated Other Comprehensive Income (Loss), Net of Tax			(259,336)
Retained Earnings (Accumulated Deficit)
Other Reclassifications and Adjustments [Member]
Reinsurance Recoverables, Including Reinsurance Premium Paid			(164,530)
Deferred Policy Acquisition Cost
Present Value of Future Insurance Profits, Net			296
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense			10,632
Unearned Premiums
Accrued Income Taxes			(36,722)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Retained Earnings (Accumulated Deficit)			(138,144)
Previously Reported [Member]
Reinsurance Recoverables, Including Reinsurance Premium Paid		13,831,093		14,857,059
Deferred Policy Acquisition Cost		122,661,298		116,351,067
Present Value of Future Insurance Profits, Net		7,491,600		8,467,613
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense		802,004,527		916,038,616
Unearned Premiums		2,011,679		2,543,822
Accrued Income Taxes		13,079,257		13,752,981
Accumulated Other Comprehensive Income (Loss), Net of Tax		(6,951,266)		(6,885,558)
Retained Earnings (Accumulated Deficit)		225,359,186		$ 206,978,373
Revision of Prior Period, Adjustment [Member]
Reinsurance Recoverables, Including Reinsurance Premium Paid		(14,430)	14,692,529
Deferred Policy Acquisition Cost		4,558,609	116,354,598
Present Value of Future Insurance Profits, Net		110,921	8,137,415
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense		(49,923,869)	909,273,251
Unearned Premiums		1,566	2,545,132
Accrued Income Taxes		11,461,255	15,070,281
Accumulated Other Comprehensive Income (Loss), Net of Tax		40,670,895	(1,791,856)
Retained Earnings (Accumulated Deficit)		$ 2,445,253	$ 206,840,229

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

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, 2023 (1)		22,119,436		3,291,273

Exercise of stock options		200,072		201,667
Vesting of restricted stock units		1,785		–
Conversion of Class C to Class A		266		(266	)

Outstanding shares at December 31, 2024 (1)		22,321,559		3,492,674
Outstanding shares, beginning		22,321,559		3,492,674

Exercise of stock options		96,566		95,337
Vesting of restricted stock units		9,726		–
Conversion of Class C to Class A		774		(774	)

Outstanding shares at December 31, 2025		22,428,625		3,587,237
Outstanding shares, ending		22,428,625		3,587,237

(1)	Adjusted retroactively for the effect of annual stock dividends

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following summarizes the changes in accumulated other comprehensive income (loss):


	December 31
	2025			2024

Unrealized gains on fixed maturity securities available for sale	$	10,258,631		$	145,520
Amounts reclassified into net earnings		(257,606	)		(156,562	)
Net unrealized gains (losses) before taxes		10,001,025			(11,042	)
Tax expense		(2,101,090	)		(377	)
Net		7,899,935			(11,419	)
Unrealized gains on restricted assets (1)		6,386			841
Tax expense		(1,591	)		(210	)
Net		4,795			631
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		4,811			(1,403	)
Unrealized gains (losses)		4,811			(1,403	)
Tax benefit (expense)		(1,199	)		350
Net		3,612			(1,053	)
Interest rate remeasurement of future policy benefits		(16,285,885	)		44,966,236
Tax benefit (expense)		3,420,037			(9,442,910	)
Net		(12,865,848	)		35,523,326
Other comprehensive income (loss) changes	$	(4,957,506	)	$	35,511,485

(1)	Fixed maturity securities available for sale

Schedule of Accumulated Balances of Other Comprehensive Income

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2025:

	Beginning Balance December 31, 2024			Change for the period			Ending Balance December 31, 2025
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,147,384	)	$	7,899,935		$	752,551
Unrealized gains (losses) on restricted assets (1)		(4,126	)		4,795			669
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(5,225	)		3,612			(1,613	)
Interest rate remeasurement of future policy benefits		40,876,364			(12,865,848	)		28,010,516
Other comprehensive income	$	33,719,629		$	(4,957,506	)	$	28,762,123

(1)	Fixed maturity securities available for sale

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

18)	Equity (Continued)

The following is the accumulated balances of other comprehensive income (loss) as of December 31, 2024:

	Beginning Balance January 1, 2024			Change for the period			Ending Balance December 31, 2024
Unrealized gains (losses) on fixed maturity securities available for sale	$	(7,135,965	)	$	(11,419	)	$	(7,147,384	)
Unrealized gains (losses) on restricted assets (1)		(4,757	)		631			(4,126	)
Unrealized gains (losses) on cemetery perpetual care trust investments (1)		(4,172	)		(1,053	)		(5,225	)
Interest rate remeasurement of future policy benefits		5,353,038			35,523,326			40,876,364
Other comprehensive income (loss)	$	(1,791,856	)	$	35,511,485		$	33,719,629

(1)	Fixed maturity securities available for sale

Schedule of Reconciliation of Policyholder Account Balances and the Related Receivable from Reinsurers to the Consolidated Balance Sheets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Gross policyholder account balances	$ 140,605,750	$ 142,807,316
Total receivable from reinsurers	3,275,247	3,415,644
Net policyholder account balances	137,330,503	139,391,672
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Gross policyholder account balances	104,233,454	105,088,621
Deferred profit liability - fixed annuities	546,802	627,465	$ 738,351
Total receivable from reinsurers	3,275,247	3,415,644
Universal Life [Member]
Effects of Reinsurance [Line Items]
Gross policyholder account balances	35,825,494	37,091,230	$ 37,992,650
Total receivable from reinsurers

Cemetery Perpetual Care Trust Investments and Obligation (Details Narrative) - Cemetery Perpectual Care Obligation [Member]	Dec. 31, 2025	Dec. 31, 2024
Two Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	97.50%
Four Securities [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost		99.10%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

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+ Details

Stock Compensation Plans and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used

The following table summarizes the assumptions used in estimating the fair value of each stock option granted along with the weighted-average fair value of the stock options granted.

				Assumptions
Grant Date	Plan	Weighted-Average Fair Value of Each Option		Expected Dividend Yield (1)			Underlying stock FMV		Weighted-Average Volatility			Weighted-Average Risk-Free Interest Rate			Weighted-Average Expected Life (years)
December 5, 2025	All Plans	$	1.93		5	%	$	8.53		35.93	%		3.71	%		5.23

March 21, 2025	All Plans	$	3.17		5	%	$	12.82		38.26	%		3.98	%		5.31

January 9, 2025	All Plans	$	3.04		5	%	$	11.93		38.44	%		4.43	%		5.31

December 26, 2024	All Plans	$	3.01		5	%	$	11.87		38.41	%		4.38	%		5.31

December 6, 2024	All Plans	$	3.17		5	%	$	13.08		38.17	%		4.00	%		5.12

January 12, 2024	All Plans	$	2.01		5	%	$	8.35		37.51	%		3.81	%		5.31

January 8, 2024	All Plans	$	2.16		5	%	$	8.93		37.50	%		3.93	%		5.31

(1)	Stock dividend

Schedule of Activity of Stock Option Plans

The activity of the Plans 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 December 31, 2023		833,570		$	4.91		1,520,062		$	5.57
Adjustment for the effect of stock dividends		38,724					76,005
Granted		59,200					330,000
Exercised		(267,491	)				(201,667	)
Cancelled		(17,409	)				–

Outstanding at December 31, 2024		646,594		$	5.63		1,724,400		$	6.87
Adjustment for the effect of stock dividends		27,898					80,571
Granted		284,707					674,343
Exercised		(162,467	)				(113,023	)
Cancelled		(35,894	)				–

Outstanding at December 31, 2025		760,838		$	6.85		2,366,291		$	7.54

Exercisable at end of year		494,756		$	5.89		1,691,948		$	7.13

Available options for future grant		1,903,835					4,207

Weighted average contractual term of options outstanding at December 31, 2025		6.71 years					6.99 years

Weighted average contractual term of options exercisable at December 31, 2025		5.09 years					5.89 years

Aggregated intrinsic value of options outstanding at December 31, 2025 (1)	$	1,822,785				$	4,717,929

Aggregated intrinsic value of options exercisable at December 31, 2025 (1)	$	1,702,761				$	4,404,475

(1)	The Company used a stock price of $9.01 as of December 31, 2025 to derive intrinsic value.
(2)	Adjusted for the effect of annual stock dividends.

Schedule of Activity Restricted Stock Units

The activity of the RSUs is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023		2,245		$	7.72

Granted		12,353
Vested		(1,785	)

Non-vested at December 31, 2024		12,813		$	12.90
Granted		14,481
Vested		(9,726	)

Non-vested at December 31, 2025		17,568		$	9.33

Available RSUs for future grant		489,706

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of Lease Cost Recognized in Earnings


	Years Ended December 31
	2025			2024
Lease Cost
Finance lease cost:
Amortization of right-of-use assets (1)	$	86,515		$	48,687
Interest on lease liabilities (2)		10,361			6,553
Operating lease cost (3)		2,655,969			3,102,662
Short-term lease cost (3)(4)		1,232,176			1,419,524
Sublease income (3)		(958,038	)		(562,675	)
Total lease cost	$	3,026,983		$	4,014,751

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,879,018		$	3,622,607
Operating cash flows from finance leases		10,361			6,553
Financing cash flows from finance leases		84,643			46,425

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	2,582,742		$	1,770,873
Finance leases		33,500			176,040

Weighted-average remaining lease term (in years)
Finance leases		1.83			1.80
Operating leases		2.81			2.66

Weighted-average discount rate
Finance leases		7.70	%		7.89	%
Operating leases		6.33	%		5.37	%

(1)	Included in Depreciation on property and equipment on the consolidated statements of earnings
(2)	Included in Interest expense on the consolidated statements of earnings
(3)	Included in Rent and rent related expenses on the consolidated statements of earnings
(4)	Includes leases with a term of 12 months or less

Schedule of Future Minimum Rental Payments for Finance Leases and Operating Leases

The following table presents the maturity analysis of the Company’s lease liabilities.

	Finance Leases			Operating Leases
Lease payments due in:
2026	$	72,074		$	2,256,398
2027		11,157			957,728
2028		9,504			624,120
2029		7,217			477,929
2030		1,034			252,836
Thereafter		–			–
Total undiscounted lease payments		100,986			4,569,011
Less: Discount on cash flows		(6,963	)		(431,953	)
Present value of lease liabilities	$	94,023		$	4,137,058

Schedule of Right-of-Use Assets and Lease Liabilities

The following table presents the Company’s right-of-use assets and lease liabilities.

		Year Ended December 31,
	Balance Sheet Location	2025			2024
Operating Leases
Right-of-use assets	Other assets	$	3,911,710		$	4,837,045

Lease liabilities	Other liabilities and accrued expenses	$	4,137,058		$	5,285,440

Finance Leases
Right-of-use assets		$	232,133		$	207,127
Accumulated amortization			(142,992	)		(64,971	)
Right-of-use assets, net	Property and equipment, net	$	89,141		$	142,156

Lease liabilities	Bank and other loans payable	$	94,023		$	145,167

Restricted Assets

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Restricted Assets

5)	Restricted Assets

The Company has established certain restricted assets to provide for future merchandise and service obligations incurred in connection with its pre-need sales for its cemetery and mortuary segment.

Restricted cash also represents escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company elected to maintain its medical benefit fund without change from the prior year and has included this amount as a component of restricted cash. These restricted cash items are for the Company’s life insurance and mortgage segments.

Restricted assets as of December 31, 2025 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	895,817		$	1,735	$	–		$	897,552
Obligations of states and political subdivisions		228,512			124		(8	)		228,628
Corporate securities including public utilities		52,030			–		(959	)		51,071
Total fixed maturity securities available for sale	$	1,176,359		$	1,859	$	(967	)	$	1,177,251

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917
Total equity securities at estimated fair value	$	12,582,890		$	2,690,346	$	(344,319	)	$	14,928,917

Mortgage loans held for investment at amortized cost:
Residential construction	$	812,427
Less: Allowance for credit losses		(1,625	)
Total mortgage loans held for investment	$	810,802

Other investments	$	1,957,888

Cash and cash equivalents (1)	$	9,919,800

Accrued investment income	$	11,288

Total restricted assets	$	28,805,946

(1)	Including cash and cash equivalents of $8,383,847 for the life insurance and mortgage segments.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

5)	Restricted Assets(Continued)

Restricted assets as of December 31, 2024 are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,741,029		$	2,256	$	(1,511	)	$	1,741,774
Obligations of states and political subdivisions		471,217			180		(4,223	)		467,174
Corporate securities including public utilities		144,616			32		(2,227	)		142,421
Total fixed maturity securities available for sale	$	2,356,862		$	2,468	$	(7,961	)	$	2,351,369

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	8,547,709		$	1,914,309	$	(489,852	)	$	9,972,166
Total equity securities at estimated fair value	$	8,547,709		$	1,914,309	$	(489,852	)	$	9,972,166

Mortgage loans held for investment at amortized cost:
Residential construction	$	985,806
Less: Allowance for credit losses		(1,972	)
Total mortgage loans held for investment	$	983,834

Other investments	$	1,939,269

Cash and cash equivalents (1)	$	8,553,803

Accrued investment income	$	6,395

Total restricted assets	$	23,806,836

(1)	Including cash and cash equivalents of $7,657,958 for the life insurance and mortgage segments.

A surplus note receivable in the amount of $4,000,000 at December 31, 2025 and 2024, from Security National Life, was eliminated in consolidation.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

5)	Restricted Assets (Continued)

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
At December 31, 2025
Obligations of states and political subdivisions	$	–	$	–	$	8	$	103,504	$	8	$	103,504
Corporate securities including public utilities		–		–		959		51,071		959		51,071
Total unrealized losses	$	–	$	–	$	967	$	154,575	$	967	$	154,575

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	1,511	$	558,707	$	–	$	–	$	1,511	$	558,707
Obligations of states and political subdivisions		2,004		237,636		2,219		129,358		4,223		366,994
Corporate securities including public utilities		1,316		51,685		911		65,704		2,227		117,389
Total unrealized losses	$	4,831	$	848,028	$	3,130	$	195,062	$	7,961	$	1,043,090

Relevant holdings were comprised of two securities with fair values aggregating 99.4% of aggregate amortized cost as of December 31, 2025 compared to 15 securities with fair values aggregating of 99.2% of aggregate amortized cost at December 31, 2024. No credit losses have been recognized for 2025, and 2024, since the unrealized losses are primarily a result of increases in interest rates. See Note 2 for additional information regarding the Company’s evaluation of the allowance for credit losses for fixed maturity securities available for sale.

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	945,818	$	947,563
Due in 2-5 years		–		–
Due in 5-10 years		–		–
Due in more than 10 years		230,541		229,688
Total	$	1,176,359	$	1,177,251

See Notes 1, 2 and 21 for additional information regarding restricted assets.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Receivable (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Receivables [Abstract]

Contracts with customers

^[1]

$ 6,981,676

$ 7,095,589

$ 6,321,573

Receivables from sales agents

4,193,842

4,028,881

Insurance premiums due

1,275,664

1,294,070

Other

4,588,564

5,118,734

Total receivables

17,039,746

17,537,274

Allowance for credit losses

(1,428,672)

(1,678,531)

$ (1,897,887)

Net receivables

$ 15,611,074

$ 15,858,743

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

Schedule of Balances of and Changes in Deferred Profit Liability for Fixed Annuities (Details) - Fixed Annuity [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Adjusted balance, beginning of period	$ 627,465	$ 738,351
Effect of actual variances from expected experience
Profits deferred
Interest accrual
Amortization	(80,663)	(110,886)
Other adjustments
Balance, end of period	546,802	627,465
Less: Receivable from reinsurers
Deferred profit liability, net of reinsurance	$ 546,802	$ 627,465

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 12, 2026	Jun. 30, 2025
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
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 West Ascension Way
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 85,000,000
Documents Incorporated by Reference	Portions of the following document are incorporated by reference in Part III of this Report: the registrant’s definitive proxy statement relating to its 2026 Annual Meeting of Shareholders.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	34
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheets of Security National Financial Corporation and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows, for each of the two years ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	Deloitte & Touche LLP
Auditor Location	Salt Lake City, UT
Common Class A [Member]
Entity Common Stock, Shares Outstanding		22,432,763
Entity Listing, Par Value Per Share	$ 2.00
Common Class C [Member]
Entity Common Stock, Shares Outstanding		3,587,237
Entity Listing, Par Value Per Share	$ 2.00

Restricted Assets (Details Narrative) - USD ($)	12 Months Ended
Restricted Assets (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cemetery Perpectual Care Obligation [Member]
Schedule of Investments [Line Items]
Credit loss recognized	$ 0	$ 0
Two Securities [Member] \| Cemetery Perpectual Care Obligation [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	97.50%
Two Securities [Member] \| Restricted Assets [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost	99.40%
Fifteen Securities [Member] \| Restricted Assets [Member]
Schedule of Investments [Line Items]
Average market value over amortized cost		99.20%

- Definition

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.

+ References

+ Details

Policyholder Account Balances (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Reconciliation of Policyholder Account Balances and the Related Receivable from Reinsurers to the Consolidated Balance Sheets

The following table provides a reconciliation of policyholder account balances and the related receivable from reinsurers to the consolidated balance sheets.


	December 31,
	2025		2024
Policyholder account balances - fixed annuities	$	104,233,454	$	105,088,621
Deferred profit liability - fixed annuities		546,802		627,465
Policyholder account balances - universal life		35,825,494		37,091,230

Gross policyholder account balances	$	140,605,750	$	142,807,316

Receivable from reinsurers

Policyholder account balances - fixed annuities		3,275,247		3,415,644

Total receivable from reinsurers		3,275,247		3,415,644

Net policyholder account balances	$	137,330,503	$	139,391,672

Schedule of Balances and Changes in Policyholder Account Balances

The following table summarizes the balances and changes in policyholder account balances for the lines of business indicated:


	December 31, 2025						December 31, 2024
		Universal Life			Fixed Annuities			Universal Life			Fixed Annuities
Balance, beginning of year	$	37,091,230		$	105,088,621		$	37,992,650		$	105,442,891
Deposits		1,416,081			10,564,011			1,563,684			11,739,265
Interest credited		1,739,242			2,823,373			1,076,848			2,302,766
Policy charges (1)		(2,314,244	)		(12,544	)		(2,296,283	)		(10,710	)
Surrenders, withdrawals and benefit payments		(2,106,815	)		(14,230,007	)		(1,245,669	)		(14,385,591	)
Balance, end of period		35,825,494			104,233,454			37,091,230			105,088,621
Less: Receivable from reinsurers		–			3,275,247			–			3,415,644
Policyholder account balances, net of reinsurance	$	35,825,494		$	100,958,207		$	37,091,230		$	101,672,977

Weighted-average crediting rate		4.16	%		3.04	%		4.16	%		3.02	%
Net amount at risk (2)		132,136,625			N/A			138,917,721			N/A
Cash surrender value		35,825,494			103,752,177			37,091,230			104,734,535

(1)	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. Included in premiums and other considerations on the consolidated statements of earnings.
(2)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Schedule of Balances of and Changes in Deferred Profit Liability for Fixed Annuities

The following table summarizes the balances of and changes in Deferred Profit Liability for fixed annuities:


	December 31,
	2025			2024
Balance, beginning of year	$	627,465		$	738,351
Effect of actual variances from expected experience		–			–
Adjusted balance, beginning of period		627,465			738,351
Profits deferred		–			–
Interest accrual		–			–
Amortization		(80,663	)		(110,886	)
Other adjustments		–			–
Balance, end of period		546,802			627,465
Less: Receivable from reinsurers		–			–
Deferred profit liability, net of reinsurance	$	546,802		$	627,465

Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates and the Related Range of Difference


	December 31, 2025
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%		–		–		–		–	$	–
1.00% - 1.99%		–		–		–		–		–
2.00% - 2.99%		–		–		–		–		–
3.00% - 4.00%		25,201,294		–		1,539,544		–		26,740,838
Greater than 4.00%		4,413,796		4,670,860		–		–		9,084,656
Total	$	29,615,090	$	4,670,860	$	1,539,544	$	–	$	35,825,494

Fixed Annuities
Less than 1.00%	$	–	$	–	$	–	$	–	$	–
1.00% - 1.99%		11,015,277		10,211,390		–		–		21,226,667
2.00% - 2.99%		4,658,151		–		331,769		4,892,688		9,882,608
3.00% - 4.00%		34,527,466		10,424,384		39,271		431,296		45,422,417
Greater than 4.00%		27,356,830		–		344,932		–		27,701,762
Total	$	77,557,724	$	20,635,774	$	715,972	$	5,323,984	$	104,233,454


	December 31, 2024
Range of Guaranteed Minimum Crediting Rate	At guaranteed minimum		1-50 bps above guaranteed minimum		51-150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
Universal Life
Less than 1.00%		–		–		–		–	$	–
1.00% - 1.99%		–		–		–		–		–
2.00% - 2.99%		–		–		–		–		–
3.00% - 4.00%		26,046,613		–		1,534,331		–		27,580,944
Greater than 4.00%		4,734,233		4,776,053		–		–		9,510,286
Total	$	30,780,846	$	4,776,053	$	1,534,331	$	–	$	37,091,230

Fixed Annuities
Less than 1.00%	$	–	$	–	$	–	$	–	$	–
1.00% - 1.99%		12,054,288		11,769,363		–		–		23,823,651
2.00% - 2.99%		4,971,936		–		333,150		5,103,114		10,408,200
3.00% - 4.00%		30,725,910		10,535,194		35,597		437,677		41,734,378
Greater than 4.00%		28,768,112		–		354,280		–		29,122,392
Total	$	76,520,246	$	22,304,557	$	723,027	$	5,540,791	$	105,088,621

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

8)	Property and Equipment

Property and equipment is summarized below:

Schedule of Property and Equipment

	2025			2024
	December 31,
	2025			2024
Land and buildings	$	17,511,360		$	17,194,972
Furniture and equipment		15,481,843			15,998,717
Property and equipment, gross		32,993,203			33,193,689
Less accumulated depreciation		(14,781,486	)		(14,146,001	)
Total	$	18,211,717		$	19,047,688

Depreciation expense for 2025 and 2024 was $2,425,185 and $2,383,621, respectively. Property and equipment are stated at cost and are depreciated over their estimated useful lives, primarily using the straight-line method. The Company did not record any impairment losses on property and equipment for 2025 or 2024. Impairment losses, if any, are included in gains (losses) on investments and other assets on the consolidated statements of earnings.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Equity [Abstract]

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

$ (7,147,384)

$ (7,135,965)

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

7,899,935

(11,419)

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

752,551

(7,147,384)

Unrealized gains (losses) on restricted assets

(4,126)

^[1]

(4,757)

^[2]

Increase Dececrease in Unrealized gains (losses) on restricted assets

4,795

^[1]

631

^[2]

Unrealized gains (losses) on restricted assets

^[1]

669

(4,126)

Unrealized gains (losses) on cemetery perpetual care trust investments

(5,225)

^[1]

(4,172)

^[2]

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

3,612

^[1]

(1,053)

^[2]

Unrealized gains (losses) on cemetery perpetual care trust investments

^[1]

(1,613)

(5,225)

Interest rate remeasurement of future policy benefits

40,876,364

5,353,038

Increase (Decrease) in Interest rate remeasurement of future policy benefits

(12,865,848)

35,523,326

Interest rate remeasurement of future policy benefits

28,010,516

40,876,364

Other comprehensive income (loss)

33,719,629

(1,791,856)

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

(4,957,506)

35,511,485

Other comprehensive income (loss)

$ 28,762,123

$ 33,719,629

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

Schedule of Allowance for Credit Losses (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities [Line Items]

Financing Receivable, Allowance for Credit Loss, Beginning

$ 1,536,926

$ 1,553,836

Financing Receivable, Allowance for Credit Loss, Ending

1,676,468

1,536,926

Commercial Loan [Member]

Marketable Securities [Line Items]

Allowance for credit losses, change in provision

^[1]

1,058,661

1,033,277

Allowance for credit losses, Charge-offs

$ (919,119)

$ (1,050,187)

[1]	Included in other expenses on the consolidated statements of earnings

Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Subsidiary, Sale of Stock [Line Items]

Net Derivatives Loan Commitments, Beginning

$ 5,348,089

Loans Held for Sale, Beginning

131,181,148

Fixed Maturity Securities Available for Sale, Beginning

366,546,129

Originations and purchases

2,296,054,902

$ 2,295,830,408

Originations and purchases

68,178,727

85,235,694

Sales, maturities and paydowns

(2,323,112,059)

(2,338,209,587)

Sales, maturities and paydowns

(61,228,738)

(101,038,735)

Total gains (losses) included in other comprehensive income

10,258,631

145,520

Net Derivatives Loan Commitments, Ending

1,700,742

^[1]

5,348,089

Loans Held for Sale, Ending

155,968,266

131,181,148

Fixed Maturity Securities Available for Sale, Ending

382,777,918

366,546,129

Net Derivatives Loan Commitments [Member]

Subsidiary, Sale of Stock [Line Items]

Net Derivatives Loan Commitments, Beginning

2,313,210

1,583,262

Originations and purchases

Sales, maturities and paydowns

Foreclosed into real estate held for sale

Foreclosed into receivables

Total gains (losses) included in earnings

(833,073)

^[2]

729,948

^[3]

Total gains (losses) included in other comprehensive income

Net Derivatives Loan Commitments, Ending

1,480,137

2,313,210

Loans Held For Sale [Member]

Subsidiary, Sale of Stock [Line Items]

Loans Held for Sale, Beginning

131,181,148

126,549,190

Originations and purchases

2,296,054,902

2,295,830,408

Sales, maturities and paydowns

(2,323,112,059)

(2,338,209,587)

Loans held for sale foreclosed into real estate held for sale

(828,063)

(858,977)

Foreclosed into receivables

(380,000)

(382,936)

Total gains (losses) included in earnings

53,052,338

^[2]

48,253,050

^[3]

Total gains (losses) included in other comprehensive income

Loans Held for Sale, Ending

155,968,266

131,181,148

Fixed Maturity Securities Available For Sale 1 [Member]

Subsidiary, Sale of Stock [Line Items]

Fixed Maturity Securities Available for Sale, Beginning

1,149,926

1,238,656

Originations and purchases

Sales, maturities and paydowns

(574,074)

(92,593)

Foreclosed into real estate held for sale

Foreclosed into receivables

Total gains (losses) included in earnings

^[4]

^[5]

Total gains (losses) included in other comprehensive income

(1,209)

3,863

Fixed Maturity Securities Available for Sale, Ending

$ 574,643

$ 1,149,926

[1]	Included in other assets on the consolidated balance sheets
[2]	As a component of mortgage fee income on the consolidated statements of earnings
[3]	As a component of mortgage fee income on the consolidated statements of earnings
[4]	As a component of net investment income on the consolidated statements of earnings
[5]	As a component of net investment income on the consolidated statements of earnings

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Common Class A [Member]

Class of Stock [Line Items]

Outstanding shares, beginning

^[1]

22,321,559

^[2]

22,119,436

Exercise of stock options

96,566

200,072

Vesting of restricted stock units

9,726

1,785

Conversion of Class C to Class A

774

266

Outstanding shares, ending

22,428,625

22,321,559

^[1],[2]

Common Class C [Member]

Class of Stock [Line Items]

Outstanding shares, beginning

^[1]

3,492,674

^[2]

3,291,273

Exercise of stock options

95,337

201,667

Vesting of restricted stock units

Conversion of Class C to Class A

(774)

(266)

Outstanding shares, ending

3,587,237

3,492,674

^[1],[2]

[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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Summary of Bank Loans Payable (Details) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Note Payable 1 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.85%	3.85%
Debt instrument principal amount	$ 243,781	$ 243,781
Debt instrument, book value	$ 57,645,000	$ 57,645,000
Note Payable 2 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.30%	3.30%
Debt instrument principal amount	$ 179,562	$ 179,562
Debt instrument, book value	$ 41,152,000	$ 41,152,000
Note Payable 3 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.7865%	4.7865%
Debt instrument, book value	$ 15,886,000	$ 15,886,000
Note Payable 4 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 25,000,000	$ 25,000,000
Debt instrument basis spread variable rate	2.00%	2.00%
Note Payable 5 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 15,000,000	$ 15,000,000
Debt instrument basis spread variable rate	2.10%	2.10%
Note Payable 6 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 35,000,000	$ 35,000,000
Debt instrument basis spread variable rate	1.95%	1.95%

Bank and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Bank Loans Payable

Bank and other loans payable are summarized as follows:

Summary of Bank Loans Payable

	December 31,
	2025			2024
Total bank and other loans	$	48,169,363		$	49,174,545
3.85% fixed note payable in monthly installments of $243,781 including principal and interest, collateralized by real property with a book value of approximately $57,645,000, due June 2032.	$	48,169,363		$	49,174,545

3.30% fixed note payable in monthly installments of $179,562 including principal and interest, collateralized by real property with a book value of approximately $41,152,000, due April 2031.		36,751,084			37,632,943

4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $15,886,000, due June 2028.		9,200,000			9,200,000

1 month SOFR rate plus 2.0% loan purchase agreement with a warehouse line availability of $25,000,000, matures August 2026.		817,536			2,668,519

1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $15,000,000, matures July 2026.		696,692			7,918,930

1 month SOFR rate plus 1.95% loan purchase agreement with a warehouse line availability of $35,000,000, matures August 2026.		2,659,221			–

Finance lease liabilities		94,023			145,167

Total bank and other loans		98,387,919			106,740,104

Less current installments		(6,195,297	)		(12,559,420	)
Bank and other loans, excluding current installments	$	92,192,622		$	94,180,684

Schedule of Combined Maturities of Bank and Other Loans Payable

The following tabulation shows the combined maturities of bank and other loans payable:

2026	$	6,195,297
2027		2,035,081
2028		11,305,278
2029		2,187,468
2030		2,263,879
Thereafter		74,400,916
Total	$	98,387,919

Schedule of Lease Cost Recognized in Earnings (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Leases

Amortization of right-of-use assets

^[1]

$ 86,515

$ 48,687

Interest on lease liabilities

^[2]

10,361

6,553

Operating lease cost

^[3]

2,655,969

3,102,662

Short-term lease cost

^[3],[4]

1,232,176

1,419,524

Sublease income

^[3]

(958,038)

(562,675)

Total lease cost

3,026,983

4,014,751

Operating cash flows from operating leases

2,879,018

3,622,607

Operating cash flows from finance leases

10,361

6,553

Financing cash flows from finance leases

84,643

46,425

Operating leases

2,582,742

1,770,873

Finance leases

$ 33,500

$ 176,040

Finance lease, Weighted-average remaining lease term (in years)

1 year 9 months 29 days

1 year 9 months 18 days

Operating lease, Weighted-average remaining lease term (in years)

2 years 9 months 21 days

2 years 7 months 28 days

Finance lease, Weighted-average discount rate

7.70%

7.89%

Operating lease, Weighted-average discount rate

6.33%

5.37%

[1]	Included in Depreciation on property and equipment on the consolidated statements of earnings
[2]	Included in Interest expense on the consolidated statements of earnings
[3]	Included in Rent and rent related expenses on the consolidated statements of earnings
[4]	Includes leases with a term of 12 months or less

Future Policy Benefits and Unpaid Claims

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Future Policy Benefits and Unpaid Claims

12)	Future Policy Benefits and Unpaid Claims

The Company reports future policy benefits and unpaid claims pursuant to the accounting policy discussed in Note 1. Also, refer to Note 1 regarding the adoption of ASU 2018-12. The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liabilities, unpaid claims, and additional insurance liabilities.

The following table provides a reconciliation of future policy benefits and unpaid claims and the related receivable from reinsurers to the consolidated balance sheets.


	December 31,
	2025		2024
Traditional and limited-payment life	$	581,389,399	$	547,984,488
Deferred profit liability - traditional and limited-payment life		205,802,774		192,278,993
Payout annuities		95,436		99,605
Accident and health		505,208		543,792
Other policyholder funds		4,514,783		4,482,462
Reported but unpaid claims		3,299,899		2,463,220
Incurred but not reported claims		4,099,447		4,228,098

Gross future policy benefits and unpaid claims	$	799,706,946	$	752,080,658

Receivable from reinsurers

Traditional and limited pay life		9,186,983		9,252,984
Deferred profit liability - traditional and limited-payment life		985,258		1,017,678
Accident and health		70,173		74,762
Reported but unpaid claims		131,712		45,595
Incurred but not reported claims		6,000		10,000

Total receivable from reinsurers		10,380,126		10,401,019

Net future policy benefits and unpaid claims	$	789,326,820	$	741,679,639

Net unpaid claims	$	7,261,634	$	6,635,723

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

12)	Future Policy Benefits and Unpaid Claims (Continued)

Traditional and Limited-Payment Life

The following table summarizes the balances of and changes in the liability for future policy benefits for traditional and limited-payment life:


	December 31,
	2025			2024
Present Value of Expected Net Premiums:
Balance, beginning of year	$	252,828,338		$	261,319,018
Beginning balance at original discount rate		258,790,211			259,735,586
Effect of changes in cash flow assumptions		–			–
Effect of actual variances from expected experience (1)		(19,082,021	)		(14,132,236	)
Adjusted beginning of year balance		239,708,190			245,603,350
Issuances		50,311,759			53,853,867
Interest accrual		12,184,348			12,553,581
Net premiums collected (2)		(51,872,527	)		(53,220,587	)
Ending balance at original discount rate		250,331,770			258,790,211
Effect of changes in discount rate assumptions		118,532			(5,961,873	)
Balance, end of period	$	250,450,302		$	252,828,338

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	800,812,826		$	833,621,080
Beginning balance at original discount rate		858,516,933			838,813,645
Effect of changes in cash flow assumptions		–			–
Effect of actual variances from expected experience (1)		(15,224,887	)		(12,409,158	)
Adjusted beginning of year balance		843,292,046			826,404,487
Issuances		50,684,159			55,415,178
Interest accrual		41,342,032			40,743,098
Benefit payments		(68,140,720	)		(64,045,830	)
Ending balance at original discount rate		867,177,517			858,516,933
Effect of changes in discount rate assumptions		(35,337,817	)		(57,704,107	)
Balance, end of period	$	831,839,700		$	800,812,826

Net liability for future policy benefits, pre-flooring	$	581,309,175		$	547,983,396
Flooring impact, end of period		80,224			1,092
Net liability for future policy benefits, post-flooring		581,389,399			547,984,488
Less: Receivable from reinsurers		9,186,983			9,252,984
Net liability for future policy benefits, after reinsurance	$	572,202,416		$	538,731,504

(1)	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
(2)	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

12)	Future Policy Benefits and Unpaid Claims (Continued)

The following table summarizes the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for traditional and limited-payment life:


	December 31,
	2025		2024
Undiscounted expected future benefit payments	$	1,929,788,387	$	1,924,273,198
Discounted expected future benefit payments (at original discount rate)		867,097,293		858,515,841
Discounted expected future benefit payments (at current discount rate)		831,839,700		800,812,826

Undiscounted expected future gross premiums	$	813,914,337	$	832,580,093
Discounted expected future gross premiums (at original discount rate)		544,923,472		556,009,689
Discounted expected future gross premiums (at current discount rate)		545,181,493		543,200,631


	December 31,
	2025		2024
Gross premiums	$	118,920,945	$	118,722,900
Interest accretion	$	29,157,684	$	28,189,517

The following table summarizes the weighted-average interest rates for traditional and limited-payment life:


	December 31,
	2025			2024
Interest accretion rate		4.90	%		4.90	%
Current discount rate		6.00	%		5.40	%

The following table summarizes the weighted-average duration of the liability for traditional and limited-payment life:


	December 31,
	2025		2024
Duration of the liability in years (at original discount rate)		15		15
Duration of the liability in years (at current discount rate)		13		14

Adverse Development

In 2025 and 2024, there were immaterial impacts to net earnings for traditional and limited-payment life, where net premiums exceeded gross premiums for certain issue-year cohorts.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

12)	Future Policy Benefits and Unpaid Claims (Continued)

Deferred Profit Liability

The following table summarizes the balances of and changes in Deferred Profit Liability for traditional and limited- payment life:


	December 31,
	2025			2024
Balance, beginning of year	$	192,278,993		$	177,843,975
Effect of actual variances from expected experience (1)		(4,188,728	)		(3,219,369	)
Adjusted balance, beginning of period		188,090,265			174,624,606
Profits deferred		67,048,417			65,502,313
Interest accrual		9,823,588			9,157,208
Amortization		(59,159,496	)		(57,005,134	)
Other adjustments		–			–
Balance, end of period		205,802,774			192,278,993
Less: Receivable from reinsurers		985,258			1,017,678
Deferred profit liability, net of reinsurance	$	204,817,516		$	191,261,315

(1)	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.

Unpaid Claims

The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2023	$	8,129,161		$	379,278		$	18,000		$	8,526,439
Incurred		58,116,837	(1)		12,416,335	(2)		2,767	(3)		70,535,939
Settled		(59,882,755	)		(12,540,133	)		(3,767	)		(72,426,655	)
Balance at 12/31/2024		6,363,243			255,480			17,000			6,635,723
Incurred		60,422,703	(1)		12,874,267	(2)		83,309	(3)		73,380,279
Settled		(59,844,155	)		(12,826,904	)		(83,309	)		(72,754,368	)
Balance at 12/31/2025	$	6,941,791		$	302,843		$	17,000		$	7,261,634

(1)	Included in policyholder benefits and claims on the consolidated statements of earnings
(2)	Released from policyholder account balances
(3)	Included in policyholder benefits and claims on the consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Cemetery Perpetual Care Trust Investments and Obligation (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Investments and Obligation

The Company’s investments as of December 31, 2025, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company’s investments as of December 31, 2024, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	74,680,606		$	327,618	$	(486,976	)	$	-		$	74,521,248

Obligations of states and political subdivisions		6,416,751			1,762		(290,448	)		-			6,128,065

Corporate securities including public utilities		262,954,278			2,444,842		(6,922,871	)		(408,944	)		258,067,305

Mortgage-backed securities		31,710,436			125,764		(4,244,640	)		(12,049	)		27,579,511

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

Total fixed maturity securities available for sale	$	376,012,071		$	2,899,986	$	(11,944,935	)	$	(420,993	)	$	366,546,129

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Total equity securities at estimated fair value	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Mortgage loans held for investment at amortized cost:
Residential	$	92,061,787
Residential construction		151,172,733
Commercial		62,753,085
Less: Unamortized deferred loan fees, net		(2,082,241	)
Less: Allowance for credit losses		(1,885,390	)
Less: Net discounts		(272,616	)

Total mortgage loans held for investment	$	301,747,358

Real estate held for investment - net of accumulated depreciation:
Residential	$	71,618,410
Commercial		126,074,928

Total real estate held for investment	$	197,693,338

Real estate held for sale:
Residential	$	1,126,480
Commercial		151,553

Total real estate held for sale	$	1,278,033

Other investments and policy loans at amortized cost:
Policy loans	$	14,019,248
Insurance assignments		48,493,858
Federal Home Loan Bank stock (2)		2,404,900
Other investments		11,473,961
Less: Allowance for credit losses for insurance assignments		(1,536,926	)

Total policy loans and other investments	$	74,855,041

Accrued investment income	$	8,499,168

Total investments	$	966,390,748

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $553,900 of Membership stock and $1,851,000 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		Fair Value
At December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	8,737	$	986,365	$	478,239	$	22,110,495	$	486,976	$	23,096,860
Obligations of states and political subdivisions		15,003		2,167,918		275,445		3,008,385		290,448		5,176,303
Corporate securities including public utilities		1,888,022		93,562,219		5,034,849		77,975,776		6,922,871		171,537,995
Mortgage-backed securities		32,150		2,915,192		4,212,490		19,041,442		4,244,640		21,956,634
Totals	$	1,943,912	$	99,631,694	$	10,001,023	$	122,136,098	$	11,944,935	$	221,767,792

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	40,822,516	$	40,759,962
Due in 2-5 years		122,737,580		124,221,407
Due in 5-10 years		129,282,637		132,560,322
Due in more than 10 years		63,976,211		63,226,351
Mortgage-backed securities		24,832,349		21,286,434
Redeemable preferred stock		750,000		723,442
Total	$	382,401,293	$	382,777,918

Cemetery Perpectual Care Obligation [Member]

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

Schedule of Investments and Obligation

The components of cemetery perpetual care investments and obligation as of December 31, 2025 are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	152,738		$	842	$	–		$	153,580
Obligations of states and political subdivisions		121,423			–		(2,991	)		118,432
Total fixed maturity securities available for sale	$	274,161		$	842	$	(2,991	)	$	272,012

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732
Total equity securities at estimated fair value	$	4,835,663		$	1,637,554	$	(169,485	)	$	6,303,732

Mortgage loans held for investment at amortized cost:
Residential construction	$	66,342
Less: Allowance for credit losses		(133	)
Total mortgage loans held for investment	$	66,209

Cash and cash equivalents	$	1,935,480

Other investements	$	1,290,271

Accrued investment income	$	4,243

Total cemetery perpetual care trust investments	$	9,871,947

Cemetery perpetual care obligation	$	(5,918,776	)

Trust investments in excess of trust obligations	$	3,953,171

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

6)	Cemetery Perpetual Care Trust Investments and Obligation (Continued)

The components of cemetery perpetual care investments and obligation as of December 31, 2024 are as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	651,428		$	–	$	(2,010	)	$	649,418
Obligations of states and political subdivisions		125,194			–		(4,950	)		120,244
Total fixed maturity securities available for sale	$	776,622		$	–	$	(6,960	)	$	769,662

Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other	$	3,874,522		$	1,271,529	$	(226,007	)	$	4,920,044
Total equity securities at estimated fair value	$	3,874,522		$	1,271,529	$	(226,007	)	$	4,920,044

Mortgage loans held for investment at amortized cost:
Residential construction	$	202,600
Less: Allowance for credit losses		(405	)
Commercial		1,939,269
Less: Allowance for credit losses		–
Total mortgage loans held for investment	$	2,141,464

Cash and cash equivalents	$	1,002,396

Accrued investment income	$	2,937

Total cemetery perpetual care trust investments	$	8,836,503

Cemetery perpetual care obligation	$	(5,642,693	)

Trust investments in excess of trust obligations	$	3,193,810

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
At December 31, 2025
Obligations of states and political subdivisions	$	–	$	–	$	2,991	$	118,432	$	2,991	$	118,432
Total unrealized losses	$	–	$	–	$	2,991	$	118,432	$	2,991	$	118,432

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,010	$	649,419	$	–	$	–	$	2,010	$	649,419
Obligations of states and political subdivisions		4,950		120,243		–		–		4,950		120,243
Total unrealized losses	$	6,960	$	769,662	$	–	$	–	$	6,960	$	769,662

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	152,738	$	153,579
Due in 2-5 years		70,170		67,560
Due in 5-10 years		51,253		50,873
Due in more than 10 years		–		–
Total	$	274,161	$	272,012

Schedule of Balance and the Changes in Unearned Premium Reserve (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effects of Reinsurance [Line Items]

Balance, beginning of year

$ 2,013,245

Unearned premium reserve, end of period

1,824,796

$ 2,013,245

Universal Life [Member]

Effects of Reinsurance [Line Items]

Balance, beginning of year

2,013,245

2,545,132

Deferrals

Amortization

^[1]

(188,449)

(531,887)

Unearned premium reserve, end of period

$ 1,824,796

$ 2,013,245

[1]	Included in premiums and other considerations on the consolidated statements of earnings.

Schedule of Roll Forward for the Lines of Business That Contain VOBA Balances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Balance, beginning of period	$ 7,602,521	$ 8,137,415
Deferrals
Amortization	(493,335)	(534,894)
Balance, end of period	7,109,186	7,602,521
Traditional Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	7,397,519	7,841,767
Deferrals
Amortization	(429,188)	(444,248)
Balance, end of period	6,968,331	7,397,519
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period		11,436
Deferrals
Amortization		(11,436)
Balance, end of period
Universal Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	186,632	263,025
Deferrals
Amortization	(61,700)	(76,393)
Balance, end of period	124,932	186,632
Accident and Health Insurance Product Line [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	18,370	21,187
Deferrals
Amortization	(2,447)	(2,817)
Balance, end of period	$ 15,923	$ 18,370

Schedule of Activity Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, available RSUs for future grant	1,903,835
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, beginning	$ 12.90	$ 7.72
Weighted average grant date fair value, ending	$ 9.33	$ 12.90
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	12,813	2,245
Non-vested Number of shares, Granted	14,481	12,353
Non-vested Number of shares, Vested	(9,726)	(1,785)
Non-vested Number of shares, ending	17,568	12,813
Number of shares, available RSUs for future grant	489,706

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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 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 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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Roll Forward for the Lines of Business that Contain DAC Balances

The following tables show a roll forward for the lines of business that contain DAC balances, along with a reconciliation to the Company’s total DAC balance:

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
	Year Ended December 31, 2025
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance, beginning of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Deferrals		18,828,392			171,272			–			–			926,605			19,926,269
Amortization		(9,992,783	)		(135,738	)		(324,349	)		(466	)		(714,037	)		(11,167,373	)
Balance, end of period	$	127,639,286		$	571,370		$	3,430,518		$	–		$	4,337,629		$	135,978,803

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
	Year Ended December 31, 2024
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance, beginning of period	$	107,480,923		$	833,218		$	4,064,299		$	1,801		$	3,974,357		$	116,354,598
Deferrals		20,210,400			204,551			–			–			928,080			21,343,031
Amortization		(8,887,646	)		(501,933	)		(309,432	)		(1,335	)		(777,376	)		(10,477,722	)
Balance, end of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907

Schedule of Roll Forward for the Lines of Business That Contain VOBA Balances

The following tables show a roll forward for the lines of business that contain VOBA balances, along with a reconciliation to the Company’s total VOBA balance:


	Year Ended December 31, 2025
	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance, beginning of period	$	7,397,519		$	–	$	186,632		$	18,370		$	7,602,521
Deferrals		–			–		–			–			–
Amortization		(429,188	)		–		(61,700	)		(2,447	)		(493,335	)
Balance, end of period	$	6,968,331		$	–	$	124,932		$	15,923		$	7,109,186


	Year Ended December 31, 2024
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Total
Balance, beginning of period	$	7,841,767		$	11,436		$	263,025		$	21,187		$	8,137,415
Deferrals		–			–			–			–			–
Amortization		(444,248	)		(11,436	)		(76,393	)		(2,817	)		(534,894	)
Balance, end of period	$	7,397,519		$	–		$	186,632		$	18,370		$	7,602,521

Schedule of Amortization Expense is Expected

Presuming no additional acquisitions, amortization expense is expected to approximate the following:


2026	$	445,378
2027		406,158
2028		373,840
2029		346,290
2030		321,933
Thereafter		5,215,587
Total	$	7,109,186

Schedule of Balance and the Changes in Unearned Premium Reserve

The balance and the changes in Unearned Premium Reserve are as follows:

	December 31, 2025			December 31, 2024
	Universal Life			Universal Life
Balance, beginning of year	$	2,013,245		$	2,545,132
Deferrals		–			–
Amortization (1)		(188,449	)		(531,887	)
Unearned premium reserve, end of period	$	1,824,796		$	2,013,245

(1)	Included in premiums and other considerations on the consolidated statements of earnings.

Schedule of Gains and Losses on Derivatives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Gain (loss) on derivatives	$ (833,073)	$ 729,948

Schedule of Allowance Credit Losses (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Receivables [Abstract]

Beginning balance

$ 1,678,531

$ 1,897,887

Change in provision for credit losses

^[1]

192,467

(140,277)

Charge-offs

(442,326)

(79,079)

Ending balance

$ 1,428,672

$ 1,678,531

[1]	Included in other expenses on the consolidated statements of earnings

Schedule of Right-of-Use Assets and Lease Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other	Other
Operating Lease, Right-of-Use Asset	$ 3,911,710	$ 4,837,045
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities and accrued expenses	Other liabilities and accrued expenses
Operating Lease Liabilities	$ 4,137,058	$ 5,285,440
Finance Lease, Right-of-Use Assets	232,133	207,127
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ (142,992)	$ (64,971)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance Lease, Right-of-Use Assets, Net	$ 89,141	$ 142,156
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Bank and other loans payable	Bank and other loans payable
Finance Lease Liabilities	$ 94,023	$ 145,167

Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

9)	Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve

Deferred Policy and Pre-need Contract Acquisition Costs (“DAC”)

The Company reports DAC pursuant to the accounting policy discussed in Note 1. Also, refer to Note 1 regarding the adoption of ASU 2018-12.

The following tables show a roll forward for the lines of business that contain DAC balances, along with a reconciliation to the Company’s total DAC balance:

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
	Year Ended December 31, 2025
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance, beginning of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907
Deferrals		18,828,392			171,272			–			–			926,605			19,926,269
Amortization		(9,992,783	)		(135,738	)		(324,349	)		(466	)		(714,037	)		(11,167,373	)
Balance, end of period	$	127,639,286		$	571,370		$	3,430,518		$	–		$	4,337,629		$	135,978,803

	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
	Year Ended December 31, 2024
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Pre-need Contracts			Total
Balance, beginning of period	$	107,480,923		$	833,218		$	4,064,299		$	1,801		$	3,974,357		$	116,354,598
Deferrals		20,210,400			204,551			–			–			928,080			21,343,031
Amortization		(8,887,646	)		(501,933	)		(309,432	)		(1,335	)		(777,376	)		(10,477,722	)
Balance, end of period	$	118,803,677		$	535,836		$	3,754,867		$	466		$	4,125,061		$	127,219,907

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

9)	Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve (Continued)

Value of Business Acquired (“VOBA”)

The Company reports VOBA pursuant to the accounting policy discussed in Note 1. Also, refer to Note 1 regarding the adoption of ASU 2018-12.

The following tables show a roll forward for the lines of business that contain VOBA balances, along with a reconciliation to the Company’s total VOBA balance:


	Year Ended December 31, 2025
	Traditional Life			Fixed Annuities		Universal Life			Accident and Health			Total
Balance, beginning of period	$	7,397,519		$	–	$	186,632		$	18,370		$	7,602,521
Deferrals		–			–		–			–			–
Amortization		(429,188	)		–		(61,700	)		(2,447	)		(493,335	)
Balance, end of period	$	6,968,331		$	–	$	124,932		$	15,923		$	7,109,186


	Year Ended December 31, 2024
	Traditional Life			Fixed Annuities			Universal Life			Accident and Health			Total
Balance, beginning of period	$	7,841,767		$	11,436		$	263,025		$	21,187		$	8,137,415
Deferrals		–			–			–			–			–
Amortization		(444,248	)		(11,436	)		(76,393	)		(2,817	)		(534,894	)
Balance, end of period	$	7,397,519		$	–		$	186,632		$	18,370		$	7,602,521

Presuming no additional acquisitions, amortization expense is expected to approximate the following:


2026	$	445,378
2027		406,158
2028		373,840
2029		346,290
2030		321,933
Thereafter		5,215,587
Total	$	7,109,186

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

9)	Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired, and Unearned Premium Reserve (Continued)

Unearned Premium Reserve

The Company reports unearned premium reserve pursuant to the accounting policy discussed in Note 1. Also, refer to Note 1 regarding the adoption of ASU 2018-12.

The balance and the changes in Unearned Premium Reserve are as follows:

	December 31, 2025			December 31, 2024
	Universal Life			Universal Life
Balance, beginning of year	$	2,013,245		$	2,545,132
Deferrals		–			–
Amortization (1)		(188,449	)		(531,887	)
Unearned premium reserve, end of period	$	1,824,796		$	2,013,245

(1)	Included in premiums and other considerations on the consolidated statements of earnings.

Business Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segment Information

20)	Business Segment Information

Description of Products and Services by Segment

The Company has identified three operating and reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment revenue consists of life insurance premiums; fees earned on insurance assignment funding and net investment income derived from investing policyholder and surplus funds. Its expenses include operating expenses to collect insurance premiums and insurance policy receivables, and administer claims, and commissions payable related to the sale of insurance products sold by the Company’s independent agency force. The Company’s cemetery and mortuary segment revenue consists of fees from the sale of at-need cemetery and mortuary merchandise, services at its mortuaries and cemeteries, pre-need sales of cemetery spaces and the net investment income from investing surplus cash. Its expenses include operating expenses to maintain mortuary and cemetery operations and commissions related to the sale of insurance products sold by the Company’s agents. The Company’s mortgage segment revenue consists of residential mortgage origination fee income and mortgage interest income. Its expenses include normal operating expenses related to the origination and sale of residential mortgage loans, loan servicing, and warehouse interest and fee expenses.

Services and Cost Sharing Policies

The accounting policies of the Company’s operating and reportable segments are the same as those described in the Significant Accounting Principles. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit and are eliminated upon consolidation. In addition to revenues, the reportable segments share in business services and costs including personnel expenses, rent, information technology, software, interest expense, and other similar operating costs. These shared services and costs are allocated between the segments using prevailing market rates and other agreed upon allocation methods.

Factors Management Used to Identify the Company’s Operating and Reportable Segments

The Company’s operating and 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.

Chief Operating Decision Maker (“CODM”)

The Company’s CODM is the Chief Executive Officer. The following table summarizes significant segment expenses. The significant expenses are based on the information that the CODM is regularly provided to assess segment performance. The CODM reviews the regularly provided information for each segment monthly and gives added emphasis on month-over-month and year-over-year comparative results. The CODM considers these comparative results when making decisions about the allocation of the Company’s resources to each segment. The measure of segment profit or loss for the Company’s three operating and reportable business segments is net earnings.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

20)	Business Segment Information (Continued)


	Year Ended December 31, 2025
	Life		Cemetery/
	Insurance		Mortuary		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	119,757,103	$	28,704,450	$	108,209,319		$	256,670,872
Net investment income		76,379,023		2,345,283		614,206			79,338,512
Gains on investments and other assets		3,229,181		1,347,054		60,142			4,636,377
Other revenues		1,903,939		920,325		1,117,513			3,941,777
Intersegment revenues		6,995,959		340,001		353,929			7,689,889
Total segment revenues		208,265,205		33,657,113		110,355,109			352,277,427

Elimination of intersegment revenues									(7,689,889	)
Total consolidated revenues									344,587,538

Less:
Policyholder benefits and claims		100,817,674		–		–
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		10,946,671		714,037		–
Selling, general and administrative expenses:
Commissions		3,412,729		1,191,548		42,444,319
Personnel		34,946,951		10,808,207		41,396,645
Advertising		443,079		601,283		2,470,279
Rent and rent related		362,650		146,850		3,251,019
Depreciation on property and equipment		896,227		913,037		615,921
Cost related to funding mortgage loans		–		–		6,622,489
Data processing and IT related (1)		1,191,834		300,271		3,640,818
Premium taxes on insurance premiums and other considerations (1)		2,957,328		–		–
Other segment items (1)(2)		10,509,380		5,163,619		7,234,014
Intersegment expenses (3)		693,716		336,863		6,659,310
Interest expense		3,735,224		2,318		781,423
Costs of goods and services sold-mortuaries and cemeteries		–		4,660,090		–
Income tax expense (benefit)		7,912,489		2,235,035		(890,250	)
Segment net earnings (loss)		29,439,253		6,583,955		(3,870,878	)		32,152,330

Net earnings								$	32,152,330

Segment assets	$	1,409,753,605	$	105,970,868	$	72,460,214		$	1,588,184,687

Elimination of intersegment assets									(26,340,083	)
Total consolidated assets								$	1,561,844,604

Expenditures for long-lived assets	$	64,060,800	$	1,244,003	$	314,557		$	65,619,360

(1)	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

20)	Business Segment Information (Continued)


	Year Ended December 31, 2024
	Life		Cemetery/
	Insurance		Mortuary		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	119,655,745	$	29,037,173	$	107,558,640		$	256,251,558
Net investment income		68,254,989		2,568,511		901,749			71,725,249
Gains (losses) on investments and other assets		2,054,994		873,166		(986,262	)		1,941,898
Other revenues		1,563,812		543,354		2,496,797			4,603,963
Intersegment revenues		7,272,110		340,933		573,449			8,186,492
Total segment revenues		198,801,650		33,363,137		110,544,373			342,709,160

Elimination of intersegment revenues									(8,186,492	)
Total consolidated revenues									334,522,668

Less:
Policyholder benefits and claims		100,613,091		–		–
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		10,235,240		777,376		–
Selling, general and administrative expenses:
Commissions		3,809,118		1,564,426		41,599,365
Personnel		30,396,560		10,215,565		44,472,677
Advertising		466,821		568,597		2,079,702
Rent and rent related		434,604		158,950		4,553,515
Depreciation on property and equipment		923,365		830,855		629,401
Cost related to funding mortgage loans		–		–		6,134,709
Data processing and IT related (1)		847,845		240,946		3,453,741
Premium taxes on insurance premiums and other considerations (1)		3,067,467		–		–
Other segment items (1)(2)		8,640,857		4,975,269		6,401,085
Intersegment expenses (3)		913,279		365,635		6,907,578
Interest expense		3,727,514		827		525,759
Costs of goods and services sold-mortuaries and cemeteries		–		4,803,528		–
Income tax expense (benefit)		7,291,246		2,227,353		(1,263,871	)
Segment net earnings (loss)		27,434,643		6,633,810		(4,949,288	)		29,119,165

Net earnings								$	29,119,165

Segment assets	$	1,344,932,334	$	95,565,758	$	90,459,481		$	1,530,957,573

Elimination of intersegment assets									(36,495,259	)
Total consolidated assets								$	1,494,462,314

Expenditures for long-lived assets	$	52,414,507	$	2,185,269	$	219,054		$	54,818,830

(1)	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

- Definition

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.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Schedule of Reconciliation of Revenues from Cemetery and mortuary contracts to Business Segment Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Pre-need merchandise and services	$ 4,321,822	$ 4,113,793
At-need specialty merchandise	15,807	11,268
Pre-need land sales
Deferred policy and pre-need contract acquisition costs	$ 4,337,629	$ 4,125,061

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

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Mortgage loans held for investment

$ 322,435,385

$ 301,747,358

Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)

85,223,293

74,855,041

Restricted assets

28,805,946

23,806,836

Cemetery perpetual care trust investments

9,871,947

8,836,503

Mortgage servicing rights

2,528,459

2,939,878

$ 3,461,146

Mortgage servicing rights, estimated fair value

4,035,635

4,552,316

Bank and other loans payable

(98,387,919)

(106,740,104)

Future policy benefits and unpaid claims

(140,605,750)

(142,807,316)

Residential Mortgage [Member]

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

Mortgage loans held for investment

88,348,354

89,780,350

Other investments and policy loans, estimated fair value

89,318,434

90,168,328

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

89,318,434

90,168,328

Residential Construction [Member]

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

Mortgage loans held for investment

156,744,272

150,211,240

Other investments and policy loans, estimated fair value

156,744,272

150,211,240

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

156,744,272

150,211,240

Commercial Loan [Member]

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

Mortgage loans held for investment

77,342,759

61,755,768

Other investments and policy loans, estimated fair value

78,683,341

60,864,775

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

78,683,341

60,864,775

Mortgage Loans Net 1 [Member]

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

Mortgage loans held for investment

322,435,385

301,747,358

Other investments and policy loans, estimated fair value

324,746,047

301,244,343

Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)

14,467,357

14,019,248

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

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

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

Mortgage loans held for investment

324,746,047

301,244,343

Policy Loan [Member]

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

Other investments and policy loans, estimated fair value

14,467,357

14,019,248

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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, 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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, 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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)

14,467,357

14,019,248

Insurance Assignments [Member]

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

Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)

44,507,531

^[1]

46,956,932

^[2]

Other investments and policy loans, estimated fair value

44,507,531

^[1]

46,956,932

^[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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, 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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, 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 allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)

44,507,531

^[1]

46,956,932

^[2]

Restricted Assets [Member]

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

Restricted assets

810,802

^[3]

983,834

^[4]

Restricted assets, estimated fair value

810,802

^[3]

983,834

^[4]

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

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

Restricted assets

^[3]

^[4]

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

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

Restricted assets

^[3]

^[4]

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

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

Restricted assets

810,802

^[3]

983,834

^[4]

Cemetery Perpetual Care Trust Investments [Member]

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

Cemetery perpetual care trust investments

66,209

^[3]

2,141,464

^[4]

Cemetery perpetual care trust investments, estimated fair value

66,209

^[3]

2,141,464

^[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

^[3]

^[4]

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

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

Cemetery perpetual care trust investments

^[3]

^[4]

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

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

Cemetery perpetual care trust investments

66,209

^[3]

2,141,464

^[4]

Mortgage Servicing Rights [Member]

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

Mortgage servicing rights

2,528,459

2,939,878

Mortgage servicing rights, estimated fair value

4,035,635

4,552,316

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

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

Mortgage servicing rights

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

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

Mortgage servicing rights

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

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

Mortgage servicing rights

4,035,635

4,552,316

Bank And Other Loans Payable [Member]

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

Bank and other loans payable

(98,387,919)

(106,740,104)

Bank and other loans payable, estimated fair value

(87,490,315)

(90,455,678)

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

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

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

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

Bank and other loans payable

(87,490,315)

(90,455,678)

Policyholder Account Balances - Universal Life [Member]

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

Future policy benefits and unpaid claims

(35,825,494)

(37,091,230)

Future policy benefits and unpaid claims, estimated fair value

(35,986,392)

(37,626,593)

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

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

Future policy benefits and unpaid claims, estimated fair value

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

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

Future policy benefits and unpaid claims, estimated fair value

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

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

Future policy benefits and unpaid claims, estimated fair value

(35,986,392)

(37,626,593)

Policyholder Account Balances - Fixed Annuities [Member]

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

Future policy benefits and unpaid claims

(104,780,256)

(105,716,086)

Future policy benefits and unpaid claims, estimated fair value

(103,880,576)

(104,611,544)

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

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

Future policy benefits and unpaid claims, estimated fair value

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

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

Future policy benefits and unpaid claims, estimated fair value

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

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

Future policy benefits and unpaid claims, estimated fair value

$ (103,880,576)

$ (104,611,544)

[1]	Included in other investments and policy loans on the 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

Schedule of Activity of Stock Option Plans (Details) (Parenthetical)	Dec. 31, 2025 $ / shares
Share-Based Payment Arrangement [Abstract]
Share Price	$ 9.01

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

1)	Significant Accounting Policies

General Overview of Business

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Principles of Consolidation

Use of Estimates

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current-period presentation.

Investments

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Other investments and policy loans are carried at the aggregate unpaid balances, less allowances for credit losses.

Accrued investment income refers to the income earned from investments that has not yet been received by the Company.

Cash and Cash Equivalents

Loans Held for Sale

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	●	Failure to deliver original documents specified by the investor,
	●	The existence of misrepresentation or fraud in the origination of the loan,
	●	The loan becomes delinquent due to nonpayment during the first several months after it is sold,
	●	Early pay-off of a loan, as defined by the agreements,
	●	Excessive time to settle a loan,
	●	Investor declines purchase, and
	●	Discontinued product and expired commitment.

	●	Research reasons for rejection,
	●	Provide additional documents,
	●	Request investor exceptions,
	●	Appeal rejection decision to purchase committee, and
	●	Commit to secondary investors.

Determining Fair Value

	●	For loans that are committed, the Company uses the commitment price.
	●	For loans that are non-committed that have an active market, the Company uses the market price.
	●	For loans that are non-committed where there is no market but there is a similar product, the Company uses the fair value for the similar product.
	●	For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the fair value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Mortgage Fee Income

See Note 3 and Note 21 for additional disclosures regarding loans held for sale and mortgage fee income.

Loan Loss Reserve

Repurchase demand — A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.

Indemnification demand — On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.

The Company believes the loan loss reserve represents probable loan losses incurred as of the balance sheet date.

Additional information related to the Loan Loss Reserve is included in Note 3.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Restricted Assets

Cemetery Perpetual Care Trust Investments

Cemetery Land and Improvements

Mortgage Servicing Rights

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Additional information related to MSRs is included in Note 7.

Property and Equipment

Long-lived Assets

Deferred Policy Acquisition Costs and Value of Business Acquired

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Value of business acquired (“VOBA”) is the present value of estimated future profits of the acquired business and is amortized in the same way as DAC.

Additional information related to DAC and VOBA is included in Note 9.

Goodwill and Other Intangible Assets

Additional information related to goodwill and other intangible assets is included in Note 10.

Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Forward Sale Commitments

Additional information related to derivative instruments is included in Note 11.

Allowances for Credit Losses

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Future Policy Benefits and Unpaid Claims

Additional information related to future policy benefits and unpaid claims is included in Note 1 for the adoption of Accounting Standards Update (“ASU”) 2018-12 and in Note 12.

Policyholder Account Balances

Unearned Premium Reserve

Participating Insurance

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Insurance Premiums and Other Considerations

Reinsurance

Pre-need Sales and Costs

Sales of cemetery interment rights (cemetery burial property) - revenue and costs associated with the sale of cemetery interment rights are deferred until 10% of the sales price has been collected.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Additional information related to pre-need sales and costs is included in Note 4.

Income Taxes

Earnings Per Share

Stock Based Compensation

Concentration of Credit Risk

Advertising

The Company expenses advertising costs as incurred.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

Accounting Standards Adopted in 2025

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	Receivable from Reinsurers			Deferred Policy Acquistion Costs		Value of Business Acquired			Future Policy Benefits and Unpaid Claims			Unearned Premium Reserve		Income Taxes			Accumulated Other Comprehensive Income (loss)			Retained Earnings
Balance as reported, December 31, 2023	$	14,857,059		$	116,351,067	$	8,467,613		$	916,038,616		$	2,543,822	$	13,752,981		$	(6,885,558	)	$	206,978,373
Effect of discount rate remeasurement of future policy benefits		-			-		-			(6,775,997	)		-		1,422,959			5,353,038			-
Removal of related amounts in accumulated other comprehensive income (loss)		-			3,531		(330,494	)		-			1,310		(68,937	)		(259,336	)		-
Other balance sheet reclassifications and adjustments		(164,530	)		-		296			10,632			-		(36,722	)		-			(138,144	)
Balance as adjusted, January 1, 2024	$	14,692,529		$	116,354,598	$	8,137,415		$	909,273,251		$	2,545,132	$	15,070,281		$	(1,791,856	)	$	206,840,229

The transition date impacts associated with the adoption of ASU No. 2018-12 were applied as follows:

Future Policy Benefits (“FPB”) (See Note 12)

	●	Contracts in-force as of the transition date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing transition date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of ASU No. 2018-12 (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased by $10,214 for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the transition date;
	●	The difference between the FPB calculated at the current upper-medium grade discount rate and the FPB calculated at the locked-in discount rate was recorded as an adjustment to opening accumulated other comprehensive income as of the transition date; and
	●	Corresponding adjustments were made to ceded reinsurance balances.

Deferred Acquisition Costs (“DAC”) and Value of Business Acquired (“VOBA”) (See Note 9)

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Balance Sheets:	December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Assets:
Receivable from reinsurers	$	13,831,093		$	(14,430	)	$	13,816,663
Deferred policy and pre-need contract acquisition costs		122,661,298			4,558,609			127,219,907
Value of business acquired		7,491,600			110,921			7,602,521
Total Assets		1,489,807,214			4,655,100			1,494,462,314

Liabilities:
Future policy benefits and unpaid claims		802,004,527			(49,923,869	)		752,080,658
Unearned premium reserve		2,011,679			1,566			2,013,245
Income taxes		13,079,257			11,461,255			24,540,512
Total liabilities		1,151,024,935			(38,461,048	)		1,112,563,887

Stockholders’ Equity:
Accumulated other comprehensive income (loss), net of taxes		(6,951,266	)		40,670,895			33,719,629
Retained earnings		225,359,186			2,445,253			227,804,439
Total stockholders’ equity		338,782,279			43,116,148			381,898,427
Total liabilities and stockholders’ equity	$	1,489,807,214		$	4,655,100		$	1,494,462,314

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Earnings:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Benefits and expenses:
Policyholder benefits and claims	$	98,955,459		$	1,657,632		$	100,613,091
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		15,940,371			(4,927,755	)		11,012,616
Total benefits and expenses		300,418,898			(3,270,123	)		297,148,775

Earnings before income taxes		34,103,770			3,270,123			37,373,893
Income tax expense		(7,568,002	)		(686,726	)		(8,254,728	)
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165

Net earnings per Class A equivalent common share (1)	$	1.08		$	0.11		$	1.19

Net earnings per Class A equivalent common share - assuming dilution (1)	$	1.05		$	0.11		$	1.16

(1)	Adjusted retroactively for the effect of annual stock dividends

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

	As Previously Reported			Effect of Change			As Currently Reported
Consolidated Statements of Comprehensive Income:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change			As Currently Reported
Net earnings	$	26,535,768		$	2,583,397		$	29,119,165
Other comprehensive income:
Unrealized gains (losses) on fixed maturity securities available for sale		(79,228	)		68,186			(11,042	)
Interest rate remeasurement of future policy benefits		-			44,966,236			44,966,236
Other comprehensive income (loss), before income tax		(79,790	)		45,034,422			44,954,632
Income tax benefit (expense)		14,082			(9,457,229	)		(9,443,147	)
Other comprehensive income (loss), net of income tax		(65,708	)		35,577,193			35,511,485
Comprehensive income (loss)	$	26,470,060		$	38,160,590		$	64,630,650

	As Previously Reported			Effect of Change		As Currently Reported
Consolidated Statement of Stockholders’ Equity:	Year Ended December 31, 2024
	As Previously Reported			Effect of Change		As Currently Reported
Accumulated other comprehensive income (loss)	$	(6,951,266	)	$	40,670,895	$	33,719,629
Retained earnings		225,359,186			2,445,253		227,804,439
Total stockholders’ equity	$	338,782,279		$	43,116,148	$	381,898,427

	As Previously Reported		Effect of Change			As Currently Reported
Consolidated Statement of Cash Flows:	Year Ended December 31, 2024
	As Previously Reported		Effect of Change			As Currently Reported
Cash flows from operating activities:
Net earnings	$	26,535,768	$	2,583,397		$	29,119,165
Provision for deferred income taxes		311,971		686,726			998,697
Policy and pre-need acquisition costs amortized		15,032,413		(4,554,691	)		10,477,722
Value of business acquired amortized		907,958		(373,064	)		534,894
Future policy benefits and unpaid claims	$	30,522,998	$	1,657,632		$	32,180,630

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Accounting Standards Issued But Not Yet Adopted

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 Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Guarantor Obligations [Line Items]
Amortized cost	$ 382,401,293	$ 376,012,071
Estimated fair value	382,777,918	366,546,129
NAIC, Class 1 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	198,055,737	188,386,980
Estimated fair value	197,788,945	183,460,027
NAIC, Class 2 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	177,242,472	178,060,265
Estimated fair value	178,441,019	174,405,442
NAIC, Class 3 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	6,145,460	7,961,422
Estimated fair value	5,616,342	7,342,220
NAIC, Class 4 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	155,717	649,592
Estimated fair value	160,830	600,459
NAIC, Class 5 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost		702,643
Estimated fair value		487,981
NAIC, Class 6 Designation [Member]
Guarantor Obligations [Line Items]
Amortized cost	51,907	1,169
Estimated fair value	47,340
National Association of Insurance Commissioners [Member]
Guarantor Obligations [Line Items]
Amortized cost	381,651,293	375,762,071
Estimated fair value	$ 382,054,476	$ 366,296,129

Schedule of Gain (Loss) on Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Gross realized gains	$ 74,322	$ 233
Gross realized losses	(15,393)	(1,407)
Net credit loss provision	(342,957)	(106,444)
Total	4,636,377	1,941,898
Fixed Maturity Securities [Member]
Schedule of Investments [Line Items]
Gross realized gains	133,939	12,906
Gross realized losses	(48,588)	(63,024)
Net credit loss provision	(342,957)	(106,444)
Equity Securities One [Member]
Schedule of Investments [Line Items]
Losses on securities sold	(873,965)	(42,680)
Unrealized gains on securities held at the end of the period	3,977,047	2,290,252
Mortgage Loans Held for Investment [Member]
Schedule of Investments [Line Items]
Gross realized gains	5,709
Gross realized losses		(1,161,363)
Real Estate Held For Investment And Sale [Member]
Schedule of Investments [Line Items]
Gross realized gains	1,615,323	739,107
Gross realized losses	(12,099)
Other Asset [Member]
Schedule of Investments [Line Items]
Gross realized gains	293,329	293,657
Gross realized losses	$ (111,361)	$ (20,513)

Schedule of Aggregate Fair Value Loans Held for Sale (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Loans Held For Sale
Aggregate fair value	$ 155,968,266	$ 131,181,148
Unpaid principal balance	154,484,198	128,948,072
Unrealized gain	$ 1,484,068	$ 2,233,076

Stock Compensation Plans and Retirement Plans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,320,497	$ 800,820
Unrecognized compensation expense	1,681,944
Intrinsic value stock options exercised	1,503,525	3,104,163
Contribution by company	503,654
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	38,928	6,166
Unrecognized compensation expense	26,626
Stock Option Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	1,281,569	794,654
Employee Stock Ownership Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pretax contributions	$ 23,500	23,000
Employees stock ownership plan description	The Company matched 100% of up to 3% of an employee’s total annual compensation and matched 50% of 4% to 5% of an employee’s annual compensation.
Contribution to plan	$ 811,622	768,288
Accrued liability of retirement plan		133,843
Retirement description	Under the terms of the employment agreement, this individual is entitled to receive retirement benefits from the Company for a period of ten years in an amount equal to 50% of his rate of compensation at the time of his retirement
Retirement compensation	$ 267,685
Payment to retirement compensation	$ 133,843
Employee Stock Ownership Plan [Member] \| Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employees stock ownership plan description	In June 2024, the Board members approved a motion to extend the Chief Executive Officer’s employment agreement, dated December 4, 2012, for an additional six-year term ending December 31, 2030. In the event of disability, the Chief Executive Officer’s salary would be continued for up to five years at 75% of its current level of compensation. In the event of a sale or merger of the Company and the Chief Executive Officer is not retained in his current position, the Company would be obligated to continue paying the Chief Executive Officer’s current compensation and benefits for seven years following the merger or sale. The agreement further provides that the Chief Executive Officer is entitled to receive annual retirement benefits beginning (i) one month from the date of his retirement (to commence no sooner than age 65), (ii) five years following complete disability, or (iii) upon termination of his employment without cause. These retirement benefits are to be paid for a period of twenty years in annual installments in the amount equal to 75% of his then current level of compensation.
Adjusted accrual expenses	$ 1,479,348
Accrued liability of retirement plan	$ 8,695,154	$ 7,215,806

Schedule of Liability for Future Policy Benefits, by Product Segment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	$ 799,706,946	$ 752,080,658
Total receivable from reinsurers	10,380,126	10,401,019
Net future policy benefits and unpaid claims	789,326,820	741,679,639
Net unpaid claims	7,261,634	6,635,723	$ 8,526,439
Traditional And Limited Payment Life [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	581,389,399	547,984,488
Total receivable from reinsurers	9,186,983	9,252,984
Deferred Profit Liability Traditional And Limited Payment Life [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	205,802,774	192,278,993
Total receivable from reinsurers	985,258	1,017,678
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	95,436	99,605
Net unpaid claims	302,843	255,480	379,278
Accident and Health [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	505,208	543,792
Total receivable from reinsurers	70,173	74,762
Net unpaid claims	17,000	17,000	$ 18,000
Other Policyholder Funds [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	4,514,783	4,482,462
Reported But Unpaid Claims [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	3,299,899	2,463,220
Total receivable from reinsurers	131,712	45,595
Incurred But Not Reported Claims [Member]
Effects of Reinsurance [Line Items]
Gross future policy benefits and unpaid claims	4,099,447	4,228,098
Total receivable from reinsurers	$ 6,000	$ 10,000

Schedule of Combined Maturities of Bank and Other Loans Payable (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Bank and other loans payable	$ 98,387,919	$ 106,740,104
Due in year 1 [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	6,195,297
Due in Year 2 [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	2,035,081
Due in Year 3 [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	11,305,278
Due in Year 4 [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	2,187,468
Due in Year 5 [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	2,263,879
DueThereafter [Member]
Lessee, Lease, Description [Line Items]
Bank loans payable, lines of credit and notes and contracts payable	$ 74,400,916

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Income Tax Liability

The Company’s income tax liability is summarized as follows:

Summary of Income Tax Liability


	December 31,
	2025		2024
Current	$	516,851	$	(725,175	)
Deferred		25,403,711		25,265,687
Total	$	25,920,562	$	24,540,512

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are approximately as follows:


	December 31,
	2025		2024
Assets
Future policy benefits	$	8,538,993	$	4,663,986
Loan loss reserve and allowances		1,431,236		1,395,203
Unearned premium		383,207		422,453
Net operating loss		687,524		1,245,888
Deferred compensation		2,388,705		2,033,686
Total deferred tax assets		13,429,665		9,761,216

Liabilities
Deferred policy acquisition costs		21,138,853		20,061,762
Basis difference in property, equipment and real estate		8,700,097		8,973,198
Value of business acquired		1,492,929		1,596,529
Deferred gains		1,042,235		1,365,803
Trusts		1,064,387		1,064,387
Intangibles		848,497		717,336
Other		917,003		534,311
Tax on unrealized appreciaton		3,629,375		713,577
Total deferred tax liabilities		38,833,376		35,026,903
Net deferred tax liability	$	25,403,711	$	25,265,687

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense is summarized as follows:


	December 31,
	2025		2024
Current
Federal	$	7,683,833	$	7,182,377
State		119,260		73,654
		7,803,093		7,256,031

Deferred
Federal		1,391,114		876,424
State		63,067		122,273
		1,454,181		998,697
Total	$	9,257,274	$	8,254,728

Schedule of Effective Income Tax Rate Reconciliation between Income Tax Expense (Benefit) and Statutory Expectations

The following table provides a rate reconciliation between income tax expense (benefit) and the statutory expectations.

	December 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent
U.S. Federal statutory tax rate	$	8,696,017		21.0	%	$	7,848,518		21.0	%
State and local tax expense, net of federal income tax effect (1)		144,038		0.4	%		154,782		0.4	%
Nontaxable or nondeductible items		392,641		0.9	%		224,851		0.6	%
Other, net		24,578		0.1	%		26,577		0.1	%
Effective tax rate	$	9,257,274		22.4	%	$	8,254,728		22.1	%

(1)	State taxes in Texas and Utah made up the majority (greater than 50%) of the tax effect in this category.

Summary of Operating Loss Carryforwards

Net Operating Losses and Tax Credit Carryforwards:

Summary of Operating Loss Carryforwards

Year of Expiration
2026	$	–
2027		–
2028		–
2029		–
2030		–
Thereafter up through 2037		568,300
Indefinite carryforwards		–
	$	568,300

Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Amortized cost	$ 382,401,293	$ 376,012,071
Estimated fair value	382,777,918	366,546,129
Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	1,176,359
Estimated fair value	1,177,251
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member]
Marketable Securities [Line Items]
Amortized cost	24,832,349	31,710,436
Estimated fair value	21,286,434	27,579,511
Redeemable Preferred Stock [Member]
Marketable Securities [Line Items]
Amortized cost	750,000	250,000
Estimated fair value	723,442	250,000
Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	274,161	776,622
Estimated fair value	272,012	$ 769,662
Due in 1 Year [Member]
Marketable Securities [Line Items]
Amortized cost	40,822,516
Estimated fair value	40,759,962
Due in 1 Year [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	945,818
Estimated fair value	947,563
Due in 1 Year [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	152,738
Estimated fair value	153,579
Due in 2-5 Years [Member]
Marketable Securities [Line Items]
Amortized cost	122,737,580
Estimated fair value	124,221,407
Due in 2-5 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 2-5 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	70,170
Estimated fair value	67,560
Due in 5-10 Years [Member]
Marketable Securities [Line Items]
Amortized cost	129,282,637
Estimated fair value	132,560,322
Due in 5-10 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value
Due in 5-10 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost	51,253
Estimated fair value	50,873
Due in More than 10 Years [Member]
Marketable Securities [Line Items]
Amortized cost	63,976,211
Estimated fair value	63,226,351
Due in More than 10 Years [Member] \| Restricted Assets [Member]
Marketable Securities [Line Items]
Amortized cost	230,541
Estimated fair value	229,688
Due in More than 10 Years [Member] \| Cemetery Perpectual Care Obligation [Member]
Marketable Securities [Line Items]
Amortized cost
Estimated fair value

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share were calculated as follows:


	Years Ended December 31,
	2025		2024
Numerator:
Net earnings	$	32,152,330	$	29,119,165

Denominator:
Denominator for basic earnings per share-weighted-average shares		24,727,498		24,492,597

Effect of dilutive securities
Employee stock options		756,696		693,877
Unvested restricted stock units		118		32
Dilutive potential common shares		756,814		693,908

Denominator for diluted earnings per share-adjusted weighted-average shares and assumed conversions		25,484,312		25,186,505

Basic earnings per share	$	1.30	$	1.19
Diluted earnings per share	$	1.26	$	1.16

Schedule of Revenues and Expenses by Reportable Segment (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting Information [Line Items]

Revenue from external customers

$ 256,670,872

$ 256,251,558

Net investment income

79,338,512

71,725,249

Gains (losses) on investments and other assets

4,636,377

1,941,898

Other revenues

3,941,777

4,603,963

Intersegment revenues

7,689,889

8,186,492

Total segment revenues

352,277,427

342,709,160

Elimination of intersegment revenues

(7,689,889)

(8,186,492)

Total consolidated revenues

344,587,538

334,522,668

Policyholder benefits and claims

100,817,674

100,613,091

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

11,660,708

11,012,616

Selling, general and administrative expenses:

Commissions

47,048,596

46,972,909

Personnel

87,151,803

85,084,802

Advertising

3,514,641

3,115,120

Rent and rent related

3,760,519

5,147,069

Depreciation on property and equipment

2,425,185

2,383,621

Cost related to funding mortgage loans

6,622,489

6,134,709

Costs of goods and services sold-mortuaries and cemeteries

4,660,090

4,803,528

Income tax expense (benefit)

9,257,274

8,254,728

Segment net earnings (loss)

32,152,330

29,119,165

Net earnings

32,152,330

29,119,165

Segment assets

1,588,184,687

1,530,957,573

Elimination of intersegment assets

(26,340,083)

(36,495,259)

Total consolidated assets

1,561,844,604

1,494,462,314

Expenditures for long-lived assets

65,619,360

54,818,830

Life Insurance [Member]

Segment Reporting Information [Line Items]

Revenue from external customers

119,757,103

119,655,745

Net investment income

76,379,023

68,254,989

Gains (losses) on investments and other assets

3,229,181

2,054,994

Other revenues

1,903,939

1,563,812

Intersegment revenues

6,995,959

7,272,110

Total segment revenues

208,265,205

198,801,650

Policyholder benefits and claims

100,817,674

100,613,091

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

10,946,671

10,235,240

Selling, general and administrative expenses:

Commissions

3,412,729

3,809,118

Personnel

34,946,951

30,396,560

Advertising

443,079

466,821

Rent and rent related

362,650

434,604

Depreciation on property and equipment

896,227

923,365

Cost related to funding mortgage loans

Data processing and IT related

1,191,834

^[1]

847,845

^[2]

Premium taxes on insurance premiums and other considerations

2,957,328

^[1]

3,067,467

^[2]

Other segment items

10,509,380

^[1],[3]

8,640,857

^[2],[4]

Intersegment expenses

693,716

^[5]

913,279

^[6]

Interest expense

3,735,224

3,727,514

Costs of goods and services sold-mortuaries and cemeteries

Income tax expense (benefit)

7,912,489

7,291,246

Segment net earnings (loss)

29,439,253

27,434,643

Segment assets

1,409,753,605

1,344,932,334

Expenditures for long-lived assets

64,060,800

52,414,507

Cemetery/Mortuary [Member]

Segment Reporting Information [Line Items]

Revenue from external customers

28,704,450

29,037,173

Net investment income

2,345,283

2,568,511

Gains (losses) on investments and other assets

1,347,054

873,166

Other revenues

920,325

543,354

Intersegment revenues

340,001

340,933

Total segment revenues

33,657,113

33,363,137

Policyholder benefits and claims

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

714,037

777,376

Selling, general and administrative expenses:

Commissions

1,191,548

1,564,426

Personnel

10,808,207

10,215,565

Advertising

601,283

568,597

Rent and rent related

146,850

158,950

Depreciation on property and equipment

913,037

830,855

Cost related to funding mortgage loans

Data processing and IT related

300,271

^[1]

240,946

^[2]

Premium taxes on insurance premiums and other considerations

^[1]

^[2]

Other segment items

5,163,619

^[1],[3]

4,975,269

^[2],[4]

Intersegment expenses

336,863

^[5]

365,635

^[6]

Interest expense

2,318

827

Costs of goods and services sold-mortuaries and cemeteries

4,660,090

4,803,528

Income tax expense (benefit)

2,235,035

2,227,353

Segment net earnings (loss)

6,583,955

6,633,810

Segment assets

105,970,868

95,565,758

Expenditures for long-lived assets

1,244,003

2,185,269

Mortgage [Member]

Segment Reporting Information [Line Items]

Revenue from external customers

108,209,319

107,558,640

Net investment income

614,206

901,749

Gains (losses) on investments and other assets

60,142

(986,262)

Other revenues

1,117,513

2,496,797

Intersegment revenues

353,929

573,449

Total segment revenues

110,355,109

110,544,373

Policyholder benefits and claims

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

Selling, general and administrative expenses:

Commissions

42,444,319

41,599,365

Personnel

41,396,645

44,472,677

Advertising

2,470,279

2,079,702

Rent and rent related

3,251,019

4,553,515

Depreciation on property and equipment

615,921

629,401

Cost related to funding mortgage loans

6,622,489

6,134,709

Data processing and IT related

3,640,818

^[1]

3,453,741

^[2]

Premium taxes on insurance premiums and other considerations

^[1]

^[2]

Other segment items

7,234,014

^[1],[3]

6,401,085

^[2],[4]

Intersegment expenses

6,659,310

^[5]

6,907,578

^[6]

Interest expense

781,423

525,759

Costs of goods and services sold-mortuaries and cemeteries

Income tax expense (benefit)

(890,250)

(1,263,871)

Segment net earnings (loss)

(3,870,878)

(4,949,288)

Segment assets

72,460,214

90,459,481

Expenditures for long-lived assets

$ 314,557

$ 219,054

[1]	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
[2]	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
[3]	For each reportable segment, other segment items includes:
[4]	For each reportable segment, other segment items includes:
[5]	For each reportable segment, intersegment expenses includes:
[6]	For each reportable segment, intersegment expenses includes:

Schedule of Carrying Value of Intangible Asset (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, accumulated amortization

$ (1,478,666)

$ (1,131,333)

Finite-lived intangible assets, net

$ 3,731,334

4,078,667

Trade Names [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset, useful life

^[1]

15 years

Finite-lived intangible assets, gross

^[1]

$ 2,100,000

2,100,000

Other [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset, useful life

^[1]

15 years

Finite-lived intangible assets, gross

^[1]

$ 210,000

210,000

Trade Names 2 [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset, useful life

^[2]

15 years

Finite-lived intangible assets, gross

^[2]

$ 610,000

610,000

Customer Lists [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset, useful life

^[2]

15 years

Finite-lived intangible assets, gross

^[2]

$ 2,290,000

[1]	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
[2]	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

- Definition

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.

+ References

+ Details

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment


	Year Ended December 31, 2025
	Life		Cemetery/
	Insurance		Mortuary		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	119,757,103	$	28,704,450	$	108,209,319		$	256,670,872
Net investment income		76,379,023		2,345,283		614,206			79,338,512
Gains on investments and other assets		3,229,181		1,347,054		60,142			4,636,377
Other revenues		1,903,939		920,325		1,117,513			3,941,777
Intersegment revenues		6,995,959		340,001		353,929			7,689,889
Total segment revenues		208,265,205		33,657,113		110,355,109			352,277,427

Elimination of intersegment revenues									(7,689,889	)
Total consolidated revenues									344,587,538

Less:
Policyholder benefits and claims		100,817,674		–		–
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		10,946,671		714,037		–
Selling, general and administrative expenses:
Commissions		3,412,729		1,191,548		42,444,319
Personnel		34,946,951		10,808,207		41,396,645
Advertising		443,079		601,283		2,470,279
Rent and rent related		362,650		146,850		3,251,019
Depreciation on property and equipment		896,227		913,037		615,921
Cost related to funding mortgage loans		–		–		6,622,489
Data processing and IT related (1)		1,191,834		300,271		3,640,818
Premium taxes on insurance premiums and other considerations (1)		2,957,328		–		–
Other segment items (1)(2)		10,509,380		5,163,619		7,234,014
Intersegment expenses (3)		693,716		336,863		6,659,310
Interest expense		3,735,224		2,318		781,423
Costs of goods and services sold-mortuaries and cemeteries		–		4,660,090		–
Income tax expense (benefit)		7,912,489		2,235,035		(890,250	)
Segment net earnings (loss)		29,439,253		6,583,955		(3,870,878	)		32,152,330

Net earnings								$	32,152,330

Segment assets	$	1,409,753,605	$	105,970,868	$	72,460,214		$	1,588,184,687

Elimination of intersegment assets									(26,340,083	)
Total consolidated assets								$	1,561,844,604

Expenditures for long-lived assets	$	64,060,800	$	1,244,003	$	314,557		$	65,619,360

(1)	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

20)	Business Segment Information (Continued)


	Year Ended December 31, 2024
	Life		Cemetery/
	Insurance		Mortuary		Mortgage			Total
Revenues:
From external sources:
Revenue from external customers	$	119,655,745	$	29,037,173	$	107,558,640		$	256,251,558
Net investment income		68,254,989		2,568,511		901,749			71,725,249
Gains (losses) on investments and other assets		2,054,994		873,166		(986,262	)		1,941,898
Other revenues		1,563,812		543,354		2,496,797			4,603,963
Intersegment revenues		7,272,110		340,933		573,449			8,186,492
Total segment revenues		198,801,650		33,363,137		110,544,373			342,709,160

Elimination of intersegment revenues									(8,186,492	)
Total consolidated revenues									334,522,668

Less:
Policyholder benefits and claims		100,613,091		–		–
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		10,235,240		777,376		–
Selling, general and administrative expenses:
Commissions		3,809,118		1,564,426		41,599,365
Personnel		30,396,560		10,215,565		44,472,677
Advertising		466,821		568,597		2,079,702
Rent and rent related		434,604		158,950		4,553,515
Depreciation on property and equipment		923,365		830,855		629,401
Cost related to funding mortgage loans		–		–		6,134,709
Data processing and IT related (1)		847,845		240,946		3,453,741
Premium taxes on insurance premiums and other considerations (1)		3,067,467		–		–
Other segment items (1)(2)		8,640,857		4,975,269		6,401,085
Intersegment expenses (3)		913,279		365,635		6,907,578
Interest expense		3,727,514		827		525,759
Costs of goods and services sold-mortuaries and cemeteries		–		4,803,528		–
Income tax expense (benefit)		7,291,246		2,227,353		(1,263,871	)
Segment net earnings (loss)		27,434,643		6,633,810		(4,949,288	)		29,119,165

Net earnings								$	29,119,165

Segment assets	$	1,344,932,334	$	95,565,758	$	90,459,481		$	1,530,957,573

Elimination of intersegment assets									(36,495,259	)
Total consolidated assets								$	1,494,462,314

Expenditures for long-lived assets	$	52,414,507	$	2,185,269	$	219,054		$	54,818,830

(1)	Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

(3)	For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $382,401,293 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $579,450 and $420,993 for 2025 and 2024, respectively)	$ 382,777,918	$ 366,546,129
Equity securities at estimated fair value (cost of $12,206,559 and $11,386,454 for 2025 and 2024, respectively)	18,050,062	15,771,681
Mortgage loans held for investment (net of allowance for credit losses of $2,588,918 and $1,885,390 for 2025 and 2024, respectively)	322,435,385	301,747,358
Real estate held for investment (net of accumulated depreciation of $37,159,212 and $31,419,539 for 2025 and 2024, respectively)	214,897,130	197,693,338
Real estate held for sale	6,424,027	1,278,033
Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)	85,223,293	74,855,041
Accrued investment income	9,054,645	8,499,168
Total investments	1,038,862,460	966,390,748
Cash and cash equivalents	102,256,828	140,546,421
Loans held for sale at estimated fair value	155,968,266	131,181,148
Receivables (net of allowance for credit losses of $1,428,672 and $1,678,531 for 2025 and 2024, respectively)	15,611,074	15,858,743
Restricted assets (including $16,106,168 and $12,323,535 for 2025 and 2024, respectively, at estimated fair value)	28,805,946	23,806,836
Cemetery perpetual care trust investments (including $6,575,744 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)	9,871,947	8,836,503
Receivable from reinsurers	13,655,373	13,816,663
Cemetery land and improvements	11,299,283	10,594,632
Mortgage servicing rights, net	2,528,459	2,939,878
Property and equipment, net	18,211,717	19,047,688
Deferred policy and pre-need contract acquisition costs	135,978,803	127,219,907
Value of business acquired	7,109,186	7,602,521
Goodwill	5,253,783	5,253,783
Other	16,431,479	21,366,843
Total Assets	1,561,844,604	1,494,462,314
Liabilities
Future policy benefits and unpaid claims	799,706,946	752,080,658
Policyholder account balances	140,605,750	142,807,316
Unearned premium reserve	1,824,796	2,013,245
Bank and other loans payable	98,387,919	106,740,104
Deferred pre-need cemetery and mortuary contract revenues	22,991,603	20,168,405
Cemetery perpetual care obligation	5,918,776	5,642,693
Accounts payable	4,150,119	2,937,293
Other liabilities and accrued expenses	51,969,405	55,633,661
Income taxes	25,920,562	24,540,512
Total liabilities	1,151,475,876	1,112,563,887
Stockholders’ Equity
Preferred stock - non-voting-$1.00 par value; 5,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	89,867,763	79,698,367
Accumulated other comprehensive income, net of taxes	28,762,123	33,719,629
Retained earnings	248,795,475	227,804,439
Treasury stock, at cost - 1,095,964 Class A shares and 104,604 Class C shares as of December 31, 2025; and 1,080,243 (1) Class A shares and 104,604 (1) Class C shares as of December 31, 2024	(9,088,357)	(8,477,686)
Total stockholders’ equity	410,368,728	381,898,427
Total Liabilities and Stockholders’ Equity	1,561,844,604	1,494,462,314
Common Class A [Member]
Stockholders’ Equity
Common stock value	44,857,250	42,510,012
Common Class B [Member]
Stockholders’ Equity
Common stock value
Common Class C [Member]
Stockholders’ Equity
Common stock value	$ 7,174,474	$ 6,643,666

Schedule of Balances and Changes in Policyholder Account Balances (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effects of Reinsurance [Line Items]

Balance, beginning of year

$ 142,807,316

Interest credited

4,562,615

$ 3,379,614

Balance, end of period

140,605,750

142,807,316

Less: Receivable from reinsurers

3,275,247

3,415,644

Universal Life [Member]

Effects of Reinsurance [Line Items]

Balance, beginning of year

37,091,230

37,992,650

Deposits

1,416,081

1,563,684

Interest credited

1,739,242

1,076,848

Policy charges

^[1]

(2,314,244)

(2,296,283)

Surrenders, withdrawals and benefit payments

(2,106,815)

(1,245,669)

Balance, end of period

35,825,494

37,091,230

Less: Receivable from reinsurers

Policyholder account balances, net of reinsurance

$ 35,825,494

$ 37,091,230

Weighted-average crediting rate

4.16%

Net amount at risk

^[2]

$ 132,136,625

$ 138,917,721

Cash surrender value

35,825,494

37,091,230

Policyholder Account Balances - Fixed Annuities [Member]

Effects of Reinsurance [Line Items]

Balance, beginning of year

105,088,621

105,442,891

Deposits

10,564,011

11,739,265

Interest credited

2,823,373

2,302,766

Policy charges

^[1]

(12,544)

(10,710)

Surrenders, withdrawals and benefit payments

(14,230,007)

(14,385,591)

Balance, end of period

104,233,454

105,088,621

Less: Receivable from reinsurers

3,275,247

3,415,644

Policyholder account balances, net of reinsurance

100,958,207

101,672,977

Fixed Annuity [Member]

Effects of Reinsurance [Line Items]

Balance, beginning of year

105,088,621

Balance, end of period

104,233,454

105,088,621

Less: Receivable from reinsurers

$ 3,275,247

$ 3,415,644

Weighted-average crediting rate

3.04%

3.02%

Cash surrender value

$ 103,752,177

$ 104,734,535

[1]	Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. Included in premiums and other considerations on the consolidated statements of earnings.
[2]	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Business Segment Information (Details Narrative)	12 Months Ended
Business Segment Information (Details Narrative)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Statutory Financial Information and Dividend Limitations (Tables)

12 Months Ended

Dec. 31, 2025

Statutory Financial Information And Dividend Limitations

Schedule of Statutory Accounting Practices

The statutory net income and capital and surplus of the Company’s insurance subsidiaries, determined in accordance with statutory accounting practices prescribed by insurance regulatory authorities are as follows:

	Statutory Net Income				Statutory Capital and Surplus
	Years Ended December 31,				December 31,
	2025		2024		2025		2024
Amounts by insurance subsidiary:
Security National Life Insurance Company	$	18,573,017	$	9,618,883	$	104,233,477	$	87,559,495
Kilpatrick Life Insurance Company		2,179,362		2,749,370		22,340,067		21,419,520
First Guaranty Insurance Company		1,446,771		1,336,977		10,394,211		9,140,283
Southern Security Life Insurance Company, Inc.		165		24		1,587,842		1,584,583
Trans-Western Life Insurance Company		4		41		512,615		512,612
Total	$	22,199,319	$	13,705,295	$	139,068,212	$	120,216,493

Schedule of Assets on Deposit with Life Insurance (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Other investments	$ 85,223,293	$ 74,855,041
Asset Pledged as Collateral [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	64,066,256	63,800,454
Third Party Reinsurance Agreements [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	23,915,884	25,309,270
Cash and cash equivalents	2,136,642	4,417,683
Total assets on deposit	26,052,526	29,726,953
Life Insurance Regulatory Authorities [Member]
Marketable Securities [Line Items]
Total assets pledged as collateral	7,744,141	6,126,589
Other investments		400,000
Cash and cash equivalents	1,543,842	1,444,654
Total assets on deposit	$ 9,287,983	$ 7,971,243

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Consolidated Statements of Earnings - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Revenues:

Insurance premiums and other considerations

$ 119,757,103

$ 119,655,745

Mortgage fee income

108,209,319

107,558,640

Net investment income

79,338,512

71,725,249

Net mortuary and cemetery sales

28,704,450

29,037,173

Gains on investments and other assets

4,636,377

1,941,898

Other

3,941,777

4,603,963

Total revenues

344,587,538

334,522,668

Benefits and expenses:

Policyholder benefits and claims (including the impact of assumption updates to the liability for future policy benefits of nil and nil for 2025 and 2024, respectively)

100,817,674

100,613,091

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

11,660,708

11,012,616

Selling, general and administrative expenses:

Commissions

47,048,596

46,972,909

Personnel

87,151,803

85,084,802

Advertising

3,514,641

3,115,120

Rent and rent related

3,760,519

5,147,069

Depreciation on property and equipment

2,425,185

2,383,621

Costs related to funding mortgage loans

6,622,489

6,134,709

Other

30,997,264

27,627,210

Interest expense

4,518,965

4,254,100

Cost of goods and services sold – cemeteries and mortuaries

4,660,090

4,803,528

Total benefits and expenses

303,177,934

297,148,775

Earnings before income taxes

41,409,604

37,373,893

Income tax expense

(9,257,274)

(8,254,728)

Net earnings

$ 32,152,330

$ 29,119,165

Net earnings per Class A equivalent common share

^[1]

$ 1.30

$ 1.19

^[2]

Net earnings per Class A equivalent common share - assuming dilution

^[1]

$ 1.26

$ 1.16

^[2]

Weighted average Class A equivalent common shares outstanding

^[1]

24,727,498

24,492,597

Weighted average Class A equivalent common shares outstanding-assuming dilution

^[1]

25,484,312

25,186,505

[1]	Net earnings per share 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.
[2]	Adjusted retroactively for the effect of annual stock dividends

Receivables

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Receivables

4)	Receivables

Receivables consist of the following:

Schedule of Receivable

	2025			2024
	December 31,
	2025			2024
Contracts with customers	$	6,981,676		$	7,095,589
Receivables from sales agents		4,193,842			4,028,881
Insurance premiums due		1,275,664			1,294,070
Other		4,588,564			5,118,734
Total receivables		17,039,746			17,537,274
Allowance for credit losses		(1,428,672	)		(1,678,531	)
Net receivables	$	15,611,074		$	15,858,743

The Company records an allowance for credit losses for its receivables in accordance with GAAP.

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

Schedule of Allowance Credit Losses

	Allowance
Beginning balance - December 31, 2024	$	1,678,531
Change in provision for credit losses (1)		192,467
Charge-offs		(442,326	)
Ending balance - December 31, 2025	$	1,428,672

Beginning balance - December 31, 2023	$	1,897,887
Change in provision for credit losses (1)		(140,277	)
Charge-offs		(79,079	)
Ending balance - December 31, 2024	$	1,678,531

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

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

4)	Receivables (Continued)

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 total contract liability for future obligations is included in deferred pre-need cemetery and mortuary contract revenues on the consolidated balance sheets and, as of December 31, 2025 and 2024, the balances were $22,991,603 and $20,168,405, respectively.

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

Pre-need Merchandise and Service Revenue: All pre-need merchandise and service revenue are 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. 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 the contract and revenue remains deferred. As of December 31, 2025 and 2024, the balances were $22,177,345 and $19,511,868, respectively.

At-need Specialty Merchandise Revenue: At-need specialty merchandise revenue consists of customizable merchandise ordered from manufacturers 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. As of December 31, 2025 and 2024, the balances were $814,258 and $656,537, respectively. Deferred revenue for at-need specialty revenue is not placed in trust.

Complete payment does not constitute fulfillment of the contract. Goods or services are deferred until such a time the service is performed, or merchandise is received.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

4)	Receivables (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 (12/31/2024)	7,095,589		–	20,168,405
Closing (12/31/2025)	6,981,676		–	22,991,603
Increase/(decrease)	(113,913	)	–	2,823,198

		Contract Balances
		Receivables (1)		Contract Asset		Contract Liability
Opening (12/31/2023)	$	6,321,573	$	–	$	18,237,246
Closing (12/31/2024)		7,095,589		–		20,168,405
Increase/(decrease)		774,016		–		1,931,159

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

The following table disaggregates the opening and closing balances of the Company’s contract balances.

	Contract Balances
	Contract Asset		Contract Liability
Pre-need merchandise and services	$	–	$	19,511,868
At-need specialty merchandise		–		656,537
Pre-need land sales		–		–
Opening (12/31/2024)	$	–	$	20,168,405

Pre-need merchandise and services	$	–	$	22,177,345
At-need specialty merchandise		–		814,258
Pre-need land sales		–		–
Closing (12/31/2025)	$	–	$	22,991,603

	Contract Balances
	Contract Asset		Contract Liability
Pre-need merchandise and services	$	–	$	17,424,764
At-need specialty merchandise		–		812,482
Pre-need land sales		–		–
Opening (12/31/2023)	$	–	$	18,237,246

Pre-need merchandise and services	$	–	$	19,511,868
At-need specialty merchandise		–		656,537
Pre-need land sales		–		–
Closing (12/31/2024)	$	–	$	20,168,405

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

4)	Receivables (Continued)

The amount of revenue recognized for 2025, and 2024 that was included in the opening contract liability balance was $4,806,347 and $5,324,668, 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.

	2025		2024
	Years Ended December 31
	2025		2024
Major goods/service lines
At-need	$	21,300,289	$	19,989,995
Pre-need		7,404,161		9,047,178
Net mortuary and cemetery sales	$	28,704,450	$	29,037,173

Timing of Revenue Recognition
Goods transferred at a point in time	$	17,979,697	$	18,147,136
Services transferred at a point in time		10,724,753		10,890,037
Net mortuary and cemetery sales	$	28,704,450	$	29,037,173

Significant Judgments and Estimates

The Company’s cemetery and mortuary segment recognizes revenue on future performance obligations when goods are delivered and when services are performed and is not determined by the terms or payments of the contract as long as any good or service is paid in full prior to delivery. Prices are determined based on the market at the time a contract is created. Goods or services are not partially completed. There are no significant judgements, estimations, or allocation methods for when revenue should be recognized.

Practical Expedients

The Company has not elected to use any of the practical expedients.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

4)	Receivables (Continued)

Contract Costs

The Company’s cemetery and mortuary segment defer certain costs associated with obtaining a contract on future obligations.

Pre-need Merchandise and Service Revenue: Pre-need merchandise and service revenues are deferred until the goods or services are delivered. Recognition can be years until the obligations are satisfied. Commissions and other costs are capitalized and deferred until the obligation is satisfied. Other costs include rent on pre-need offices and training rooms, and call center costs. Costs that are allocated based on a percentage include family service advisor compensation, bonuses, utilities, and supplies that are all used to procure a pre-need sale.

At-need Specialty Merchandise Revenue: At-need specialty merchandise is ordered from a third-party manufacturer. Generally, at-need specialty merchandise is ordered and received within 90 days of order. These orders are also short-term in nature and are deferred until the product is received from the manufacturer and the obligation is satisfied.

The following table disaggregates contract costs that are included in the deferred policy and pre-need contract acquisition costs on the consolidated balances sheets.

	2025		2024
	Years Ended December 31
	2025		2024
Pre-need merchandise and services	$	4,321,822	$	4,113,793
At-need specialty merchandise		15,807		11,268
Pre-need land sales		–		–
	$	4,337,629	$	4,125,061

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Other Revenues (Details) - USD ($)	12 Months Ended
Schedule of Other Revenues (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Contractual servicing fees	$ 918,850	$ 968,814
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues
Late fees	$ 63,599	$ 77,123
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other revenues	Other revenues
Total	$ 982,449	$ 1,045,937

Schedule of Life Insurance in Force and Premiums for Reinsurance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Percentage of amount assumed to net	0.20%	0.20%
Direct amount	$ 121,495,955	$ 121,580,714
Ceded to other companies	1,959,362	2,142,678
Assumed from other companies	220,510	217,709
Net amount	119,757,103	119,655,745
Life Insurance Inforce [Member]
Effects of Reinsurance [Line Items]
Direct amount	3,902,015	3,914,583
Ceded to other companies	316,251	325,189
Assumed from other companies	31,240	33,088
Net amount	$ 3,617,004	$ 3,622,482
Percentage of amount assumed to net	0.90%	0.90%
Life Insurance [Member]
Effects of Reinsurance [Line Items]
Percentage of amount assumed to net	0.20%	0.20%
Direct amount	$ 121,324,575	$ 121,392,765
Ceded to other companies	1,959,362	2,142,678
Assumed from other companies	220,502	217,701
Net amount	$ 119,585,715	$ 119,467,788
Accident and Health Insurance [Member]
Effects of Reinsurance [Line Items]
Percentage of amount assumed to net	0.00%	0.00%
Direct amount	$ 171,380	$ 187,949
Ceded to other companies
Assumed from other companies	8	8
Net amount	$ 171,388	$ 187,957

Schedule of Allowance for Loan Losses (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning balance

$ 1,885,390

$ 3,818,653

Change in provision for credit losses

^[1]

754,022

(837,778)

Charge-offs

(50,494)

(1,095,485)

Financing receivable, allowance for credit loss, ending balance

2,588,918

1,885,390

Commercial Loan [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning balance

732,494

1,219,653

Change in provision for credit losses

^[1]

635,627

(487,159)

Charge-offs

Financing receivable, allowance for credit loss, ending balance

1,368,121

732,494

Residential Mortgage [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning balance

850,550

2,390,894

Change in provision for credit losses

^[1]

104,682

(444,859)

Charge-offs

(50,494)

(1,095,485)

Financing receivable, allowance for credit loss, ending balance

904,738

850,550

Residential Construction [Member]

Marketable Securities [Line Items]

Financing receivable, allowance for credit loss, beginning balance

302,346

208,106

Change in provision for credit losses

^[1]

13,713

94,240

Charge-offs

Financing receivable, allowance for credit loss, ending balance

$ 316,059

$ 302,346

[1]	Included in other expenses on the consolidated statements of earnings

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Schedule of Mortgage loans Held for Investment (Details)	Dec. 31, 2025 USD ($)
Schedule of Investments [Line Items]
Total	$ 327,275,081
Principal Amounts Due in 1 Year	184,921,372
Principal Amounts Due in 2-5 Year	58,054,471
Principal Amounts Due Thereafter	84,299,238
Residential Mortgage [Member]
Schedule of Investments [Line Items]
Total	90,644,590
Principal Amounts Due in 1 Year	1,587,321
Principal Amounts Due in 2-5 Year	7,713,366
Principal Amounts Due Thereafter	81,343,903
Residential Construction [Member]
Schedule of Investments [Line Items]
Total	157,398,705
Principal Amounts Due in 1 Year	143,860,260
Principal Amounts Due in 2-5 Year	13,538,445
Principal Amounts Due Thereafter
Commercial [Member]
Schedule of Investments [Line Items]
Total	79,231,786
Principal Amounts Due in 1 Year	39,473,791
Principal Amounts Due in 2-5 Year	36,802,660
Principal Amounts Due Thereafter	$ 2,955,335

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477011/948-310-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

- Definition

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.

+ References

+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

2)	Investments

The Company’s investments as of December 31, 2025, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company’s investments as of December 31, 2024, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	74,680,606		$	327,618	$	(486,976	)	$	-		$	74,521,248

Obligations of states and political subdivisions		6,416,751			1,762		(290,448	)		-			6,128,065

Corporate securities including public utilities		262,954,278			2,444,842		(6,922,871	)		(408,944	)		258,067,305

Mortgage-backed securities		31,710,436			125,764		(4,244,640	)		(12,049	)		27,579,511

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

Total fixed maturity securities available for sale	$	376,012,071		$	2,899,986	$	(11,944,935	)	$	(420,993	)	$	366,546,129

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Total equity securities at estimated fair value	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Mortgage loans held for investment at amortized cost:
Residential	$	92,061,787
Residential construction		151,172,733
Commercial		62,753,085
Less: Unamortized deferred loan fees, net		(2,082,241	)
Less: Allowance for credit losses		(1,885,390	)
Less: Net discounts		(272,616	)

Total mortgage loans held for investment	$	301,747,358

Real estate held for investment - net of accumulated depreciation:
Residential	$	71,618,410
Commercial		126,074,928

Total real estate held for investment	$	197,693,338

Real estate held for sale:
Residential	$	1,126,480
Commercial		151,553

Total real estate held for sale	$	1,278,033

Other investments and policy loans at amortized cost:
Policy loans	$	14,019,248
Insurance assignments		48,493,858
Federal Home Loan Bank stock (2)		2,404,900
Other investments		11,473,961
Less: Allowance for credit losses for insurance assignments		(1,536,926	)

Total policy loans and other investments	$	74,855,041

Accrued investment income	$	8,499,168

Total investments	$	966,390,748

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

There were no investments in fixed maturity or equity securities, 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 December 31, 2025, other than investments issued or guaranteed by the United States Government.

Fixed Maturity Securities

The table below summarizes unrealized losses on fixed maturities securities available for sale that were carried at estimated fair value as of December 31, 2025, and 2024. The fair values of fixed maturity securities that are actively traded are based on quoted market prices. 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 tables set 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		Fair Value
At December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	8,737	$	986,365	$	478,239	$	22,110,495	$	486,976	$	23,096,860
Obligations of states and political subdivisions		15,003		2,167,918		275,445		3,008,385		290,448		5,176,303
Corporate securities including public utilities		1,888,022		93,562,219		5,034,849		77,975,776		6,922,871		171,537,995
Mortgage-backed securities		32,150		2,915,192		4,212,490		19,041,442		4,244,640		21,956,634
Totals	$	1,943,912	$	99,631,694	$	10,001,023	$	122,136,098	$	11,944,935	$	221,767,792

Relevant holdings were comprised of 338 securities with fair values aggregating 93.6% of the aggregated amortized cost as of December 31, 2025 compared to 706 securities with fair values aggregating 94.9% of the aggregated amortized cost as of December 31, 2024. A credit loss provision of $342,957 and $106,444 have been recognized for 2025, and 2024, respectively. Credit losses are included in gains (losses) on investments and other assets on the 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 Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Evaluation of Allowance for Credit Losses

The Company evaluates its fixed maturity securities classified as available for sale on a quarterly basis 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 NAIC rating of 1 or 2 are considered investment grade and are only reviewed for credit loss if current market data or recent company news could lead to a credit downgrade. Securities with NAIC ratings of 3 to 5 are considered non-investment grade and 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 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 consolidated statements of earnings.

If the Company does not intend to sell a fixed maturity security and it is less likely than not that the Company will be required to sell the 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 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 due 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 calculate a credit loss allowance on accrued interest income, included in accrued investment income on the consolidated balance sheets, as the Company writes off any accrued interest income to net investment income if the accrued but unpaid amount exceeds 90 days.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Credit Quality Indicators

Based on the NAIC securities designations, the Company had 98.5% and 97.7% of its fixed maturity securities rated investment grade as of December 31, 2025, and 2024, 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.

	December 31, 2025				December 31, 2024
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	198,055,737	$	197,788,945	$	188,386,980	$	183,460,027
2		177,242,472		178,441,019		178,060,265		174,405,442
3		6,145,460		5,616,342		7,961,422		7,342,220
4		155,717		160,830		649,592		600,459
5		-		-		702,643		487,981
6		51,907		47,340		1,169		-
Total	$	381,651,293	$	382,054,476	$	375,762,071	$	366,296,129

The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:

	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
	Year Ended December 31, 2025
	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 - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993

Additions for credit losses not previously recorded		-		-		143,000			-		143,000
Change in allowance on securities with previous allowance		-		-		57,957			142,000		199,957
Reductions for securities sold during the period		-		-		(184,500	)		-		(184,500	)
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 - December 31, 2025	$	-	$	-	$	425,401		$	154,049	$	579,450

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

	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
	Year Ended December 31, 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 - December 31, 2023	$	-	$	-	$	308,500		$	6,049	$	314,549
Balance	$	-	$	-	$	308,500		$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		55,000			-		55,000
Change in allowance on securities with previous allowance		-		-		60,000			6,000		66,000
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		-		-		(14,556	)		-		(14,556	)

Ending Balance - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993
Balance	$	-	$	-	$	408,944		$	12,049	$	420,993

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	40,822,516	$	40,759,962
Due in 2-5 years		122,737,580		124,221,407
Due in 5-10 years		129,282,637		132,560,322
Due in more than 10 years		63,976,211		63,226,351
Mortgage-backed securities		24,832,349		21,286,434
Redeemable preferred stock		750,000		723,442
Total	$	382,401,293	$	382,777,918

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

	2025			2024
	Years Ended December 31,
	2025			2024
Proceeds from sales	$	4,890,824		$	2,629,493
Gross realized gains		74,322			233
Gross realized losses		(15,393	)		(1,407	)

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	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:

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	7,744,141	$	6,126,589
Other investments		-		400,000
Cash and cash equivalents		1,543,842		1,444,654
Total assets on deposit	$	9,287,983	$	7,971,243

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

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	23,915,884	$	25,309,270
Cash and cash equivalents		2,136,642		4,417,683
Total assets on deposit	$	26,052,526	$	29,726,953

The Company, through two of its life insurance subsidiaries, is a member of the Federal Home Loan Banks of Des Moines and Dallas (“FHLBs”). Assets pledged as collateral with the FHLBs are presented below. These pledged securities are used as collateral for any FHLBs cash advances. As of December 31, 2025, the Company owed nil to the FHLBs for advances. The Company received $69,000,000 in advances and repaid $69,000,000 of these advances during the year ended December 31, 2025. See Note 14 of the Notes to the Consolidated Financial Statements for more information about the FHLB.

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	64,066,256	$	63,800,454
Total assets pledged as collateral	$	64,066,256	$	63,800,454

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 segments in the form of acquisition, development, and mortgage foreclosures. The Company reports real estate held for investment and held for sale pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

Commercial Real Estate Held for Investment and Held for Sale

The Company owns, invests in and manages commercial real estate as a means of both generating investment income and providing workspace for its employees. This asset class is 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 sub-classes of investments are determined by senior management under the direction of the Company’s Board of Directors.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company employs full-time employees to manage the day-to-day operations of its commercial real estate 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 generally acquires commercial real estate in connection with 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 three 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 aggregate net book value of commercial real estate serving as collateral for bank loans was $114,683,175 and $119,889,846 as of December 31, 2025, and 2024, respectively. The associated bank loan carrying values totaled $94,120,446 and $96,007,488 as of December 31, 2025, and 2024, respectively.

During 2025 and 2024, 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 investments and other assets on the consolidated statements of earnings.

During 2025 and 2024, the Company recorded depreciation expense on commercial real estate held for investment of $5,719,909 and $5,778,214, 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:

	Net Book Value				Total Square Footage
	December 31,				December 31,
	2025		2024		2025		2024
Utah (1)	$	121,240,268	$	126,056,342		546,941		546,941
Louisiana		17,924		18,586		1,622		1,622

	$	121,258,192	$	126,074,928		548,563		548,563

(1)	Includes Center53

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Operating leases arise from the leasing of the Company’s commercial real estate held for investment. Initial lease terms generally range from three to ten years.

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease payments expected to be received.


2026	$	9,398,423
2027		9,284,915
2028		9,225,616
2029		8,561,476
2030		7,419,415
Thereafter		33,296,253
Total	$	77,186,098

The Company’s commercial real estate held for sale is summarized as follows:

	Net Book Value
	December 31,
	2025		2024
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)	Consists of approximately 93 acres of undeveloped land.

Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the commercial real estate owned by the Company. As of December 31, 2025, 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		216,865		50	%
1818 Marshall Street, Shreveport, LA (2) (3)	Life Insurance Operations		12,274		100	%

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

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	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 also looks for opportunities to acquire land that can be developed into single family lots. Once developed, finished lots are sold to builder partners and others.

During 2025 and 2024, the Company did not record any impairment losses on residential real estate held for investment or held for sale. Impairment losses, if any, are included in gains (losses) on investments and other assets on the consolidated statements of earnings.

During 2025 and 2024, the Company recorded depreciation expense on residential real estate held for investment of $10,871 and $10,611, 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:

	Net Book Value
	December 31,
	2025		2024
Utah (1)	$	93,638,938	$	71,618,410
	$	93,638,938	$	71,618,410

(1)	Includes multiple residential subdivision development projects, refer to the following table.

The following table presents additional information regarding the Company’s residential subdivision development in Utah.

	December 31,
	2025		2024
Lots available for sale		492		231
Lots to be developed		761		1,046
Ending Balance	$	93,474,755	$	71,443,356

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company’s residential real estate held for sale is summarized as follows:

	Net Book Value
	December 31,
	2025		2024
Utah	$	5,456,806	$	849,900
Colorado		140,000		-
Florida		146,651		276,580
Georgia		380,000		-
Nevada		149,017		-
	$	6,272,474	$	1,126,480

The net book value of foreclosed residential real estate included in residential real estate held for investment or sale was $1,270,669 and $1,126,480 as of December 31, 2025, and 2024, respectively.

Mortgage Loans Held for Investment

The Company reports mortgage loans held for investment pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

Mortgage loans held for investment consist of first and second mortgages and are generally classified into three distinct groups: Commercial, Residential, and Residential Construction. These 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 have amortization periods of 0 to 30 years.

Concentrations of credit risk arise when several 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 December 31, 2025, the Company had 57%, 7%, 7%, 7%, and 6% of its mortgage loans from borrowers located in the states of Utah, Florida, California, Texas, and Arizona, respectively. As of December 31, 2024, the Company had 56%, 8%, 9%, and 6% of its mortgage loans from borrowers located in the states of Utah, Florida, Arizona, and Texas, respectively.

Evaluation of Allowance for Credit Losses

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 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 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 $1,042,325 and $244,000 as of December 31, 2025, and 2024, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

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. 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 life events and the general economic condition of the region. Where LTV 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, LTV, payment status, age, and current property values. Analyzing the information from various sources allows the Company to arrive at an allowance for credit losses.

Residential construction (including land acquisition and development loans) – 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.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company has commitments to fund existing construction and land development loans pursuant to the various loan agreements. As of December 31, 2025, the Company’s commitments were approximately $201,220,000 for these loans, of which $158,908,000 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 the 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.

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 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

	Commercial			Residential			Residential Construction		Total
December 31, 2025
Allowance for credit losses:
Beginning balance - December 31, 2024	$	732,494		$	850,550		$	302,346	$	1,885,390
Change in provision for credit losses (1)		635,627			104,682			13,713		754,022
Charge-offs		-			(50,494	)		-		(50,494	)
Ending balance - December 31, 2025	$	1,368,121		$	904,738		$	316,059	$	2,588,918

December 31, 2024
Allowance for credit losses:
Beginning balance - December 31, 2023	$	1,219,653		$	2,390,894		$	208,106	$	3,818,653
Change in provision for credit losses (1)		(487,159	)		(444,859	)		94,240		(837,778	)
Charge-offs		-			(1,095,485	)		-		(1,095,485	)
Ending balance - December 31, 2024	$	732,494		$	850,550		$	302,346	$	1,885,390

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

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The following table presents the aging of mortgage loans held for investment by loan type.

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
December 31, 2025
30-59 days past due	$	86,117		$	7,302,658		$	-		$	7,388,775
60-89 days past due		-			2,485,313			-			2,485,313
Over 90 days past due (1)		2,832,372			2,479,479			-			5,311,851
In process of foreclosure (1)		588,013			616,430			-			1,204,443
Total past due		3,506,502			12,883,880			-			16,390,382
Current		75,725,284			77,760,710			157,398,705			310,884,699
Total mortgage loans		79,231,786			90,644,590			157,398,705			327,275,081
Allowance for credit losses		(1,368,121	)		(904,738	)		(316,059	)		(2,588,918	)
Unamortized deferred loan fees, net		(374,372	)		(1,283,049	)		(338,374	)		(1,995,795	)
Unamortized discounts, net		(146,534	)		(108,449	)		-			(254,983	)
Net mortgage loans held for investment	$	77,342,759		$	88,348,354		$	156,744,272		$	322,435,385

December 31, 2024
30-59 days past due	$	2,100,000		$	5,818,334		$	-		$	7,918,334
60-89 days past due		-			845,980			-			845,980
Over 90 days past due (1)		4,205,000			3,061,450			-			7,266,450
In process of foreclosure (1)		191,508			3,942,392			-			4,133,900
Total past due		6,496,508			13,668,156			-			20,164,664
Current		56,256,577			78,393,631			151,172,733			285,822,941
Total mortgage loans		62,753,085			92,061,787			151,172,733			305,987,605
Allowance for credit losses		(732,494	)		(850,550	)		(302,346	)		(1,885,390	)
Unamortized deferred loan fees, net		(115,555	)		(1,307,539	)		(659,147	)		(2,082,241	)
Unamortized discounts, net		(149,268	)		(123,348	)		-			(272,616	)
Net mortgage loans held for investment	$	61,755,768		$	89,780,350		$	150,211,240		$	301,747,358

(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 Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Credit Quality Indicators

The Company evaluates and monitors the credit quality of its commercial loans by analyzing LTV and 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 December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
LTV:
Less than 65%	$	34,518,653	$	3,890,144	$	15,600,000	$	462,761	$	810,696	$	8,299,883	$	63,582,137		80.25	%
65% to 80%		3,525,554		10,432,942		1,000,776		293,872		-		-		15,253,144		19.25	%
Greater than 80%		-		-		-		-		396,505		-		396,505		0.50	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

DSCR
>1.20x	$	7,519,000	$	10,000,000	$	7,500,000	$	-	$	-	$	5,292,385	$	30,311,385		38.26	%
1.00x - 1.20x		28,300,207		4,323,086		9,100,776		756,633		1,207,201		3,007,498		46,695,401		58.94	%
<1.00x		2,225,000		-		-		-		-		-		2,225,000		2.81	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
LTV:
Less than 65%	$	7,653,600	$	24,600,000	$	2,352,150	$	864,128	$	-	$	8,867,779	$	44,337,657		70.65	%
65% to 80%		10,432,942		1,840,776		823,397		-		4,913,313		-		18,010,428		28.70	%
Greater than 80%		-		-		-		405,000		-		-		405,000		0.65	%

Total	$	18,086,542	$	26,440,776	$	3,175,547	$	1,269,128	$	4,913,313	$	8,867,779	$	62,753,085		100.00	%

DSCR
>1.20x	$	16,300,000	$	20,990,000	$	1,000,000	$	-	$	4,913,313	$	5,414,274	$	48,617,587		77.47	%
1.00x - 1.20x		432,942		5,450,776		2,175,547		1,269,128		-		3,453,505		12,781,898		20.37	%
<1.00x		1,353,600		-		-		-		-		-		1,353,600		2.16	%

Total	$	18,086,542	$	26,440,776	$	3,175,547	$	1,269,128	$	4,913,313	$	8,867,779	$	62,753,085		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	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 December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
Performance Indicators:
Performing	$	10,946,252	$	11,711,336	$	10,177,427	$	39,714,697	$	2,264,902	$	12,734,067	$	87,548,681		96.58	%
Non-performing (1)		546,602		927,255		616,430		255,544		-		750,078		3,095,909		3.42	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $616,430

LTV:
Less than 65%	$	4,382,324	$	6,054,903	$	4,118,599	$	5,710,475	$	968,377	$	7,259,011	$	28,493,689	31.43	%
65% to 80%		6,673,602		6,428,826		6,380,363		32,514,676		1,296,525		5,688,715		58,982,707	65.07	%
Greater than 80%		436,928		154,862		294,895		1,745,090		-		536,419		3,168,194	3.50	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590	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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	14,861,098	$	10,030,848	$	42,634,670	$	3,076,901	$	5,513,462	$	8,940,966	$	85,057,945		92.39	%
Non-performing (1)		-		3,442,992		1,451,039		291,359		311,116		1,507,336		7,003,842		7.61	%

Total	$	14,861,098	$	13,473,840	$	44,085,709	$	3,368,260	$	5,824,578	$	10,448,302	$	92,061,787		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $3,942,392

LTV:	Year 1		Year 2		Year 3		Year 4		Year 5
Less than 65%	$	6,241,730	$	4,931,376	$	5,488,954	$	1,790,036	$	2,440,002	$	5,273,672	$	26,165,770	28.42	%
65% to 80%		7,802,984		7,662,200		37,509,634		1,578,224		2,701,008		5,107,289		62,361,339	67.74	%
Greater than 80%		816,384		880,264		1,087,121		-		683,568		67,341		3,534,678	3.84	%

Total	$	14,861,098	$	13,473,840	$	44,085,709	$	3,368,260	$	5,824,578	$	10,448,302	$	92,061,787	100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	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 December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

LTV:
Less than 65%	$	24,286,540	$	20,684,760	$	5,820,344	$	-	$	3,931,764	$	54,723,408		34.77	%
65% to 80%		78,223,502		21,444,957		-		-		-		99,668,459		63.32	%
Greater than 80%		3,006,838		-		-		-		-		3,006,838		1.91	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%
Non-performing		-		-		-		-		-		0.00	%

Total	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%

LTV:
Less than 65%	$	48,065,177	$	21,375,552	$	518,590	$	9,960,769	$	79,920,088		52.87	%
65% to 80%		70,798,767		-		453,878		-		71,252,645		47.13	%
Greater than 80%				-		-		-		-		0.00	%

Total	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%

Principal Amounts Due

The following table presents the amortized cost and contractual payments on mortgage loans held for investment by category as of December 31, 2025. Expected principal payments may differ from contractual obligations because certain borrowers may elect to pay off mortgage obligations with or without early payment penalties.

			Principal		Principal		Principal
			Amounts		Amounts		Amounts
			Due in		Due in		Due
	Total		1 Year		2-5 Years		Thereafter
Residential	$	90,644,590	$	1,587,321	$	7,713,366	$	81,343,903
Residential Construction		157,398,705		143,860,260		13,538,445		-
Commercial		79,231,786		39,473,791		36,802,660		2,955,335
Total	$	327,275,081	$	184,921,372	$	58,054,471	$	84,299,238

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Insurance Assignments

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

	Years Ended December 31,
	2025			2024
30-59 days past due	$	8,444,866		$	8,785,184
60-89 days past due		3,344,793			4,046,731
Over 90 days past due		4,976,211			5,320,216
Total past due		16,765,870			18,152,131
Current		29,418,129			30,341,727
Total insurance assignments		46,183,999			48,493,858
Allowance for credit losses		(1,676,468	)		(1,536,926	)
Net insurance assignments	$	44,507,531		$	46,956,932

The Company records an allowance for credit losses when the insurance assignment is funded. Once an insurance assignment is 90 days past due or is in legal proceedings, it is monitored for write-off and collectability, and any adjustments to the allowance are recorded at that time.

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

Schedule of Allowance for Credit Losses

	Allowance
Beginning balance - December 31, 2024	$	1,536,926
Change in provision for credit losses (1)		1,058,661
Charge-offs		(919,119	)
Ending balance - December 31, 2025	$	1,676,468

Beginning balance - December 31, 2023	$	1,553,836
Change in provision for credit losses (1)		1,033,277
Charge-offs		(1,050,187	)
Ending balance - December 31, 2024	$	1,536,926

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

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Variable Interest Entities (“VIE”)

The Company has a 50% ownership interest in three VIEs: HHH Real Estate LLC (“HHH”), SN Oquirrh LLC (“Oquirrh”), and SN Towns LLC (“Towns”). These entities hold and develop single family lots for residential construction. In accordance with the operating agreements for these entities, net profits or losses are allocated to the members in accordance with their ownership interests. The investments in HHH, Oquirrh and Towns are accounted for under the equity method of accounting. The carrying value of the equity investment in HHH was $10,530,515 and nil at December 31, 2025, and 2024, respectively, which is included in other investments and policy loans on the consolidated balance sheets. The carrying value of the equity investment in Oquirrh was $887,532 and $1,500,000 at December 31, 2025, and 2024, respectively, which is included in other investments and policy loans on the consolidated balance sheets. The carrying value of the equity investment in Towns was $2,656,616 and $4,063,537 at December 31, 2025, and 2024, respectively. $1,467,058 and $1,939,269 of which at December 31, 2025, and 2024, respectively, is included in restricted assets and $1,189,558 and $2,124,268 of which at December 31, 2025, and 2024, respectively, is included in cemetery perpetual care trust investments on the consolidated balance sheets.

The Company has determined that HHH, Oquirrh and Towns are VIEs for which the Company is not the primary beneficiary for the following reasons: (1) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest, (2) the General Manager directs the activities and legal operations that most significantly affect the entity’s economic performance and (3) the Company does not have majority voting rights and no power to unilaterally direct the activities of the entity, and therefore, is not the primary beneficiary. The Company’s exposure to loss because of its involvement with the equity method investees is limited to the carrying value of the Company’s investments.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Investment Related Earnings

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

Schedule of Gain (Loss) on Investments

	2025			2024
	Years Ended December 31
	2025			2024
Fixed maturity securities available for sale:
Gross realized gains	$	133,939		$	12,906
Gross realized losses		(48,588	)		(63,024	)
Net credit loss provision		(342,957	)		(106,444	)

Equity securities:
Losses on securities sold		(873,965	)		(42,680	)
Unrealized gains on securities held at the end of the period		3,977,047			2,290,252

Mortgage loans held for investment:
Gross realized gains		5,709			–
Gross realized losses		–			(1,161,363	)

Real estate held for investment and sale:
Gross realized gains		1,615,323			739,107
Gross realized losses		(12,099	)		–

Other investments and assets:
Gross realized gains		293,329			293,657
Gross realized losses		(111,361	)		(20,513	)
Total	$	4,636,377		$	1,941,898

The net 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 from cemetery perpetual care trust investments and the restricted assets of the cemeteries and mortuaries and totaled $1,352,331 in net gains and $888,788 in net gains for 2025 and 2024, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

Major categories of net investment income were as follows:

	2025			2024
	Years Ended December 31
	2025			2024
Fixed maturity securities available for sale	$	18,935,884		$	17,332,753
Equity securities		853,864			698,484
Mortgage loans held for investment		39,827,328			29,952,242
Real estate held for investment and sale		11,627,745			11,369,546
Policy loans		965,232			953,489
Insurance assignments		20,898,960			19,971,108
Other investments		995,349			806,032
Cash and cash equivalents		4,041,886			6,676,563
Gross investment income		98,146,248			87,760,217
Investment expenses		(18,807,736	)		(16,034,968	)
Net investment income	$	79,338,512		$	71,725,249

Net investment income includes income earned from cemetery perpetual care trust investments and the restricted assets of the cemeteries and mortuaries and totaled $953,785 and $2,009,719 for 2025, and 2024, 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

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale	$	4,089,819	$	3,795,581
Equity securities		13,169		11,049
Mortgage loans held for investment		1,032,964		1,049,489
Real estate held for investment		3,850,958		3,559,463
Other investments		30,916		–
Cash and cash equivalents		36,819		83,586
Total accrued investment income	$	9,054,645	$	8,499,168

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Gross Premiums and Interest Accretion (Details) - Traditional And Limited Payment Life [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Gross premiums	$ 118,920,945	$ 118,722,900
Interest accretion	$ 29,157,684	$ 28,189,517

Schedule of Revenues of the Cemetery and Mortuary Contracts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net mortuary and cemetery sales	$ 28,704,450	$ 29,037,173
Major Goods or Services Lines At Need [Member]
Net mortuary and cemetery sales	21,300,289	19,989,995
Major Goods or Services Lines Pre Need [Member]
Net mortuary and cemetery sales	7,404,161	9,047,178
Timing of Revenue Recognition Goods Transferred At a Point in Time [Member]
Net mortuary and cemetery sales	17,979,697	18,147,136
Timing of Revenue Recognition Services Transferred At A Point in Time [Member]
Net mortuary and cemetery sales	$ 10,724,753	$ 10,890,037

Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

11)	Derivative Instruments

The Company reports derivative instruments pursuant to the accounting policy discussed in Note 1.

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

	Balance	December 31, 2025						December 31, 2024
	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	$	132,887,592	$	1,700,742	$	220,605	$	210,597,657	$	5,348,089	$	3,034,879
Total		$	132,887,592	$	1,700,742	$	220,605	$	210,597,657	$	5,348,089	$	3,034,879

		Years ended December 31,
Derivative	Classification	2025			2024
Loan commitments	Mortgage fee income	$	(833,073	)	$	729,948

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Remaining outstanding principal balance percentage	0.25%
Participating business	1.00%	1.00%
Diversification of business	$ 100,000
Concentration risk percentage	100.00%
Net premiums	$ 10,214
Minimum [Member]
Property, Plant and Equipment [Line Items]
Debt instrument term	9 months
Estimated useful lives	3 years
Participating policy percentage of premium income	3.00%
Maximum [Member]
Property, Plant and Equipment [Line Items]
Debt instrument term	30 years
Estimated useful lives	40 years
Participating policy percentage of premium income	6.50%
MSRs Class One [Member]
Property, Plant and Equipment [Line Items]
Debt instrument term	30 years
MSRs Class Two [Member]
Property, Plant and Equipment [Line Items]
Debt instrument term	15 years

Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 347,333	$ 324,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets
Future policy benefits	$ 8,538,993	$ 4,663,986
Loan loss reserve and allowances	1,431,236	1,395,203
Unearned premium	383,207	422,453
Net operating loss	687,524	1,245,888
Deferred compensation	2,388,705	2,033,686
Total deferred tax assets	13,429,665	9,761,216
Liabilities
Deferred policy acquisition costs	21,138,853	20,061,762
Basis difference in property, equipment and real estate	8,700,097	8,973,198
Value of business acquired	1,492,929	1,596,529
Deferred gains	1,042,235	1,365,803
Trusts	1,064,387	1,064,387
Intangibles	848,497	717,336
Other	917,003	534,311
Tax on unrealized appreciaton	3,629,375	713,577
Total deferred tax liabilities	38,833,376	35,026,903
Net deferred tax liability	$ 25,403,711	$ 25,265,687

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of December 31, 2025, are summarized as follows:

Schedule of Investments

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2025:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	75,713,307		$	982,769	$	(89,550	)	$	-		$	76,606,526

Obligations of states and political subdivisions		3,396,999			11,662		(172,184	)		-			3,236,477

Corporate securities including public utilities		277,708,638			7,029,453		(3,387,651	)		(425,401	)		280,925,039

Mortgage-backed securities		24,832,349			161,348		(3,553,214	)		(154,049	)		21,286,434

Redeemable preferred stock		750,000			10,942		(37,500	)		-			723,442

Total fixed maturity securities available for sale	$	382,401,293		$	8,196,174	$	(7,240,099	)	$	(579,450	)	$	382,777,918

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Total equity securities at estimated fair value	$	12,206,559		$	6,176,440	$	(332,937	)				$	18,050,062

Mortgage loans held for investment at amortized cost:
Residential	$	90,644,590
Residential construction		157,398,705
Commercial		79,231,786
Less: Unamortized deferred loan fees, net		(1,995,795	)
Less: Allowance for credit losses		(2,588,918	)
Less: Net discounts		(254,983	)

Total mortgage loans held for investment	$	322,435,385

Real estate held for investment - net of accumulated depreciation:
Residential	$	93,638,938
Commercial		121,258,192

Total real estate held for investment	$	214,897,130

Real estate held for sale:
Residential	$	6,272,474
Commercial		151,553

Total real estate held for sale	$	6,424,027

Other investments and policy loans at amortized cost:
Policy loans	$	14,467,357
Insurance assignments		46,183,999
Federal Home Loan Bank stock (2)		646,500
Other investments		25,601,905
Less: Allowance for credit losses for insurance assignments		(1,676,468	)

Total policy loans and other investments	$	85,223,293

Accrued investment income	$	9,054,645

Total investments	$	1,038,862,460

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $581,600 of Membership stock and $64,900 of Activity stock due to short-term advances and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company’s investments as of December 31, 2024, are summarized as follows:

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses (1)			Allowance for Credit Losses			Estimated Fair Value
December 31, 2024:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies	$	74,680,606		$	327,618	$	(486,976	)	$	-		$	74,521,248

Obligations of states and political subdivisions		6,416,751			1,762		(290,448	)		-			6,128,065

Corporate securities including public utilities		262,954,278			2,444,842		(6,922,871	)		(408,944	)		258,067,305

Mortgage-backed securities		31,710,436			125,764		(4,244,640	)		(12,049	)		27,579,511

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

Total fixed maturity securities available for sale	$	376,012,071		$	2,899,986	$	(11,944,935	)	$	(420,993	)	$	366,546,129

Equity securities at estimated fair value:

Common stock:

Industrial, miscellaneous and all other	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Total equity securities at estimated fair value	$	11,386,454		$	4,976,567	$	(591,340	)				$	15,771,681

Mortgage loans held for investment at amortized cost:
Residential	$	92,061,787
Residential construction		151,172,733
Commercial		62,753,085
Less: Unamortized deferred loan fees, net		(2,082,241	)
Less: Allowance for credit losses		(1,885,390	)
Less: Net discounts		(272,616	)

Total mortgage loans held for investment	$	301,747,358

Real estate held for investment - net of accumulated depreciation:
Residential	$	71,618,410
Commercial		126,074,928

Total real estate held for investment	$	197,693,338

Real estate held for sale:
Residential	$	1,126,480
Commercial		151,553

Total real estate held for sale	$	1,278,033

Other investments and policy loans at amortized cost:
Policy loans	$	14,019,248
Insurance assignments		48,493,858
Federal Home Loan Bank stock (2)		2,404,900
Other investments		11,473,961
Less: Allowance for credit losses for insurance assignments		(1,536,926	)

Total policy loans and other investments	$	74,855,041

Accrued investment income	$	8,499,168

Total investments	$	966,390,748

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $553,900 of Membership stock and $1,851,000 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		Fair Value
At December 31, 2025
U.S. Treasury securities and obligations of U.S. Government agencies	$	2,591	$	2,047,280	$	86,959	$	11,033,603	$	89,550	$	13,080,883
Obligations of states and political subdivisions		4,884		195,116		167,300		2,095,220		172,184		2,290,336
Corporate securities including public utilities		638,436		30,085,561		2,749,214		42,688,720		3,387,650		72,774,281
Mortgage-backed securities		4,353		192,242		3,548,862		17,504,265		3,553,215		17,696,507
Redeemable preferred stock		37,500		212,500		-		-		37,500		212,500
Totals	$	687,764	$	32,732,699	$	6,552,335	$	73,321,808	$	7,240,099	$	106,054,507

At December 31, 2024
U.S. Treasury securities and obligations of U.S. Government agencies	$	8,737	$	986,365	$	478,239	$	22,110,495	$	486,976	$	23,096,860
Obligations of states and political subdivisions		15,003		2,167,918		275,445		3,008,385		290,448		5,176,303
Corporate securities including public utilities		1,888,022		93,562,219		5,034,849		77,975,776		6,922,871		171,537,995
Mortgage-backed securities		32,150		2,915,192		4,212,490		19,041,442		4,244,640		21,956,634
Totals	$	1,943,912	$	99,631,694	$	10,001,023	$	122,136,098	$	11,944,935	$	221,767,792

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

	December 31, 2025				December 31, 2024
NAIC Designation	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
1	$	198,055,737	$	197,788,945	$	188,386,980	$	183,460,027
2		177,242,472		178,441,019		178,060,265		174,405,442
3		6,145,460		5,616,342		7,961,422		7,342,220
4		155,717		160,830		649,592		600,459
5		-		-		702,643		487,981
6		51,907		47,340		1,169		-
Total	$	381,651,293	$	382,054,476	$	375,762,071	$	366,296,129

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:

	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
	Year Ended December 31, 2025
	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 - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993

Additions for credit losses not previously recorded		-		-		143,000			-		143,000
Change in allowance on securities with previous allowance		-		-		57,957			142,000		199,957
Reductions for securities sold during the period		-		-		(184,500	)		-		(184,500	)
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 - December 31, 2025	$	-	$	-	$	425,401		$	154,049	$	579,450

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

	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
	Year Ended December 31, 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 - December 31, 2023	$	-	$	-	$	308,500		$	6,049	$	314,549
Balance	$	-	$	-	$	308,500		$	6,049	$	314,549

Additions for credit losses not previously recorded		-		-		55,000			-		55,000
Change in allowance on securities with previous allowance		-		-		60,000			6,000		66,000
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		-		-		(14,556	)		-		(14,556	)

Ending Balance - December 31, 2024	$	-	$	-	$	408,944		$	12,049	$	420,993
Balance	$	-	$	-	$	408,944		$	12,049	$	420,993

Schedule of Investments Classified by Contractual Maturity Date

	Amortized		Estimated Fair
	Cost		Value
Due in 1 year	$	40,822,516	$	40,759,962
Due in 2-5 years		122,737,580		124,221,407
Due in 5-10 years		129,282,637		132,560,322
Due in more than 10 years		63,976,211		63,226,351
Mortgage-backed securities		24,832,349		21,286,434
Redeemable preferred stock		750,000		723,442
Total	$	382,401,293	$	382,777,918

Schedule of Major Categories of Net Investment Income

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

	2025			2024
	Years Ended December 31,
	2025			2024
Proceeds from sales	$	4,890,824		$	2,629,493
Gross realized gains		74,322			233
Gross realized losses		(15,393	)		(1,407	)

Schedule of Assets on Deposit with Life Insurance

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

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	7,744,141	$	6,126,589
Other investments		-		400,000
Cash and cash equivalents		1,543,842		1,444,654
Total assets on deposit	$	9,287,983	$	7,971,243

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

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	23,915,884	$	25,309,270
Cash and cash equivalents		2,136,642		4,417,683
Total assets on deposit	$	26,052,526	$	29,726,953

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale at estimated fair value	$	64,066,256	$	63,800,454
Total assets pledged as collateral	$	64,066,256	$	63,800,454

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows:

	Net Book Value				Total Square Footage
	December 31,				December 31,
	2025		2024		2025		2024
Utah (1)	$	121,240,268	$	126,056,342		546,941		546,941
Louisiana		17,924		18,586		1,622		1,622

	$	121,258,192	$	126,074,928		548,563		548,563

(1)	Includes Center53

The Company’s commercial real estate held for sale is summarized as follows:

	Net Book Value
	December 31,
	2025		2024
Mississippi (1)	$	151,553	$	151,553

	$	151,553	$	151,553

(1)	Consists of approximately 93 acres of undeveloped land.

Schedule of Annual Undiscounted Cash flows of Operating Lease Payments

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease payments expected to be received.


2026	$	9,398,423
2027		9,284,915
2028		9,225,616
2029		8,561,476
2030		7,419,415
Thereafter		33,296,253
Total	$	77,186,098

Schedule of Real Estate Owned and Occupied by the Company

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		216,865		50	%
1818 Marshall Street, Shreveport, LA (2) (3)	Life Insurance Operations		12,274		100	%

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

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows:

	Net Book Value
	December 31,
	2025		2024
Utah (1)	$	93,638,938	$	71,618,410
	$	93,638,938	$	71,618,410

(1)	Includes multiple residential subdivision development projects, refer to the following table.

The following table presents additional information regarding the Company’s residential subdivision development in Utah.

	December 31,
	2025		2024
Lots available for sale		492		231
Lots to be developed		761		1,046
Ending Balance	$	93,474,755	$	71,443,356

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The Company’s residential real estate held for sale is summarized as follows:

	Net Book Value
	December 31,
	2025		2024
Utah	$	5,456,806	$	849,900
Colorado		140,000		-
Florida		146,651		276,580
Georgia		380,000		-
Nevada		149,017		-
	$	6,272,474	$	1,126,480

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

	Commercial			Residential			Residential Construction		Total
December 31, 2025
Allowance for credit losses:
Beginning balance - December 31, 2024	$	732,494		$	850,550		$	302,346	$	1,885,390
Change in provision for credit losses (1)		635,627			104,682			13,713		754,022
Charge-offs		-			(50,494	)		-		(50,494	)
Ending balance - December 31, 2025	$	1,368,121		$	904,738		$	316,059	$	2,588,918

December 31, 2024
Allowance for credit losses:
Beginning balance - December 31, 2023	$	1,219,653		$	2,390,894		$	208,106	$	3,818,653
Change in provision for credit losses (1)		(487,159	)		(444,859	)		94,240		(837,778	)
Charge-offs		-			(1,095,485	)		-		(1,095,485	)
Ending balance - December 31, 2024	$	732,494		$	850,550		$	302,346	$	1,885,390

(1)	Included in other expenses on the 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.

Schedule of Aging of Mortgage Loans

	Commercial			Residential			Residential Construction			Total
December 31, 2025
30-59 days past due	$	86,117		$	7,302,658		$	-		$	7,388,775
60-89 days past due		-			2,485,313			-			2,485,313
Over 90 days past due (1)		2,832,372			2,479,479			-			5,311,851
In process of foreclosure (1)		588,013			616,430			-			1,204,443
Total past due		3,506,502			12,883,880			-			16,390,382
Current		75,725,284			77,760,710			157,398,705			310,884,699
Total mortgage loans		79,231,786			90,644,590			157,398,705			327,275,081
Allowance for credit losses		(1,368,121	)		(904,738	)		(316,059	)		(2,588,918	)
Unamortized deferred loan fees, net		(374,372	)		(1,283,049	)		(338,374	)		(1,995,795	)
Unamortized discounts, net		(146,534	)		(108,449	)		-			(254,983	)
Net mortgage loans held for investment	$	77,342,759		$	88,348,354		$	156,744,272		$	322,435,385

December 31, 2024
30-59 days past due	$	2,100,000		$	5,818,334		$	-		$	7,918,334
60-89 days past due		-			845,980			-			845,980
Over 90 days past due (1)		4,205,000			3,061,450			-			7,266,450
In process of foreclosure (1)		191,508			3,942,392			-			4,133,900
Total past due		6,496,508			13,668,156			-			20,164,664
Current		56,256,577			78,393,631			151,172,733			285,822,941
Total mortgage loans		62,753,085			92,061,787			151,172,733			305,987,605
Allowance for credit losses		(732,494	)		(850,550	)		(302,346	)		(1,885,390	)
Unamortized deferred loan fees, net		(115,555	)		(1,307,539	)		(659,147	)		(2,082,241	)
Unamortized discounts, net		(149,268	)		(123,348	)		-			(272,616	)
Net mortgage loans held for investment	$	61,755,768		$	89,780,350		$	150,211,240		$	301,747,358

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

Schedule of commercial and Residential 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 December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
LTV:
Less than 65%	$	34,518,653	$	3,890,144	$	15,600,000	$	462,761	$	810,696	$	8,299,883	$	63,582,137		80.25	%
65% to 80%		3,525,554		10,432,942		1,000,776		293,872		-		-		15,253,144		19.25	%
Greater than 80%		-		-		-		-		396,505		-		396,505		0.50	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		100.00	%

DSCR
>1.20x	$	7,519,000	$	10,000,000	$	7,500,000	$	-	$	-	$	5,292,385	$	30,311,385		38.26	%
1.00x - 1.20x		28,300,207		4,323,086		9,100,776		756,633		1,207,201		3,007,498		46,695,401		58.94	%
<1.00x		2,225,000		-		-		-		-		-		2,225,000		2.81	%

Total	$	38,044,207	$	14,323,086	$	16,600,776	$	756,633	$	1,207,201	$	8,299,883	$	79,231,786		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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
LTV:
Less than 65%	$	7,653,600	$	24,600,000	$	2,352,150	$	864,128	$	-	$	8,867,779	$	44,337,657		70.65	%
65% to 80%		10,432,942		1,840,776		823,397		-		4,913,313		-		18,010,428		28.70	%
Greater than 80%		-		-		-		405,000		-		-		405,000		0.65	%

Total	$	18,086,542	$	26,440,776	$	3,175,547	$	1,269,128	$	4,913,313	$	8,867,779	$	62,753,085		100.00	%

DSCR
>1.20x	$	16,300,000	$	20,990,000	$	1,000,000	$	-	$	4,913,313	$	5,414,274	$	48,617,587		77.47	%
1.00x - 1.20x		432,942		5,450,776		2,175,547		1,269,128		-		3,453,505		12,781,898		20.37	%
<1.00x		1,353,600		-		-		-		-		-		1,353,600		2.16	%

Total	$	18,086,542	$	26,440,776	$	3,175,547	$	1,269,128	$	4,913,313	$	8,867,779	$	62,753,085		100.00	%

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

2)	Investments (Continued)

The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Prior		Total		% of Total
Performance Indicators:
Performing	$	10,946,252	$	11,711,336	$	10,177,427	$	39,714,697	$	2,264,902	$	12,734,067	$	87,548,681		96.58	%
Non-performing (1)		546,602		927,255		616,430		255,544		-		750,078		3,095,909		3.42	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $616,430

LTV:
Less than 65%	$	4,382,324	$	6,054,903	$	4,118,599	$	5,710,475	$	968,377	$	7,259,011	$	28,493,689	31.43	%
65% to 80%		6,673,602		6,428,826		6,380,363		32,514,676		1,296,525		5,688,715		58,982,707	65.07	%
Greater than 80%		436,928		154,862		294,895		1,745,090		-		536,419		3,168,194	3.50	%

Total	$	11,492,854	$	12,638,591	$	10,793,857	$	39,970,241	$	2,264,902	$	13,484,145	$	90,644,590	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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		2020		Prior		Total		% of Total
Performance Indicators:
Performing	$	14,861,098	$	10,030,848	$	42,634,670	$	3,076,901	$	5,513,462	$	8,940,966	$	85,057,945		92.39	%
Non-performing (1)		-		3,442,992		1,451,039		291,359		311,116		1,507,336		7,003,842		7.61	%

Total	$	14,861,098	$	13,473,840	$	44,085,709	$	3,368,260	$	5,824,578	$	10,448,302	$	92,061,787		100.00	%

(1)	Includes residential mortgage loans in the process of foreclosure of $3,942,392

LTV:	Year 1		Year 2		Year 3		Year 4		Year 5
Less than 65%	$	6,241,730	$	4,931,376	$	5,488,954	$	1,790,036	$	2,440,002	$	5,273,672	$	26,165,770	28.42	%
65% to 80%		7,802,984		7,662,200		37,509,634		1,578,224		2,701,008		5,107,289		62,361,339	67.74	%
Greater than 80%		816,384		880,264		1,087,121		-		683,568		67,341		3,534,678	3.84	%

Total	$	14,861,098	$	13,473,840	$	44,085,709	$	3,368,260	$	5,824,578	$	10,448,302	$	92,061,787	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 December 31, 2025:

Credit Quality Indicator	2025		2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%
Non-performing		-		-		-		-		-		-		0.00	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		100.00	%

LTV:
Less than 65%	$	24,286,540	$	20,684,760	$	5,820,344	$	-	$	3,931,764	$	54,723,408		34.77	%
65% to 80%		78,223,502		21,444,957		-		-		-		99,668,459		63.32	%
Greater than 80%		3,006,838		-		-		-		-		3,006,838		1.91	%

Total	$	105,516,880	$	42,129,717	$	5,820,344	$	-	$	3,931,764	$	157,398,705		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, 2024:

Credit Quality Indicator	2024		2023		2022		2021		Total		% of Total
Performance Indicators:
Performing	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%
Non-performing		-		-		-		-		-		0.00	%

Total	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%

LTV:
Less than 65%	$	48,065,177	$	21,375,552	$	518,590	$	9,960,769	$	79,920,088		52.87	%
65% to 80%		70,798,767		-		453,878		-		71,252,645		47.13	%
Greater than 80%				-		-		-		-		0.00	%

Total	$	118,863,944	$	21,375,552	$	972,468	$	9,960,769	$	151,172,733		100.00	%

Schedule of Mortgage loans Held for Investment

			Principal		Principal		Principal
			Amounts		Amounts		Amounts
			Due in		Due in		Due
	Total		1 Year		2-5 Years		Thereafter
Residential	$	90,644,590	$	1,587,321	$	7,713,366	$	81,343,903
Residential Construction		157,398,705		143,860,260		13,538,445		-
Commercial		79,231,786		39,473,791		36,802,660		2,955,335
Total	$	327,275,081	$	184,921,372	$	58,054,471	$	84,299,238

Schedule of Aging of Insurance Assignments

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

	Years Ended December 31,
	2025			2024
30-59 days past due	$	8,444,866		$	8,785,184
60-89 days past due		3,344,793			4,046,731
Over 90 days past due		4,976,211			5,320,216
Total past due		16,765,870			18,152,131
Current		29,418,129			30,341,727
Total insurance assignments		46,183,999			48,493,858
Allowance for credit losses		(1,676,468	)		(1,536,926	)
Net insurance assignments	$	44,507,531		$	46,956,932

Schedule of Allowance for Credit Losses

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

Schedule of Allowance for Credit Losses

	Allowance
Beginning balance - December 31, 2024	$	1,536,926
Change in provision for credit losses (1)		1,058,661
Charge-offs		(919,119	)
Ending balance - December 31, 2025	$	1,676,468

Beginning balance - December 31, 2023	$	1,553,836
Change in provision for credit losses (1)		1,033,277
Charge-offs		(1,050,187	)
Ending balance - December 31, 2024	$	1,536,926

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

Schedule of Gain (Loss) on Investments

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

Schedule of Gain (Loss) on Investments

	2025			2024
	Years Ended December 31
	2025			2024
Fixed maturity securities available for sale:
Gross realized gains	$	133,939		$	12,906
Gross realized losses		(48,588	)		(63,024	)
Net credit loss provision		(342,957	)		(106,444	)

Equity securities:
Losses on securities sold		(873,965	)		(42,680	)
Unrealized gains on securities held at the end of the period		3,977,047			2,290,252

Mortgage loans held for investment:
Gross realized gains		5,709			–
Gross realized losses		–			(1,161,363	)

Real estate held for investment and sale:
Gross realized gains		1,615,323			739,107
Gross realized losses		(12,099	)		–

Other investments and assets:
Gross realized gains		293,329			293,657
Gross realized losses		(111,361	)		(20,513	)
Total	$	4,636,377		$	1,941,898

Major categories of net investment income were as follows:

	2025			2024
	Years Ended December 31
	2025			2024
Fixed maturity securities available for sale	$	18,935,884		$	17,332,753
Equity securities		853,864			698,484
Mortgage loans held for investment		39,827,328			29,952,242
Real estate held for investment and sale		11,627,745			11,369,546
Policy loans		965,232			953,489
Insurance assignments		20,898,960			19,971,108
Other investments		995,349			806,032
Cash and cash equivalents		4,041,886			6,676,563
Gross investment income		98,146,248			87,760,217
Investment expenses		(18,807,736	)		(16,034,968	)
Net investment income	$	79,338,512		$	71,725,249

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

Schedule of Accrued Investment Income

	2025		2024
	Years Ended December 31,
	2025		2024
Fixed maturity securities available for sale	$	4,089,819	$	3,795,581
Equity securities		13,169		11,049
Mortgage loans held for investment		1,032,964		1,049,489
Real estate held for investment		3,850,958		3,559,463
Other investments		30,916		–
Cash and cash equivalents		36,819		83,586
Total accrued investment income	$	9,054,645	$	8,499,168

Statutory Financial Information and Dividend Limitations

12 Months Ended

Dec. 31, 2025

Statutory Financial Information And Dividend Limitations

Statutory Financial Information and Dividend Limitations

23)	Statutory Financial Information and Dividend Limitations

The Company’s insurance subsidiaries are also required to prepare statutory-basis financial statements in conformity with accounting practices prescribed or permitted by the insurance department of the applicable state of domicile. The prescribed statutory accounting practices include the Accounting Practices and Procedures Manual of the NAIC, a variety of publications of the NAIC, as well as state laws, regulations, and general administrative rules. Statutory accounting practices differ from GAAP primarily since they require expensing policy acquisition and certain sales inducement costs as incurred, establishing life insurance reserves based on different actuarial assumptions, applying different valuing methods for certain investments and accounting for deferred taxes on a different basis.

	Statutory Net Income				Statutory Capital and Surplus
	Years Ended December 31,				December 31,
	2025		2024		2025		2024
Amounts by insurance subsidiary:
Security National Life Insurance Company	$	18,573,017	$	9,618,883	$	104,233,477	$	87,559,495
Kilpatrick Life Insurance Company		2,179,362		2,749,370		22,340,067		21,419,520
First Guaranty Insurance Company		1,446,771		1,336,977		10,394,211		9,140,283
Southern Security Life Insurance Company, Inc.		165		24		1,587,842		1,584,583
Trans-Western Life Insurance Company		4		41		512,615		512,612
Total	$	22,199,319	$	13,705,295	$	139,068,212	$	120,216,493

State Insurance Departments impose minimum risk-based capital (“RBC”) requirements that were developed by the NAIC on insurance enterprises. The formulas for determining the RBC specify various factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio (the Ratio) of the enterprise’s regulatory total adjusted capital, as defined by the NAIC, to its authorized control level, as defined by the NAIC. Enterprises below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The life insurance subsidiaries each have a ratio that is greater than the first level of regulatory action as of December 31, 2025. The Company does not have any guarantees to maintain the capital and surplus of any affiliates except for the Company’s agreement to provide additional capital to Security National Life Insurance Company in the event risk-based capital drops below 350% of the authorized control level.

Generally, the net assets of the life insurance subsidiaries available for transfer to the Company are limited to the amounts of the life insurance subsidiaries net assets, as determined in accordance with statutory accounting practices, that exceed minimum statutory capital requirements. Additional requirements must be met depending on the state, and payments of such amounts as dividends are subject to approval by regulatory authorities.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

23)	Statutory Financial Information and Dividend Limitations (Continued)

Under the Utah Insurance Code, Security National Life Insurance Company is permitted to pay stockholder dividends, or otherwise make distributions, to the Company subject to certain limitations. Security National Life Insurance Company must ensure that its surplus held for policyholders is reasonable in relation to its outstanding liabilities and adequate to its financial needs after payment of any such dividend or distribution. Furthermore, where any dividend or distribution, together with all other dividends and distributions made within the preceding 12 months, exceeds the lesser of (i) 10% of its surplus held for policyholders as of the next preceding December 31; or (ii) its net gain from operations, not including realized capital gains, for the 12-month period ending the next preceding December 31, such dividend or distribution constitutes “extraordinary” under Utah law and Security National Life Insurance Company would be required to file notice of its intention to declare such a dividend or make such a distribution with the Utah Commissioner and the Utah Commissioner must either approve the distribution or dividend or not disapprove the dividend or distribution within 30 days’ of the notice filing. Based on Security National Life Insurance Company’s surplus held for policyholders and net gain from operations as of December 31, 2025, the maximum aggregate amount of dividends and distributions that it could pay or make in 2025 and which would not constitute an “extraordinary” dividend or distribution under Utah law and would therefore not require notice and approval or lack of disproval from the Utah Commissioner, would be approximately $8,500,000.

Under the Louisiana Insurance Code, First Guaranty Insurance Company and Kilpatrick Life Insurance Company are permitted to pay stockholder dividends, or otherwise make distributions, to the Company subject to certain limitations. First Guaranty Insurance Company and Kilpatrick Life Insurance Company must ensure that its surplus held for policyholders is reasonable in relation to its outstanding liabilities and adequate to its financial needs after payment of any such dividend or distribution. Furthermore, where any dividend or distribution, together with all other dividends and distributions made within the preceding 12 months, exceeds the lesser of (i) 10% of its surplus held for policyholders as of the next preceding December 31; or (ii) its net gain from operations, not including realized capital gains, for the 12-month period ending the next preceding December 31, such dividend or distribution constitutes “extraordinary” under Louisiana law and First Guaranty Insurance Company and Kilpatrick Life Insurance Company would be required to file notice of its intention to declare such a dividend or make such a distribution with the Louisiana Commissioner and the Louisiana Commissioner must either approve the distribution or dividend or not disapprove the dividend or distribution within 30 days’ of the notice filing. Based on First Guaranty Insurance Company’s and Kilpatrick Life Insurance Company’s surplus held for policyholders and net gain from operations as of December 31, 2025, the maximum aggregate amount of dividends and distributions that it could pay or make in 2025 and which would not constitute an “extraordinary” dividend or distribution under Louisiana law and would therefore not require notice and approval or lack of disproval from the Louisiana Commissioner, would be approximately $814,000 for First Guaranty Insurance Company and $2,062,000 for Kilpatrick Life Insurance Company.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Marketable Securities [Line Items]

Mortgage Loans during period

$ 327,275,081

$ 305,987,605

Mortgage Loans, Allowance for Loan Losses

(2,588,918)

(1,885,390)

$ (3,818,653)

Mortgage Loans, Unamortized deferred loan fees, net

(1,995,795)

(2,082,241)

Mortgage Loans, Unamortized discounts, net

(254,983)

(272,616)

Past Due 30 to 59 Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

7,388,775

7,918,334

Past Due 60 to 89 Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

2,485,313

845,980

Past Due 90 or More Days [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

5,311,851

7,266,450

In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

1,204,443

4,133,900

Total Past Due [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

16,390,382

20,164,664

Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

310,884,699

285,822,941

Net Mortgage Loans [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

322,435,385

301,747,358

Commercial Loan [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

79,231,786

62,753,085

Mortgage Loans, Allowance for Loan Losses

(1,368,121)

(732,494)

(1,219,653)

Mortgage Loans, Unamortized deferred loan fees, net

(374,372)

(115,555)

Mortgage Loans, Unamortized discounts, net

(146,534)

(149,268)

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

Marketable Securities [Line Items]

Mortgage Loans during period

86,117

2,100,000

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

Marketable Securities [Line Items]

Mortgage Loans during period

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

2,832,372

4,205,000

Commercial Loan [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

588,013

191,508

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

Marketable Securities [Line Items]

Mortgage Loans during period

3,506,502

6,496,508

^[1]

Commercial Loan [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

75,725,284

56,256,577

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

Marketable Securities [Line Items]

Mortgage Loans during period

77,342,759

61,755,768

Residential Mortgage [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

90,644,590

92,061,787

Mortgage Loans, Allowance for Loan Losses

(904,738)

(850,550)

(2,390,894)

Mortgage Loans, Unamortized deferred loan fees, net

(1,283,049)

(1,307,539)

Mortgage Loans, Unamortized discounts, net

(108,449)

(123,348)

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

Marketable Securities [Line Items]

Mortgage Loans during period

7,302,658

5,818,334

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

Marketable Securities [Line Items]

Mortgage Loans during period

2,485,313

845,980

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

2,479,479

3,061,450

Residential Mortgage [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

616,430

3,942,392

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

Marketable Securities [Line Items]

Mortgage Loans during period

12,883,880

13,668,156

Residential Mortgage [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

77,760,710

78,393,631

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

Marketable Securities [Line Items]

Mortgage Loans during period

88,348,354

89,780,350

Residential Construction [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

157,398,705

151,172,733

Mortgage Loans, Allowance for Loan Losses

(316,059)

(302,346)

$ (208,106)

Mortgage Loans, Unamortized deferred loan fees, net

(338,374)

(659,147)

Mortgage Loans, Unamortized discounts, net

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

Marketable Securities [Line Items]

Mortgage Loans during period

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

Marketable Securities [Line Items]

Mortgage Loans during period

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

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

Residential Construction [Member] | In Foreclosure [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

^[1]

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

Marketable Securities [Line Items]

Mortgage Loans during period

Residential Construction [Member] | Current [Member]

Marketable Securities [Line Items]

Mortgage Loans during period

157,398,705

151,172,733

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

Marketable Securities [Line Items]

Mortgage Loans during period

$ 156,744,272

$ 150,211,240

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

Schedule of Weighted-average Interest Rates (Details) - Traditional And Limited Payment Life [Member]	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Interest accretion rate	4.90%	4.90%
Current discount rate	6.00%	5.40%

Schedule of Error Correcetion Prior Period Adjustments (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Jan. 01, 2024

Dec. 31, 2023

Receivable from reinsurers

$ 13,655,373

$ 13,816,663

Deferred policy and pre-need contract acquisition costs

135,978,803

127,219,907

$ 116,354,598

Value of business acquired

7,109,186

7,602,521

8,137,415

Total Assets

1,561,844,604

1,494,462,314

Liabilities:

Future policy benefits and unpaid claims

799,706,946

752,080,658

Unearned premium reserve

1,824,796

2,013,245

Income taxes

25,920,562

24,540,512

Total liabilities

1,151,475,876

1,112,563,887

Stockholders’ Equity:

Accumulated other comprehensive income (loss)

28,762,123

33,719,629

(1,791,856)

Retained earnings

248,795,475

227,804,439

Total stockholders’ equity

410,368,728

381,898,427

312,895,219

Total liabilities and stockholders’ equity

1,561,844,604

1,494,462,314

Benefits and expenses:

Policyholder benefits and claims

100,817,674

100,613,091

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

11,660,708

11,012,616

Total benefits and expenses

303,177,934

297,148,775

Earnings before income taxes

41,409,604

37,373,893

Income tax expense

(9,257,274)

(8,254,728)

Net earnings

$ 32,152,330

$ 29,119,165

Net earnings per Class A equivalent common share

^[1]

$ 1.30

$ 1.19

^[2]

Net earnings per Class A equivalent common share - assuming dilution

^[1]

$ 1.26

$ 1.16

^[2]

Other comprehensive income:

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

$ 10,001,025

$ (11,042)

Interest rate remeasurement of future policy benefits

(16,285,885)

44,966,236

Other comprehensive income (loss), before income tax

(6,273,663)

44,954,632

Income tax benefit (expense)

1,316,157

(9,443,147)

Other comprehensive income (loss), net of income tax

(4,957,506)

35,511,485

Comprehensive income (loss)

27,194,824

64,630,650

Cash flows from operating activities:

Provision for deferred income taxes

1,454,181

998,697

Policy and pre-need acquisition costs amortized

11,167,373

10,477,722

Value of business acquired amortized

493,335

534,894

Future policy benefits and unpaid claims

$ 31,232,581

32,180,630

Previously Reported [Member]

Receivable from reinsurers

13,831,093

14,857,059

Deferred policy and pre-need contract acquisition costs

122,661,298

116,351,067

Value of business acquired

7,491,600

8,467,613

Total Assets

1,489,807,214

Liabilities:

Future policy benefits and unpaid claims

802,004,527

916,038,616

Unearned premium reserve

2,011,679

2,543,822

Income taxes

13,079,257

13,752,981

Total liabilities

1,151,024,935

Stockholders’ Equity:

Accumulated other comprehensive income (loss)

(6,951,266)

(6,885,558)

Retained earnings

225,359,186

$ 206,978,373

Total stockholders’ equity

338,782,279

Total liabilities and stockholders’ equity

1,489,807,214

Benefits and expenses:

Policyholder benefits and claims

98,955,459

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

15,940,371

Total benefits and expenses

300,418,898

Earnings before income taxes

34,103,770

Income tax expense

(7,568,002)

Net earnings

$ 26,535,768

Net earnings per Class A equivalent common share

^[2]

$ 1.08

Net earnings per Class A equivalent common share - assuming dilution

^[2]

$ 1.05

Other comprehensive income:

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

$ (79,228)

Interest rate remeasurement of future policy benefits

Other comprehensive income (loss), before income tax

(79,790)

Income tax benefit (expense)

14,082

Other comprehensive income (loss), net of income tax

(65,708)

Comprehensive income (loss)

26,470,060

Cash flows from operating activities:

Provision for deferred income taxes

311,971

Policy and pre-need acquisition costs amortized

15,032,413

Value of business acquired amortized

907,958

Future policy benefits and unpaid claims

30,522,998

Revision of Prior Period, Adjustment [Member]

Receivable from reinsurers

(14,430)

$ 14,692,529

Deferred policy and pre-need contract acquisition costs

4,558,609

116,354,598

Value of business acquired

110,921

8,137,415

Total Assets

4,655,100

Liabilities:

Future policy benefits and unpaid claims

(49,923,869)

909,273,251

Unearned premium reserve

1,566

2,545,132

Income taxes

11,461,255

15,070,281

Total liabilities

(38,461,048)

Stockholders’ Equity:

Accumulated other comprehensive income (loss)

40,670,895

(1,791,856)

Retained earnings

2,445,253

$ 206,840,229

Total stockholders’ equity

43,116,148

Total liabilities and stockholders’ equity

4,655,100

Benefits and expenses:

Policyholder benefits and claims

1,657,632

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

(4,927,755)

Total benefits and expenses

(3,270,123)

Earnings before income taxes

3,270,123

Income tax expense

(686,726)

Net earnings

$ 2,583,397

Net earnings per Class A equivalent common share

^[2]

$ 0.11

Net earnings per Class A equivalent common share - assuming dilution

^[2]

$ 0.11

Other comprehensive income:

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

$ 68,186

Interest rate remeasurement of future policy benefits

44,966,236

Other comprehensive income (loss), before income tax

45,034,422

Income tax benefit (expense)

(9,457,229)

Other comprehensive income (loss), net of income tax

35,577,193

Comprehensive income (loss)

38,160,590

Cash flows from operating activities:

Provision for deferred income taxes

686,726

Policy and pre-need acquisition costs amortized

(4,554,691)

Value of business acquired amortized

(373,064)

Future policy benefits and unpaid claims

$ 1,657,632

[1]	Net earnings per share 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.
[2]	Adjusted retroactively for the effect of annual stock dividends

Schedule of Statutory Accounting Practices (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	$ 22,199,319	$ 13,705,295
Statutory capital and surplus, balance	139,068,212	120,216,493
Security National Life Insurance [Member]
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	18,573,017	9,618,883
Statutory capital and surplus, balance	104,233,477	87,559,495
Kilpatrick Life Insurance Company [Member]
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	2,179,362	2,749,370
Statutory capital and surplus, balance	22,340,067	21,419,520
First Guaranty Insurance Company [Member]
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	1,446,771	1,336,977
Statutory capital and surplus, balance	10,394,211	9,140,283
Southern Security Life Insurance Company, Inc. [Member]
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	165	24
Statutory capital and surplus, balance	1,587,842	1,584,583
Trans-Western Life Insurance Company [Member]
ScheduleOfStatutoryAccountingPracticesLineItems [Line Items]
Statutory net income amount	4	41
Statutory capital and surplus, balance	$ 512,615	$ 512,612

Schedule of Balances of and Changes in the Liability for Future Policy Benefits (Details) - Traditional And Limited Payment Life [Member] - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effects of Reinsurance [Line Items]

Balance, beginning of year

$ 252,828,338

$ 261,319,018

Beginning balance at original discount rate

258,790,211

259,735,586

Effect of changes in cash flow assumptions

Effect of actual variances from expected experience

^[1]

(19,082,021)

(14,132,236)

Adjusted beginning of year balance

239,708,190

245,603,350

Issuances

50,311,759

53,853,867

Interest accrual

12,184,348

12,553,581

Net premiums collected

^[2]

(51,872,527)

(53,220,587)

Ending balance at original discount rate

250,331,770

258,790,211

Effect of changes in discount rate assumptions

118,532

(5,961,873)

Balance, end of period

250,450,302

252,828,338

Balance, beginning of year

800,812,826

833,621,080

Beginning balance at original discount rate

858,516,933

838,813,645

Effect of actual variances from expected experience

^[1]

(15,224,887)

(12,409,158)

Adjusted beginning of year balance

843,292,046

826,404,487

Issuances

50,684,159

55,415,178

Interest accrual

41,342,032

40,743,098

Benefit payments

(68,140,720)

(64,045,830)

Ending balance at original discount rate

867,177,517

858,516,933

Effect of changes in discount rate assumptions

(35,337,817)

(57,704,107)

Balance, end of period

831,839,700

800,812,826

Net liability for future policy benefits, pre-flooring

581,309,175

547,983,396

Flooring impact, end of period

80,224

1,092

Net liability for future policy benefits, post-flooring

581,389,399

547,984,488

Less: Receivable from reinsurers

9,186,983

9,252,984

Net liability for future policy benefits, after reinsurance

$ 572,202,416

$ 538,731,504

[1]	For the years ended December 31, 2025, and 2024, the net effect of actual variances from expected experience was primarily due to lapses. Actual mortality and surrenders were close to expected.
[2]	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current
Federal	$ 7,683,833	$ 7,182,377
State	119,260	73,654
Total Current Income Tax Expense (Benefit)	7,803,093	7,256,031
Deferred
Federal	1,391,114	876,424
State	63,067	122,273
Total Deferred Income Tax Expense (Benefit)	1,454,181	998,697
Total	$ 9,257,274	$ 8,254,728

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: 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 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Schedule of Aging of Insurance Assignments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Insurance assignments, allowance for loan losses	$ (1,676,468)	$ (1,536,926)	$ (1,553,836)
Past Due 30 to 59 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	8,444,866	8,785,184
Past Due 60 to 89 Days [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	3,344,793	4,046,731
Over 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	4,976,211	5,320,216
Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	16,765,870	18,152,131
Current [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	29,418,129	30,341,727
Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	46,183,999	48,493,858
Net Insurance Assignments [Member]
Financing Receivable, Past Due [Line Items]
Insurance assignments during period	$ 44,507,531	$ 46,956,932

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Abstract]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

The Company maintains a strong information security program and systems (“Cybersecurity System”) to guard against unauthorized access, malicious software, corruption of data, disruption of its networks and systems and unauthorized release of confidential information. The Company’s Cybersecurity System is comprised of multiple layers of controls to reduce the risk of cybersecurity incidents.Risk Management and Strategy

The Company’s Cybersecurity System includes administrative, technical, and physical safeguards and is designed to provide an appropriate level of protection to maintain the confidentiality, integrity and availability of the Company’s and its customers’ information. This includes protecting against known and evolving threats to the security of the Company’s systems and information, and against unauthorized access, compromise, or loss of data. The Cybersecurity System is managed centrally, so the same security controls, policies and procedures are implemented across the organization. The Company maintains cybersecurity policies including an Acceptable Use Policy that all system users sign to acknowledge that they understand their security responsibilities. All system users receive security awareness training which includes phishing attack simulation testing.

A key element of the Company’s Cybersecurity System is to mature the program to align with the Center for Internet Security (CIS) Critical Security Controls security framework. CIS controls are designed based on real-world data about cyber-attacks, to ensure that the measures are effective against current threats. The framework provides a prioritized set of actions, which enables the Company to focus its efforts on the most effective defensive measures first. This prioritization helps in optimizing the use of resources for maximum impact on security. This strategy provides a structured and effective approach to cybersecurity, helping the Company to protect its assets, comply with regulations, manage risks, and improve its overall security posture.

The Company maintains cyber insurance coverage that may, subject to policy terms, conditions, and limitations, cover certain aspects of cybersecurity risks; however, such insurance coverage may be unavailable or insufficient to cover all losses or all types of claims that may arise in the continually evolving area of cyber risk.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance The Company has established controls and procedures to escalate enterprise-level issues, including cybersecurity matters, to the appropriate management levels within its organization and to its Board of Directors, or members or committees thereof, as appropriate. The Company’s Board of Directors has oversight for enterprise risk management, including its approach to managing cybersecurity risk, and has delegated oversight responsibility of information security risks to its Audit Committee. Matters determined to present potential material impacts to the Company’s financial results, operations, and/or reputation are reported by management to the Company’s Board of Directors or its Audit Committee, as appropriate, in accordance with its escalation framework.

In addition, the Company has established procedures to ensure that management personnel are informed in a timely manner of known cybersecurity risks and incidents that may materially impact the Company’s operations and that timely public disclosure is made as appropriate. The Company’s Cybersecurity System is led by the Chief Information Officer (“CIO”) in collaboration with a third-party virtual Chief Information Security Officer (“vCISO”) and other third-party cybersecurity service providers which in turn assist in monitoring the Company’s exposure from significant information technology suppliers, significant software as service providers and major vendors with access to the Company’s information technology systems. The Company’s CIO has 10+ years of cybersecurity industry experience. Further, team members who support the Company’s cybersecurity program have relevant educational and industry experience through various roles involving information technology, security, auditing, compliance, systems, and programming, as well as cybersecurity certifications such as a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). During the last three years, the Company has not experienced a material security breach and, as a result, the Company has not incurred any material expenses from such a breach. Furthermore, during such time, the Company has not been penalized or paid any amount under any information security breach settlement.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Company’s Board of Directors has oversight for enterprise risk management, including its approach to managing cybersecurity risk, and has delegated oversight responsibility of information security risks to its Audit Committee. Matters determined to present potential material impacts to the Company’s financial results, operations, and/or reputation are reported by management to the Company’s Board of Directors or its Audit Committee, as appropriate, in accordance with its escalation framework.

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Company’s CIO has 10+ years of cybersecurity industry experience. Further, team members who support the Company’s cybersecurity program have relevant educational and industry experience through various roles involving information technology, security, auditing, compliance, systems, and programming, as well as cybersecurity certifications such as a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM).

Consolidated Statements of Stockholders' Equity - 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
Beginning balance, value 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
Adoption of ASU 2018-12				5,093,702	(138,144)		4,955,558
Net earnings					29,119,165		29,119,165
Other comprehensive loss				35,511,485			35,511,485
Stock based compensation expense			800,820				800,820
Exercise of stock options	400,144	403,334	413,835			(768,191)	449,122
Vesting of restricted stock units	3,570		(3,570)
Sale of treasury stock			214,816			1,005,748	1,220,564
Purchase of treasury stock						(3,053,506)	(3,053,506)
Stock dividends	2,009,762	297,156	5,848,037		(8,154,955)
Conversion Class C to Class A	532	(532)
Balance at Dec. 31, 2024	42,510,012	6,643,666	79,698,367	33,719,629	227,804,439	(8,477,686)	381,898,427
Net earnings					32,152,330		32,152,330
Other comprehensive loss				(4,957,506)			(4,957,506)
Stock based compensation expense			1,320,497				1,320,497
Exercise of stock options	193,132	190,674	(128,785)			(149,009)	106,012
Vesting of restricted stock units	19,452		(19,452)
Sale of treasury stock			310,630			1,148,387	1,459,017
Purchase of treasury stock						(1,610,049)	(1,610,049)
Stock dividends	2,133,106	341,682	8,686,506		(11,161,294)
Conversion Class C to Class A	1,548	(1,548)
Balance at Dec. 31, 2025	$ 44,857,250	$ 7,174,474	$ 89,867,763	$ 28,762,123	$ 248,795,475	$ (9,088,357)	$ 410,368,728

Schedule of Amount of Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - Traditional And Limited Payment Life [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Undiscounted expected future benefit payments	$ 1,929,788,387	$ 1,924,273,198
Discounted expected future benefit payments (at original discount rate)	867,097,293	858,515,841
Discounted expected future benefit payments (at current discount rate)	831,839,700	800,812,826
Undiscounted expected future gross premiums	813,914,337	832,580,093
Discounted expected future gross premiums (at original discount rate)	544,923,472	556,009,689
Discounted expected future gross premiums (at current discount rate)	$ 545,181,493	$ 543,200,631

Schedule of Effective Income Tax Rate Reconciliation between Income Tax Expense (Benefit) and Statutory Expectations (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effective Income Tax Rate Reconciliation [Line Items]

State and local tax expense, net of federal income tax effect

^[1]

$ 144,038

$ 154,782

State and local tax expense, net of federal income tax effect, percent

^[1]

0.40%

Nontaxable or nondeductible items

$ 392,641

$ 224,851

Nontaxable or nondeductible items, percent

0.90%

0.60%

Other, net

$ 24,578

$ 26,577

Other, net, percent

0.10%

Total

$ 9,257,274

$ 8,254,728

Effective tax rate, percent

22.40%

22.10%

Domestic Tax Jurisdiction [Member]

Effective Income Tax Rate Reconciliation [Line Items]

U.S. Federal statutory tax rate

$ 8,696,017

$ 7,848,518

U.S. Federal statutory tax rate, percent

21.00%

[1]	State taxes in Texas and Utah made up the majority (greater than 50%) of the tax effect in this category.

Equity (Details Narrative) - $ / shares	12 Months Ended
Equity (Details Narrative) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock voting rights	Class C shares have 10 votes per share on all matters except for the election of one third of the directors who are elected solely by the Class A shares.
Stockholders dividends descriptions	Stockholders of both Class A and Class C Common Stock have received 5% stock dividends in the years 1990 through 2019, a 7.5% stock dividend in the year 2020, and a 5% stock dividend in the years 2021 through 2025, as authorized by the Company’s Board of Directors.
Common Class B [Member]
Class of Stock [Line Items]
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares, issued	0	0

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Topic 235
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Receivables [Abstract]

Receivables, beginning balance

^[1]

$ 7,095,589

$ 6,321,573

Contract asset, beginning balance

Contract liability, beginning balance

20,168,405

18,237,246

Receivables, ending balance

^[1]

6,981,676

7,095,589

Contract asset, ending balance

Contract liability, ending balance

22,991,603

20,168,405

Increase (decrease) in accounts receivable

^[1]

(113,913)

774,016

Increase (decrease) in contract asset

Increase (decrease) in contract liability

$ 2,823,198

$ 1,931,159

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

Schedule of Assumptions Used (Details)

12 Months Ended

Dec. 31, 2025

$ / shares

All Plans December 5, 2025 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 1.93

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 8.53

Weighted Average Volatility

35.93%

Weighted Average Risk Free Interest Rate

3.71%

Weighted Average Expected Life (Term)

5 years 2 months 23 days

All Plans March 21, 2025 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 3.17

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 12.82

Weighted Average Volatility

38.26%

Weighted Average Risk Free Interest Rate

3.98%

Weighted Average Expected Life (Term)

5 years 3 months 21 days

All Plans January 9, 2025 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 3.04

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 11.93

Weighted Average Volatility

38.44%

Weighted Average Risk Free Interest Rate

4.43%

Weighted Average Expected Life (Term)

5 years 3 months 21 days

All Plans December 26, 2024 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 3.01

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 11.87

Weighted Average Volatility

38.41%

Weighted Average Risk Free Interest Rate

4.38%

Weighted Average Expected Life (Term)

5 years 3 months 21 days

All Plans December 6, 2024 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 3.17

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 13.08

Weighted Average Volatility

38.17%

Weighted Average Risk Free Interest Rate

4.00%

Weighted Average Expected Life (Term)

5 years 1 month 13 days

All Plans January 12, 2024 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 2.01

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 8.35

Weighted Average Volatility

37.51%

Weighted Average Risk Free Interest Rate

3.81%

Weighted Average Expected Life (Term)

5 years 3 months 21 days

All Plans January 8, 2024 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Weighted Average Fair Value of Each Option

$ 2.16

Expected Dividend Yield

5.00%

^[1]

Underlying stock FMV

$ 8.93

Weighted Average Volatility

37.50%

Weighted Average Risk Free Interest Rate

3.93%

Weighted Average Expected Life (Term)

5 years 3 months 21 days

[1]	Stock dividend

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Net earnings	$ 32,152,330	$ 29,119,165
Other comprehensive income (loss):
Unrealized gains (losses) on fixed maturity securities available for sale	10,001,025	(11,042)
Unrealized gains on restricted assets	6,386	841
Unrealized gains (losses) on cemetery perpetual care trust investments	4,811	(1,403)
Interest rate remeasurement of future policy benefits	(16,285,885)	44,966,236
Other comprehensive income (loss), before income tax	(6,273,663)	44,954,632
Income tax benefit (expense)	1,316,157	(9,443,147)
Other comprehensive income (loss), net of income tax	(4,957,506)	35,511,485
Comprehensive income	$ 27,194,824	$ 64,630,650

Earnings Per Share (Details Narrative) - shares	12 Months Ended
Earnings Per Share (Details Narrative) - shares	Dec. 31, 2025	Dec. 31, 2024
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	435,485	363,700

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

Dec. 31, 2025

ft²

Mortgage Operations [Member]

Approximate square footage

216,865

^[1]

Square footage occupied by the company

50.00%

^[1]

Life Insurance Operations [Member]

Approximate square footage

12,274

^[2],[3]

Square footage occupied by the company

100.00%

^[2],[3]

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

Consolidated Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Amortized cost

$ 382,401,293

$ 376,012,071

Allowance for credit loss

579,450

420,993

Equity securities cost

12,206,559

11,386,454

Allowance for loan and lease losses, real estate

2,588,918

1,885,390

Real estate investment property, accumulated depreciation

37,159,212

31,419,539

Allowance for doubtful accounts, premiums and other receivables

1,676,468

1,536,926

Accounts receivable, allowance for credit loss

1,428,672

1,678,531

Aggregate fair value, restricted assets

16,106,168

12,323,535

Aggregate fair value, cemetery perpetual care trust investments

$ 6,575,744

$ 5,689,706

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

22,428,625

22,321,559

^[1]

Common stock, shares outstanding

22,428,625

22,321,559

^[1],[2]

Treasury stock, shares

1,095,964

1,080,243

^[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

3,587,237

3,492,674

^[1]

Common stock, shares outstanding

3,587,237

3,492,674

^[1],[2]

Treasury stock, shares

104,604

^[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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

17)	Income Taxes

Refer to Note 1 regarding the adoption of ASU 2018-12 and ASU 2023-09.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. OBBBA did not have a material impact on the Company’s estimated effective tax rate for 2025.

The Company’s income tax liability is summarized as follows:

Summary of Income Tax Liability


	December 31,
	2025		2024
Current	$	516,851	$	(725,175	)
Deferred		25,403,711		25,265,687
Total	$	25,920,562	$	24,540,512

The significant components of the Company’s deferred tax assets and liabilities are approximately as follows:


	December 31,
	2025		2024
Assets
Future policy benefits	$	8,538,993	$	4,663,986
Loan loss reserve and allowances		1,431,236		1,395,203
Unearned premium		383,207		422,453
Net operating loss		687,524		1,245,888
Deferred compensation		2,388,705		2,033,686
Total deferred tax assets		13,429,665		9,761,216

Liabilities
Deferred policy acquisition costs		21,138,853		20,061,762
Basis difference in property, equipment and real estate		8,700,097		8,973,198
Value of business acquired		1,492,929		1,596,529
Deferred gains		1,042,235		1,365,803
Trusts		1,064,387		1,064,387
Intangibles		848,497		717,336
Other		917,003		534,311
Tax on unrealized appreciaton		3,629,375		713,577
Total deferred tax liabilities		38,833,376		35,026,903
Net deferred tax liability	$	25,403,711	$	25,265,687

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

17)	Income Taxes (Continued)

The Company’s income tax expense is summarized as follows:


	December 31,
	2025		2024
Current
Federal	$	7,683,833	$	7,182,377
State		119,260		73,654
		7,803,093		7,256,031

Deferred
Federal		1,391,114		876,424
State		63,067		122,273
		1,454,181		998,697
Total	$	9,257,274	$	8,254,728

The following table provides a rate reconciliation between income tax expense (benefit) and the statutory expectations.

	December 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent
U.S. Federal statutory tax rate	$	8,696,017		21.0	%	$	7,848,518		21.0	%
State and local tax expense, net of federal income tax effect (1)		144,038		0.4	%		154,782		0.4	%
Nontaxable or nondeductible items		392,641		0.9	%		224,851		0.6	%
Other, net		24,578		0.1	%		26,577		0.1	%
Effective tax rate	$	9,257,274		22.4	%	$	8,254,728		22.1	%

(1)	State taxes in Texas and Utah made up the majority (greater than 50%) of the tax effect in this category.

The Company’s overall effective tax rate for 2025 and 2024 was 22.4% and 22.1% respectively. The Company’s effective tax rates differ from the U.S. federal statutory rate of 21% partially due to its provision for state income taxes. The increase in the effective tax rate when compared to the prior year was partially due to an increase in non-deductible items.

As of December 31, 2025, the Company had no significant unrecognized tax benefits. As of December 31, 2025, the Company does not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months. Federal and state income tax returns for 2022 through 2025 are subject to examination by taxing authorities.

Net Operating Losses and Tax Credit Carryforwards:

Summary of Operating Loss Carryforwards

Year of Expiration
2026	$	–
2027		–
2028		–
2029		–
2030		–
Thereafter up through 2037		568,300
Indefinite carryforwards		–
	$	568,300

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: 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 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Bank and Other Loans Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Bank and Other Loans Payable

15)	Bank and Other Loans Payable

Bank and other loans payable are summarized as follows:

Summary of Bank Loans Payable

	December 31,
	2025			2024
Total bank and other loans	$	48,169,363		$	49,174,545
3.85% fixed note payable in monthly installments of $243,781 including principal and interest, collateralized by real property with a book value of approximately $57,645,000, due June 2032.	$	48,169,363		$	49,174,545

3.30% fixed note payable in monthly installments of $179,562 including principal and interest, collateralized by real property with a book value of approximately $41,152,000, due April 2031.		36,751,084			37,632,943

4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $15,886,000, due June 2028.		9,200,000			9,200,000

1 month SOFR rate plus 2.0% loan purchase agreement with a warehouse line availability of $25,000,000, matures August 2026.		817,536			2,668,519

1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $15,000,000, matures July 2026.		696,692			7,918,930

1 month SOFR rate plus 1.95% loan purchase agreement with a warehouse line availability of $35,000,000, matures August 2026.		2,659,221			–

Finance lease liabilities		94,023			145,167

Total bank and other loans		98,387,919			106,740,104

Less current installments		(6,195,297	)		(12,559,420	)
Bank and other loans, excluding current installments	$	92,192,622		$	94,180,684

The following tabulation shows the combined maturities of bank and other loans payable:

2026	$	6,195,297
2027		2,035,081
2028		11,305,278
2029		2,187,468
2030		2,263,879
Thereafter		74,400,916
Total	$	98,387,919

Interest expense in 2025 and 2024 was $4,518,965 and $4,254,100, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

15)	Bank and Other Loans Payable (Continued)

Sources of Liquidity

Federal Home Loan Bank Membership

The Federal Home Loan Banks (“the FHLBs”) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities. The Company is a member of the FHLB based in Des Moines, Iowa and based in Dallas, Texas. As a member of the FHLB, the Company is required to maintain a minimum investment in capital stock of the FHLB and may pledge collateral to the bank for advances of funds to be used in its operations.

Federal Home Loan Bank of Des Moines

As of December 31, 2025 and 2024, the amount available for borrowings from the FHLB of Des Moines was approximately $48,350,685 and $41,235,894, respectively. As of December 31, 2025 and 2024, United States Treasury fixed maturity securities with an estimated fair value of $55,751,822 and $54,487,812, respectively, have been pledged at the FHLB of Des Moines as collateral for current and potential borrowing. As of December 31, 2025 and 2024, the Company had no outstanding FHLB borrowings. As of December 31, 2025 and 2024, the Company’s total investment in FHLB stock was $500,100 and $479,100, respectively. As of December 31, 2025, the Company was contingently liable under standby letters of credit aggregating $3,884,998. These letters of credit are to be used to cover any contingency related to additional risk assessments pertaining to the Company’s captive insurance program for $443,758 and for bonding of residential land development for $3,441,240.

Federal Home Loan Bank of Dallas

As of December 31, 2025 and 2024, the amount available for borrowings from the FHLB of Dallas was approximately $6,087,398 and $8,342,442, respectively. As of December 31, 2025 and 2024, Mortgage-Backed fixed maturity securities with an estimated fair value of $6,784,513 and $9,312,642, respectively have been pledged at the FHLB of Dallas as collateral for current and potential borrowings, respectively. As of December 31, 2025 and 2024, the Company had no outstanding FHLB borrowings. As of December 31, 2025, the Company’s total investment in FHLB stock was $146,400 compared with $1,925,800 as of December 31, 2024.

Revolving Lines of Credit

The Company has a $5,000,000 revolving line-of-credit with a bank with interest payable at a variable rate based on the adjusted daily SOFR plus a margin of 2.25%, secured by the capital stock of Security National Life and maturing June 1, 2026, renewable annually. As of December 31, 2025, the Company was contingently liable under standby letter of credit aggregating $1,250,000, which is used as collateral for SecurityNational Mortgage’s state licensing requirements. The standby letter of credit will draw on the line of credit if necessary. The Company does not expect any material losses to result from the issuance of the standby letter of credit. As of December 31, 2025 there were no amounts outstanding under the revolving line-of-credit.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

15)	Bank and Other Loans Payable (Continued)

Debt Covenants for Mortgage Warehouse Lines of Credit

The Company, through its subsidiary SecurityNational Mortgage, has three lines of credit for the purpose of funding mortgage loans-one through U.S. Bank, a second through Western Alliance Bank and a third through JPMorgan Chase Bank.

The U.S. Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $15,000,000. The relevant agreement contemplates interest at 2.10% plus the greater of (i) 0%, and (ii) the one-month forward-looking term rate based on SOFR on drawn amounts and matures on July 17, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum net income of $1 for the quarter.

The Western Alliance Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $25,000,000. The relevant agreement contemplates interest at the 1-Month SOFR rate plus 2.0% on drawn amounts and matures on August 15, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum pre-tax income of $1 for the year.

The JPMorgan Chase Bank warehouse line of credit agreement allows SecurityNational Mortgage to borrow up to $35,000,000. The relevant agreement contemplates interest at the 1-Month SOFR rate plus 1.95% on drawn amounts and matures on August 15, 2026. The Company is required to comply with covenants for adjusted tangible net worth, unrestricted cash balance, and a minimum pre-tax income of $1 for the year.

The agreements for US Bank and JP Morgan Chase Bank warehouse lines of credit include a cross-default provision where certain events of default under other of SecurityNational Mortgage’s obligations constitute events of default under the warehouse lines of credit. As of December 31, 2025, SecurityNational Mortgage was not in compliance with the net income covenant of the US Bank, Western Alliance Bank and JP Morgan Chase Bank warehouse lines of credit. SecurityNational Mortgage has since received waivers from each of these lenders with respect to this covenant. In the unlikely event the Company is required to repay the outstanding advances of approximately $4,173,449 on the warehouse lines of credit, the Company has sufficient cash to do so. The Company has also performed an 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.

Debt Covenants for Revolving Lines of Credit and Bank Loans

The Company’s revolving line of credit agreements contain debt covenants requiring the Company to maintain minimum operating cash flow ratios and minimum net worth requirements for each of its business segments. The Company is also subject to debt covenants under one of its real estate loans which require maintenance of a minimum consolidated operating cash flow ratio, minimum liquidity amounts, and minimum consolidated net worth value. In addition to these financial debt covenants, the Company is required to provide segment specific financial statements and building specific financial statements under the agreements for each of its bank loans. As of December 31, 2025, the Company was in compliance with all these debt covenants.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Mortgage Servicing Rights

7)	Mortgage Servicing Rights

The Company reports MSRs pursuant to the accounting policy discussed in Note 1.

The following table presents the MSR activity.

Schedule of Mortgage Servicing Rights

	2025			2024
	December 31,
	2025			2024
Amortized cost:
Balance before valuation allowance at beginning of year	$	2,939,878		$	3,461,146
MSR additions resulting from loan sales		151,056			90,370
Amortization (1)		(562,475	)		(611,638	)
Sale of MSRs		–			–
Application of valuation allowance to write down MSRs with other than temporary impairment		–			–
Balance before valuation allowance at year end	$	2,528,459		$	2,939,878

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 year end	$	–		$	–

Mortgage servicing rights, net	$	2,528,459		$	2,939,878

Estimated fair value of MSRs at year end	$	4,035,635		$	4,552,316

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

	Estimated MSR Amortization
2026	$	264,862
2027		243,111
2028		221,463
2029		198,063
2030		177,913
Thereafter		1,423,047
Total	$	2,528,459

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

7)	Mortgage Servicing Rights (Continued)

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

Schedule of Other Revenues

	2025		2024
	Years Ended December 31,
	2025		2024
Contractual servicing fees	$	918,850	$	968,814
Late fees		63,599		77,123
Total	$	982,449	$	1,045,937

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

	December 31,
	2025		2024
Servicing UPB	$	361,632,543	$	385,134,774

The following key assumptions were used in determining MSR value.

Prepayment

Speeds

Average

Life(Years)

Discount

Rate

December 31, 2025

12.27

7.44

11.92

December 31, 2024

8.79

8.28

12.14

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

16)

Leases

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period in exchange for consideration. The Company determines if a contract is a lease at the inception of the contract. At the commencement date of a lease, the Company measures the lease liability at the present value of the lease payments over the lease term, discounted using the discount rate for the lease. The Company uses the rate implicit in the lease, if available, otherwise the Company uses its incremental borrowing rate. Also, at the commencement date of a lease, the Company measures the cost of the related right-of-use asset which consists of the amount of the initial measurement of the lease liability, any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred by the Company.

Information about the Nature of Leases and Subleases

The Company leases office space and equipment from third parties under various non-cancelable agreements. The Company has operating leases for office space for its segments in areas where it conducts business. The Company subleases some of this office space. The Company also has finance leases for certain equipment, such as copy machines and postage machines. The Company does not have any lease agreements with variable lease payments. The Company has not included any options to extend or terminate leases in the recognition of the right-of-use assets or lease liabilities because of the uncertainty that they will be exercised. No residual value guarantees have been provided to the Company. The Company does not have any restrictions or covenants imposed by leases.

Leases that have not Commenced

The Company does not have any leases that have not commenced that create significant rights or obligations for the Company.

Related Party Lease Transactions

The Company does not have any related party lease transactions that require disclosure as of December 31, 2025.

Short-term Leases

The Company made an accounting policy election not to apply the recognition requirements of ASC 842 to short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying assets that the lessee is reasonably certain to exercise.

Significant Judgments and Assumptions

The Company does not use any significant judgments or assumptions regarding the determination of whether a contract contains a lease; the allocation of the consideration in a contract between lease and non-lease components; or the determination of the discount rates for the leases. The following table presents the Company’s total lease cost recognized in earnings, amounts capitalized as right-of-use assets and cash flows from lease transactions.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

16)	Leases (Continued)


	Years Ended December 31
	2025			2024
Lease Cost
Finance lease cost:
Amortization of right-of-use assets (1)	$	86,515		$	48,687
Interest on lease liabilities (2)		10,361			6,553
Operating lease cost (3)		2,655,969			3,102,662
Short-term lease cost (3)(4)		1,232,176			1,419,524
Sublease income (3)		(958,038	)		(562,675	)
Total lease cost	$	3,026,983		$	4,014,751

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,879,018		$	3,622,607
Operating cash flows from finance leases		10,361			6,553
Financing cash flows from finance leases		84,643			46,425

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	2,582,742		$	1,770,873
Finance leases		33,500			176,040

Weighted-average remaining lease term (in years)
Finance leases		1.83			1.80
Operating leases		2.81			2.66

Weighted-average discount rate
Finance leases		7.70	%		7.89	%
Operating leases		6.33	%		5.37	%

(1)	Included in Depreciation on property and equipment on the consolidated statements of earnings
(2)	Included in Interest expense on the consolidated statements of earnings
(3)	Included in Rent and rent related expenses on the consolidated statements of earnings
(4)	Includes leases with a term of 12 months or less

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

16)	Leases (Continued)

The following table presents the maturity analysis of the Company’s lease liabilities.

	Finance Leases			Operating Leases
Lease payments due in:
2026	$	72,074		$	2,256,398
2027		11,157			957,728
2028		9,504			624,120
2029		7,217			477,929
2030		1,034			252,836
Thereafter		–			–
Total undiscounted lease payments		100,986			4,569,011
Less: Discount on cash flows		(6,963	)		(431,953	)
Present value of lease liabilities	$	94,023		$	4,137,058

The following table presents the Company’s right-of-use assets and lease liabilities.

		Year Ended December 31,
	Balance Sheet Location	2025			2024
Operating Leases
Right-of-use assets	Other assets	$	3,911,710		$	4,837,045

Lease liabilities	Other liabilities and accrued expenses	$	4,137,058		$	5,285,440

Finance Leases
Right-of-use assets		$	232,133		$	207,127
Accumulated amortization			(142,992	)		(64,971	)
Right-of-use assets, net	Property and equipment, net	$	89,141		$	142,156

Lease liabilities	Bank and other loans payable	$	94,023		$	145,167

The Company is also a lessor and has operating lease agreements with various tenants that lease its commercial properties. See Note 2 for information about the Company’s real estate held for investment.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Restricted Assets in Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, amortized cost

$ 382,401,293

$ 376,012,071

Available for sale securities, unrecognized holding gain

8,196,174

2,899,986

Available for sale securities, unrecognized holding loss

(7,240,099)

^[1]

(11,944,935)

^[2]

Available for sale securities, estimated fair value

382,777,918

366,546,129

Equity securities, amortized cost

12,206,559

11,386,454

Equity securities, estimated fair value

18,050,062

15,771,681

Mortgage loans on real estate and construction

327,275,081

Mortgage loans on real estate and construction

322,435,385

301,747,358

Other investments

25,601,905

11,473,961

Cash and cash equivalents

114,112,108

150,102,620

$ 139,923,399

Accrued investment income

9,054,645

8,499,168

Total restricted assets

28,805,946

23,806,836

Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, amortized cost

1,176,359

2,356,862

Available for sale securities, unrecognized holding gain

1,859

2,468

Available for sale securities, unrecognized holding loss

(967)

(7,961)

Available for sale securities, estimated fair value

1,177,251

2,351,369

Other investments

1,957,888

1,939,269

Cash and cash equivalents

9,919,800

^[3]

8,553,803

^[4]

Total restricted assets

28,805,946

23,806,836

US Treasury Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, amortized cost

895,817

1,741,029

Available for sale securities, unrecognized holding gain

1,735

2,256

Available for sale securities, unrecognized holding loss

(1,511)

Available for sale securities, estimated fair value

897,552

1,741,774

US States and Political Subdivisions Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, amortized cost

228,512

471,217

Available for sale securities, unrecognized holding gain

124

180

Available for sale securities, unrecognized holding loss

(8)

(4,223)

Available for sale securities, estimated fair value

228,628

467,174

Corporate Debt Securities [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Available for sale securities, amortized cost

52,030

144,616

Available for sale securities, unrecognized holding gain

Available for sale securities, unrecognized holding loss

(959)

(2,227)

Available for sale securities, estimated fair value

51,071

142,421

Industrial Miscellaneous and All Other [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Equity securities, amortized cost

12,582,890

8,547,709

Equity securities, gross unrealized gain

2,690,346

1,914,309

Equity securities, gross unrealized loss

(344,319)

(489,852)

Equity securities, estimated fair value

14,928,917

9,972,166

Equity Securities One [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Equity securities, amortized cost

12,582,890

8,547,709

Equity securities, gross unrealized gain

2,690,346

1,914,309

Equity securities, gross unrealized loss

(344,319)

(489,852)

Equity securities, estimated fair value

14,928,917

9,972,166

Residential Construction [Member] | Restricted Assets [Member]

Impairment Effects on Earnings Per Share [Line Items]

Mortgage loans on real estate and construction

812,427

985,806

Fair value allowance for credit losses

(1,625)

(1,972)

Mortgage loans on real estate and construction

810,802

983,834

Accrued investment income

$ 11,288

$ 6,395

[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 $8,383,847 for the life insurance and mortgage segments.
[4]	Including cash and cash equivalents of $7,657,958 for the life insurance and mortgage segments.

Consolidated Statements of Earnings (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Insurance [Abstract]
Liability for future policy benefits

Income Taxes (Details Narrative)	12 Months Ended
Income Taxes (Details Narrative)	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate reconciliation, percent	22.40%	22.10%
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate, percent	21.00%	21.00%

Fair Value of Financial Instruments (Details Narrative)	12 Months Ended
Fair Value of Financial Instruments (Details Narrative)	Dec. 31, 2025
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%

Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator (Details) (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Mortgage loans in process of foreclosure, amount	$ 616,430	$ 3,942,392

- Definition

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.

+ References

+ Details

Investments (Details Narrative) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities [Line Items]

Credit loss recognized

$ 342,957

$ 106,444

Fixed maturity securities rated investment grade, percent

98.50%

97.70%

Bank loan carrying values

$ 98,387,919

$ 106,740,104

Depreciation expense

2,425,185

2,383,621

Real estate held for sale

$ 6,424,027

1,278,033

Mortgage loans percentage

6.00%

Interest not accrued on non-performing loans

$ 1,042,325

244,000

Loan commitment

201,220,000

Loan amount drawn

158,908,000

Restricted assets

1,467,058

1,939,269

Net investment income

79,338,512

71,725,249

Cemeteries and Mortuaries [Member]

Marketable Securities [Line Items]

Net investment income

1,189,558

2,124,268

Net realized gains

1,352,331

888,788

Net investment income

$ 953,785

2,009,719

HHH Real Estate LLC [Member]

Marketable Securities [Line Items]

Ownership interest

50.00%

Carrying value of the equity investment

$ 10,530,515

SN Oquirrh LLC [Member]

Marketable Securities [Line Items]

Carrying value of the equity investment

887,532

1,500,000

SN Towns LLC [Member]

Marketable Securities [Line Items]

Carrying value of the equity investment

$ 2,656,616

4,063,537

Minimum [Member]

Marketable Securities [Line Items]

Interest rate

2.00%

Mortgage loans term

9 months

Mortgage loans amortization period

0 years

Minimum [Member] | Loans [Member]

Marketable Securities [Line Items]

Interest rate

5.25%

Loan commitment ranges

50.00%

Maximum [Member]

Marketable Securities [Line Items]

Interest rate

10.50%

Mortgage loans term

30 years

Mortgage loans amortization period

30 years

Maximum [Member] | Loans [Member]

Marketable Securities [Line Items]

Interest rate

8.50%

Loan commitment ranges

80.00%

Commercial Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

$ 151,553

151,553

MISSISSIPPI | Commercial Real Estate [Member]

Marketable Securities [Line Items]

Real estate held for sale

^[1]

$ 151,553

UTAH

Marketable Securities [Line Items]

Mortgage loans percentage

57.00%

56.00%

FLORIDA

Marketable Securities [Line Items]

Mortgage loans percentage

7.00%

8.00%

CALIFORNIA

Marketable Securities [Line Items]

Mortgage loans percentage

7.00%

TEXAS

Marketable Securities [Line Items]

Mortgage loans percentage

7.00%

6.00%

ARIZONA

Marketable Securities [Line Items]

Mortgage loans percentage

9.00%

Federal Home Loan Bank of Des Moines and Dallas [Member]

Marketable Securities [Line Items]

FHLB advances owed

Advances received from FHLB

69,000,000

Advances repaid to FHLB

$ 69,000,000

359 Securities [Member]

Marketable Securities [Line Items]

Average market value over amortized cost

93.60%

706 Securities [Member]

Marketable Securities [Line Items]

Average market value over amortized cost

94.90%

Commercial Real Estate [Member]

Marketable Securities [Line Items]

Collateral for bank loans

$ 114,683,175

$ 119,889,846

Bank loan carrying values

94,120,446

96,007,488

Depreciation expense

5,719,909

5,778,214

Residential Real Estate [Member]

Marketable Securities [Line Items]

Depreciation expense

10,871

10,611

Foreclosed real estate expense

$ 1,270,669

$ 1,126,480

[1]	Consists of approximately 93 acres of undeveloped land.

Schedule of Future Minimum Rental Payments for Finance Leases and Operating Leases (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Leases
Finance Leases 2026	$ 72,074
Operating Leases 2026	2,256,398
Finance Leases 2027	11,157
Operating Leases 2027	957,728
Finance Leases 2028	9,504
Operating Leases 2028	624,120
Finance Leases 2029	7,217
Operating Leases 2029	477,929
Finance Leases 2030	1,034
Operating Leases 2030	252,836
Finance Leases Thereafter
Operating Leases Thereafter
Finance Leases Total undiscounted lease payments	100,986
Operating Leases Total undiscounted lease payments	4,569,011
Finance Leases Less: Discount on cash flows	(6,963)
Operating Leases Less: Discount on cash flows	(431,953)
Finance Leases Present value of lease liabilities	94,023	$ 145,167
Operating Leases Present value of lease liabilities	$ 4,137,058	$ 5,285,440

Stock Compensation Plans and Retirement Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans and Retirement Plans

22)	Stock Compensation Plans and Retirement Plans

Stock Compensation Plans

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

Stock Options

Stock based compensation expense for stock options issued of $1,281,569 and $794,654 has been recognized under these Plans for 2025 and 2024, respectively, and is included in personnel expenses on the consolidated statements of earnings. As of December 31, 2025, the total unrecognized compensation expense related to the stock options issued was $1,681,944, which is expected to be recognized over the remaining vesting period.

The fair value of each stock 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.

The following table summarizes the assumptions used in estimating the fair value of each stock option granted along with the weighted-average fair value of the stock options granted.

				Assumptions
Grant Date	Plan	Weighted-Average Fair Value of Each Option		Expected Dividend Yield (1)			Underlying stock FMV		Weighted-Average Volatility			Weighted-Average Risk-Free Interest Rate			Weighted-Average Expected Life (years)
December 5, 2025	All Plans	$	1.93		5	%	$	8.53		35.93	%		3.71	%		5.23

March 21, 2025	All Plans	$	3.17		5	%	$	12.82		38.26	%		3.98	%		5.31

January 9, 2025	All Plans	$	3.04		5	%	$	11.93		38.44	%		4.43	%		5.31

December 26, 2024	All Plans	$	3.01		5	%	$	11.87		38.41	%		4.38	%		5.31

December 6, 2024	All Plans	$	3.17		5	%	$	13.08		38.17	%		4.00	%		5.12

January 12, 2024	All Plans	$	2.01		5	%	$	8.35		37.51	%		3.81	%		5.31

January 8, 2024	All Plans	$	2.16		5	%	$	8.93		37.50	%		3.93	%		5.31

(1)	Stock dividend

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

22)	Stock Compensation Plans and Retirement Plans (Continued)

The activity of the Plans 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 December 31, 2023		833,570		$	4.91		1,520,062		$	5.57
Adjustment for the effect of stock dividends		38,724					76,005
Granted		59,200					330,000
Exercised		(267,491	)				(201,667	)
Cancelled		(17,409	)				–

Outstanding at December 31, 2024		646,594		$	5.63		1,724,400		$	6.87
Adjustment for the effect of stock dividends		27,898					80,571
Granted		284,707					674,343
Exercised		(162,467	)				(113,023	)
Cancelled		(35,894	)				–

Outstanding at December 31, 2025		760,838		$	6.85		2,366,291		$	7.54

Exercisable at end of year		494,756		$	5.89		1,691,948		$	7.13

Available options for future grant		1,903,835					4,207

Weighted average contractual term of options outstanding at December 31, 2025		6.71 years					6.99 years

Weighted average contractual term of options exercisable at December 31, 2025		5.09 years					5.89 years

Aggregated intrinsic value of options outstanding at December 31, 2025 (1)	$	1,822,785				$	4,717,929

Aggregated intrinsic value of options exercisable at December 31, 2025 (1)	$	1,702,761				$	4,404,475

(1)	The Company used a stock price of $9.01 as of December 31, 2025 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 2025, and 2024 was $1,503,525 and $3,104,163, respectively.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

22)	Stock Compensation Plans and Retirement Plans (Continued)

Restricted Stock Units (“RSUs”)

Stock based compensation expense for RSUs issued of $38,928 and $6,166 has been recognized under these plans for the 2025 and 2024, respectively, and is included in personnel expenses on the consolidated statements of earnings. As of December 31, 2025, the total unrecognized compensation expense related to the RSUs issued was $26,626, which is expected to be recognized over the remaining vesting period.

The activity of the RSUs is summarized as follows:

	Number of Class A Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023		2,245		$	7.72

Granted		12,353
Vested		(1,785	)

Non-vested at December 31, 2024		12,813		$	12.90
Granted		14,481
Vested		(9,726	)

Non-vested at December 31, 2025		17,568		$	9.33

Available RSUs for future grant		489,706

Retirement Plans

The Company has three 401(k) savings plans covering all eligible employees which include employer participation in accordance with the provisions of Section 401(k) of the Internal Revenue Code. The plans allow participants to make pretax contributions up to a maximum of $23,500 and $23,000 for the years 2025 and 2024, respectively or the statutory limits. The Company matched 100% of up to 3% of an employee’s total annual compensation and matched 50% of 4% to 5% of an employee’s annual compensation. The match was in Company stock. The Company’s contribution for 2025 and 2024 was $811,622 and $768,288, respectively under the plan.

The Company has a Non-Qualified Deferred Compensation Plan. Under the terms of the Plan, the Company will provide deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Board has appointed a Committee of the Company to be the Plan Administrator and to determine the employees who are eligible to participate in the plan. The employees who participate may elect to defer a portion of their compensation into the plan. The Company may contribute into the plan at the discretion of the Company’s Board of Directors. The Company’s contribution for 2025 and 2024 was $503,654 and nil, respectively under the plan.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

22)	Stock Compensation Plans and Retirement Plans (Continued)

In June 2024, the Board members approved a motion to extend the Chief Executive Officer’s employment agreement, dated December 4, 2012, for an additional six-year term ending December 31, 2030. In the event of disability, the Chief Executive Officer’s salary would be continued for up to five years at 75% of its current level of compensation. In the event of a sale or merger of the Company and the Chief Executive Officer is not retained in his current position, the Company would be obligated to continue paying the Chief Executive Officer’s current compensation and benefits for seven years following the merger or sale. The agreement further provides that the Chief Executive Officer is entitled to receive annual retirement benefits beginning (i) one month from the date of his retirement (to commence no sooner than age 65), (ii) five years following complete disability, or (iii) upon termination of his employment without cause. These retirement benefits are to be paid for a period of twenty years in annual installments in the amount equal to 75% of his then current level of compensation. If the Chief Executive Officer dies prior to receiving all retirement benefits thereunder, the remaining benefits are to be paid to his heirs. The Company adjusted the accrual by $1,479,348 and $340,557 during 2025 and 2024, respectively, to cover the present value of anticipated retirement benefits under the employment agreement. The liability accrued was $8,695,154 and $7,215,806 as of December 31, 2025 and 2024, respectively.

The Company also has an employment agreement with its former Vice President of Mortgage Operations and President of SecurityNational Mortgage, who retired from the Company on December 31, 2015. Under the terms of the employment agreement, this individual is entitled to receive retirement benefits from the Company for a period of ten years in an amount equal to 50% of his rate of compensation at the time of his retirement, which was $267,685 for the year ended December 31, 2015. If this individual dies prior to receiving all his retirement benefits under his employment agreement, the remaining benefits will be made to his heirs. The company has paid monthly installments that equal an annual payment of $133,843 to this individual each year since 2016. The liability accrued was nil and $133,843 as of December 31, 2025 and 2024, respectively and is included in other liabilities and accrued expenses on the consolidated balance sheets.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Statutory Financial Information and Dividend Limitations (Details Narrative)	Dec. 31, 2025 USD ($)
Statutory Accounting Practices [Line Items]
Cash dividend paid	$ 8,500,000
First Guaranty Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Cash dividend paid	814,000
Kilpatrick Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Cash dividend paid	$ 2,062,000

Schedule of Annual Undiscounted Cash flows of Operating Lease Payments (Details) - Commercial Real Estate [Member]	Dec. 31, 2025 USD ($)
Marketable Securities [Line Items]
2026	$ 9,398,423
2027	9,284,915
2028	9,225,616
2029	8,561,476
2030	7,419,415
Thereafter	33,296,253
Total	$ 77,186,098

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

	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	$	382,777,918		$	–	$	382,203,275	$	574,643
Equity securities		18,050,062			18,050,062		–		–
Loans held for sale		155,968,266			–		–		155,968,266
Restricted assets (1)		1,177,251			–		1,177,251		–
Restricted assets (2)		14,928,917			14,928,917		–		–
Cemetery perpetual care trust investments (1)		272,012			–		272,012		–
Cemetery perpetual care trust investments (2)		6,303,732			6,303,732		–		–
Derivatives - loan commitments (3)		1,700,742			–		–		1,700,742
Total assets accounted for at fair value on a recurring basis	$	581,178,900		$	39,282,711	$	383,652,538	$	158,243,651

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(220,605	)	$	–	$	–	$	(220,605	)
Total liabilities accounted for at fair value on a recurring basis	$	(220,605	)	$	–	$	–	$	(220,605	)

(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 Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	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	$	366,546,129		$	–	$	365,396,203	$	1,149,926
Equity securities		15,771,681			15,771,681		–		–
Loans held for sale		131,181,148			–		–		131,181,148
Restricted assets (1)		2,351,369			–		2,351,369		–
Restricted assets (2)		9,972,166			9,972,166		–		–
Cemetery perpetual care trust investments (1)		769,662			–		769,662		–
Cemetery perpetual care trust investments (2)		4,920,044			4,920,044		–		–
Derivatives - loan commitments (3)		5,348,089			–		–		5,348,089
Total assets accounted for at fair value on a recurring basis	$	536,860,288		$	30,663,891	$	368,517,234	$	137,679,163

Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)	$	(3,034,879	)	$	–	$	–	$	(3,034,879	)
Total liabilities accounted for at fair value on a recurring basis	$	(3,034,879	)	$	–	$	–	$	(3,034,879	)

(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 December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	12/31/2025		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	155,968,266	Market approach	Investor contract pricing as a percentage of unpaid principal balance		86.0	%		107.0	%		102.0	%

Derivatives - loan commitments (net)		1,480,137	Market approach	Pull-through rate		60.0	%		100.0	%		89.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			251 bps			52 bps

Fixed maturity securities available for sale		574,643	Broker quotes	Pricing quotes	$	100.00		$	100.77		$	100.10

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

				Significant	Range of Inputs
	Fair Value at		Valuation	Unobservable	Minimum			Maximum			Weighted
	12/31/2024		Technique	Input(s)	Value			Value			Average
Loans held for sale	$	131,181,148	Market approach	Investor contract pricing as a percentage of unpaid principal balance		84.0	%		109.0	%		102.0	%

Derivatives - loan commitments (net)		2,313,210	Market approach	Pull-through rate		63.0	%		100.0	%		83.0	%
				Initial-Value		N/A			N/A			N/A
				Servicing		0 bps			242 bps			47 bps

Fixed maturity securities available for sale		1,149,926	Broker quotes	Pricing quotes	$	100.00		$	101.20		$	100.16

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

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives Loan Commitments			Loans Held for Sale			Fixed Maturity Securities Available for Sale

Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926
Originations/purchases		–			2,296,054,902			–
Sales, maturities and paydowns		–			(2,323,112,059	)		(574,074	)
Foreclosed into real estate held for sale		–			(828,063	)		-
Foreclosed into receivables		–			(380,000	)		–
Total gains (losses):
Included in earnings		(833,073	) (1)		53,052,338	(1)		–	(2)
Included in other comprehensive income		–			–			(1,209	)

Balance - December 31, 2025	$	1,480,137		$	155,968,266		$	574,643

(1)	As a component of mortgage fee income on the consolidated statements of earnings
(2)	As a component of net investment income on the consolidated statements of earnings

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

	Net Derivatives 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/purchases		–			2,295,830,408			–
Sales, maturities and paydowns		–			(2,338,209,587	)		(92,593	)
Foreclosed into real estate held for sale		–			(858,977	)		–
Foreclosed into receivables		–			(382,936	)		–
Total gains (losses):
Included in earnings		729,948	(1)		48,253,050	(1)		–	(2)
Included in other comprehensive income		–			–			3,863

Balance - December 31, 2024	$	2,313,210		$	131,181,148		$	1,149,926

(1)	As a component of mortgage fee income on the consolidated statements of earnings
(2)	As a component of net investment income on the 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 December 31, 2025:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	88,348,354		$	–	$	–	$	89,318,434		$	89,318,434
Residential construction		156,744,272			–		–		156,744,272			156,744,272
Commercial		77,342,759			–		–		78,683,341			78,683,341
Mortgage loans held for investment, net	$	322,435,385		$	–	$	–	$	324,746,047		$	324,746,047
Policy loans		14,467,357			–		–		14,467,357			14,467,357
Insurance assignments, net (1)		44,507,531			–		–		44,507,531			44,507,531
Restricted assets (2)		810,802			–		–		810,802			810,802
Cemetery perpetual care trust investments (2)		66,209			–		–		66,209			66,209
Mortgage servicing rights, net		2,528,459			–		–		4,035,635			4,035,635

Liabilities
Bank and other loans payable	$	(98,387,919	)	$	–	$	–	$	(87,490,315	)	$	(87,490,315	)
Policyholder account balances - universal life		(35,825,494	)		–		–		(35,986,392	)		(35,986,392	)
Policyholder account balances - fixed annuities		(104,780,256	)		–		–		(103,880,576	)		(103,880,576	)

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

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

21)	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, 2024:

	Carrying Value			Level 1		Level 2		Level 3			Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential	$	89,780,350		$	–	$	–	$	90,168,328		$	90,168,328
Residential construction		150,211,240			–		–		150,211,240			150,211,240
Commercial		61,755,768			–		–		60,864,775			60,864,775
Mortgage loans held for investment, net	$	301,747,358		$	–	$	–	$	301,244,343		$	301,244,343
Policy loans		14,019,248			–		–		14,019,248			14,019,248
Insurance assignments, net (1)		46,956,932			–		–		46,956,932			46,956,932
Restricted assets (2)		983,834			–		–		983,834			983,834
Cemetery perpetual care trust investments (2)		2,141,464			–		–		2,141,464			2,141,464
Mortgage servicing rights, net		2,939,878			–		–		4,552,316			4,552,316

Liabilities
Bank and other loans payable	$	(106,740,104	)	$	–	$	–	$	(90,455,678	)	$	(90,455,678	)
Policyholder account balances - universal life		(37,091,230	)		–		–		(37,626,593	)		(37,626,593	)
Policyholder account balances - fixed annuities		(105,716,086	)		–		–		(104,611,544	)		(104,611,544	)

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

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,425,185	$ 2,383,621

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Schedule of Major Categories of Net Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Proceeds from sales	$ 4,890,824	$ 2,629,493
Gross realized gains	74,322	233
Gross realized losses	(15,393)	(1,407)
Gross investment income	98,146,248	87,760,217
Investment expenses	(18,807,736)	(16,034,968)
Net investment income	79,338,512	71,725,249
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	18,935,884	17,332,753
Equity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	853,864	698,484
Mortgage Loans Real Estate [Member]
Marketable Securities [Line Items]
Gross investment income	39,827,328	29,952,242
Real Estate 1 [Member]
Marketable Securities [Line Items]
Gross investment income	11,627,745	11,369,546
Policy Student and Other Loans [Member]
Marketable Securities [Line Items]
Gross investment income	965,232	953,489
Insurance Assignments [Member]
Marketable Securities [Line Items]
Gross investment income	20,898,960	19,971,108
Other Investments 1 [Member]
Marketable Securities [Line Items]
Gross investment income	995,349	806,032
Cash and Cash Equivalents 1 [Member]
Marketable Securities [Line Items]
Gross investment income	$ 4,041,886	$ 6,676,563

Schedule of Goodwill by Segment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, gross	$ 5,253,783	$ 5,253,783	$ 5,253,783
Accumulated impairment
Total goodwill, net	5,253,783	5,253,783	5,253,783
Acquisition
Life Insurance [Member]
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, gross	2,765,570	2,765,570	2,765,570
Accumulated impairment
Total goodwill, net	2,765,570	2,765,570	2,765,570
Acquisition
Cemetery Mortuary [Member]
Indefinite-Lived Intangible Assets [Line Items]
Goodwill, gross	2,488,213	2,488,213	2,488,213
Accumulated impairment
Total goodwill, net	2,488,213	2,488,213	$ 2,488,213
Acquisition

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 24
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Schedule of Mortgage Fee Income for Loans Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loans Held For Sale
Loan fees	$ 24,765,098	$ 26,343,919
Interest income	8,650,067	8,192,353
Secondary gains	75,816,772	70,354,845
Change in fair value of loan commitments	(833,073)	729,948
Change in fair value of loans held for sale	615,973	2,869,729
Provision for loan loss reserve	(805,518)	(932,154)
Mortgage fee income	$ 108,209,319	$ 107,558,640

Schedule of Weighted Average Duration of the Liability (Details) - Traditional And Limited Payment Life [Member]	Dec. 31, 2025	Dec. 31, 2024
Original Discount Rate [Member]
Effects of Reinsurance [Line Items]
Duration of the liability in years (at current discount rate)	15 years	15 years
Current Discount Rate [Member]
Effects of Reinsurance [Line Items]
Duration of the liability in years (at current discount rate)	13 years	14 years

Schedule of Investments and Obligation (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Available for sale securities, amortized cost

$ 382,401,293

$ 376,012,071

Available for sale securities, gross unrealized gain

8,196,174

2,899,986

Available for sale securities, gross unrealized losses

(7,240,099)

^[1]

(11,944,935)

^[2]

Available for sale securities, estimated fair value

382,777,918

366,546,129

Equity securities, amortized cost

12,206,559

11,386,454

Equity securities, estimated fair value

18,050,062

15,771,681

Mortgage loans on real estate and construction

327,275,081

Mortgage loans held for investment

322,435,385

301,747,358

Cash and cash equivalents

114,112,108

150,102,620

$ 139,923,399

Accrued investment income

9,054,645

8,499,168

Total cemetery perpetual care trust investments

9,871,947

8,836,503

Cemetery Perpectual Care Obligation [Member]

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

Available for sale securities, amortized cost

274,161

776,622

Available for sale securities, gross unrealized gain

842

Available for sale securities, gross unrealized losses

(2,991)

(6,960)

Available for sale securities, estimated fair value

272,012

769,662

Cash and cash equivalents

1,935,480

1,002,396

Other investments

1,290,271

Accrued investment income

4,243

2,937

Total cemetery perpetual care trust investments

9,871,947

8,836,503

Cemetery perpetual care obligation

(5,918,776)

(5,642,693)

Trust investments in excess of trust obligations

3,953,171

3,193,810

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

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

Available for sale securities, amortized cost

152,738

651,428

Available for sale securities, gross unrealized gain

842

Available for sale securities, gross unrealized losses

(2,010)

Available for sale securities, estimated fair value

153,580

649,418

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

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

Available for sale securities, amortized cost

121,423

125,194

Available for sale securities, gross unrealized gain

Available for sale securities, gross unrealized losses

(2,991)

(4,950)

Available for sale securities, estimated fair value

118,432

120,244

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

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

Equity securities, amortized cost

4,835,663

3,874,522

Equity securities, gross unrealized gain

1,637,554

1,271,529

Equity securities, gross unrealized losses

(169,485)

(226,007)

Equity securities, estimated fair value

6,303,732

4,920,044

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

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

Equity securities, amortized cost

4,835,663

3,874,522

Equity securities, gross unrealized gain

1,637,554

1,271,529

Equity securities, gross unrealized losses

(169,485)

(226,007)

Equity securities, estimated fair value

6,303,732

4,920,044

Mortgage loans held for investment

66,209

2,141,464

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

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

Mortgage loans on real estate and construction

66,342

202,600

Mortgage loans on real estate and construction, allowance for credit losses

$ (133)

(405)

Cemetery Perpectual Care Obligation [Member] | Commercial [Member]

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

Mortgage loans on real estate and construction

1,939,269

Mortgage loans on real estate and construction, allowance for credit losses

[1]	Gross unrealized losses are net of allowance for credit losses
[2]	Gross unrealized losses are net of allowance for credit losses

Summary of Bank Loans Payable (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total bank and other loans	$ 98,387,919	$ 106,740,104
Finance lease liabilities	94,023	145,167
Current Installment	(6,195,297)	(12,559,420)
Bank and other loans, excluding current installments	92,192,622	94,180,684
Note Payable 1 [Member]
Debt Instrument [Line Items]
Total bank and other loans	48,169,363	49,174,545
Note Payable 2 [Member]
Debt Instrument [Line Items]
Total bank and other loans	36,751,084	37,632,943
Note Payable 3 [Member]
Debt Instrument [Line Items]
Total bank and other loans	9,200,000	9,200,000
Note Payable 4 [Member]
Debt Instrument [Line Items]
Total bank and other loans	817,536	2,668,519
Note Payable 5 [Member]
Debt Instrument [Line Items]
Total bank and other loans	696,692	7,918,930
Note Payable 6 [Member]
Debt Instrument [Line Items]
Total bank and other loans	$ 2,659,221

Receivables (Details Narrative) - USD ($)	12 Months Ended
Receivables (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred revenue	$ 22,991,603	$ 20,168,405	$ 18,237,246
Revenue recognized included in the opening contract liability	4,806,347	5,324,668
Pre Need Merchandise and Service Revenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred revenue	22,177,345	19,511,868
At-need Specialty Merchandise Revenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred revenue	$ 814,258	$ 656,537

Summary of Operating Loss Carryforwards (Details)	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards	$ 568,300
Year of Expiration 2026 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards
Year Of Expiration 2027 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards
Year of Expiration 2028 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards
Year of Expiration 2029 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards
Year of Expiration 2030 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards
Year of Expiration Thereafter Up Through 2037 [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards	568,300
Indefinite Carryforwards [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses and tax credit carryforwards

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

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

Unrealized gains on fixed maturity securities available for sale

$ 10,258,631

$ 145,520

Amounts reclassified into net earnings

(257,606)

(156,562)

Unrealized gains (losses)

10,001,025

(11,042)

Tax benefit (expense)

(2,101,090)

(377)

Net

7,899,935

(11,419)

Interest rate remeasurement of future policy benefits

(16,285,885)

44,966,236

Tax benefit (expense)

(1,316,157)

9,443,147

Net

(12,865,848)

35,523,326

Other comprehensive income (loss) changes

(4,957,506)

35,511,485

Restricted Assets [Member]

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

Unrealized gains (losses)

^[1]

6,386

841

Tax benefit (expense)

(1,591)

(210)

Net

4,795

631

Cemetery Perpetual Care Trust Investments [Member]

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

Unrealized gains (losses)

^[1]

4,811

(1,403)

Tax benefit (expense)

(1,199)

350

Net

3,612

(1,053)

Future Policy Benefits [Member]

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

Tax benefit (expense)

$ 3,420,037

$ (9,442,910)

[1]	Fixed maturity securities available for sale

Schedule of Roll Forward for the Lines of Business that Contain DAC Balances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Balance, beginning of period	$ 127,219,907	$ 116,354,598
Deferrals	19,926,269	21,343,031
Amortization	(11,167,373)	(10,477,722)
Balance, end of period	135,978,803	127,219,907
Traditional Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	118,803,677	107,480,923
Deferrals	18,828,392	20,210,400
Amortization	(9,992,783)	(8,887,646)
Balance, end of period	127,639,286	118,803,677
Fixed Annuity [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	535,836	833,218
Deferrals	171,272	204,551
Amortization	(135,738)	(501,933)
Balance, end of period	571,370	535,836
Universal Life [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	3,754,867	4,064,299
Deferrals
Amortization	(324,349)	(309,432)
Balance, end of period	3,430,518	3,754,867
Accident and Health Insurance Product Line [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	466	1,801
Deferrals
Amortization	(466)	(1,335)
Balance, end of period		466
Preneed Contracts [Member]
Effects of Reinsurance [Line Items]
Balance, beginning of period	4,125,061	3,974,357
Deferrals	926,605	928,080
Amortization	(714,037)	(777,376)
Balance, end of period	$ 4,337,629	$ 4,125,061

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

+ Details

- Definition

Amount of deferred policy acquisition cost capitalized on contract remaining in force.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

10)	Goodwill and Other Intangible Assets

Information regarding goodwill by segment was as follows:

Schedule of Goodwill by Segment

	Life Insurance		Cemetery/ Mortuary		Total
Balance at December 31, 2023:
Goodwill	$	2,765,570	$	2,488,213	$	5,253,783
Accumulated impairment		–		–		–
Total goodwill, net		2,765,570		2,488,213		5,253,783

Acquisition		–		–		–

Balance at December 31, 2024:
Goodwill		2,765,570		2,488,213		5,253,783
Accumulated impairment		–		–		–
Total goodwill, net		2,765,570		2,488,213		5,253,783

Acquisition		–		–		–

Balance at December 31, 2025:
Goodwill		2,765,570		2,488,213		5,253,783
Accumulated impairment		–		–		–
Total goodwill, net	$	2,765,570	$	2,488,213	$	5,253,783

Goodwill is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for 2025 and 2024.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

10)	Goodwill and Other Intangible Assets (Continued)

The carrying value of the Company’s other intangible assets were as follows, which are included in other assets on the consolidated balance sheets:

		December 31,
	Useful Life	2025			2024
Intangible asset - trade name (1)	15 years	$	2,100,000		$	2,100,000
Intangible assets - other (1)	15 years		210,000			210,000
Intangible asset - trade name (2)	15 years		610,000			610,000
Intangible asset - customer lists (2)	15 years		2,290,000			2,290,000
Less accumulated amortization			(1,478,666	)		(1,131,333	)
Balance at end of year		$	3,731,334		$	4,078,667

(1)	Cemetery/Mortuary Segment
(2)	Life Insurance Segment

Amortization expense for 2025 and 2024 was $347,333 and $324,000, respectively, and is amortized over the estimated useful life using the straight-line method. Amortization expense is included in other expenses on the consolidated statements of earnings.

The following table summarizes the Company’s estimate of future amortization for the other intangible assets:


2026	$	347,333
2027		347,333
2028		347,333
2029		347,333
2030		347,333
Thereafter		1,994,669
Total	$	3,731,334

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

Schedule of Derivative Assets at Fair Value (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	$ 132,887,592	$ 210,597,657
Derivative asset, notional amount	1,700,742	5,348,089
Derivative liability, notional amount	220,605	3,034,879
Net Derivatives Loan Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Derivative, notional amount	132,887,592	210,597,657
Derivative asset, notional amount	1,700,742	5,348,089
Derivative liability, notional amount	$ 220,605	$ 3,034,879

Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates and the Related Range of Difference (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	$ 140,605,750	$ 142,807,316
Universal Life [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	35,825,494	37,091,230	$ 37,992,650
Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	26,740,838	27,580,944
Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	9,084,656	9,510,286
Fixed Annuity [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	104,233,454	105,088,621
Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	21,226,667	23,823,651
Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	9,882,608	10,408,200
Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	45,422,417	41,734,378
Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	27,701,762	29,122,392
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	29,615,090	30,780,846
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	25,201,294	26,046,613
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	4,413,796	4,734,233
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	77,557,724	76,520,246
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	11,015,277	12,054,288
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	4,658,151	4,971,936
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	34,527,466	30,725,910
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	27,356,830	28,768,112
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	4,670,860	4,776,053
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	4,670,860	4,776,053
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	20,635,774	22,304,557
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	10,211,390	11,769,363
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	10,424,384	10,535,194
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	1,539,544	1,534,331
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	1,539,544	1,534,331
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	715,972	723,027
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	331,769	333,150
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	39,271	35,597
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	344,932	354,280
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Universal Life [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	5,323,984	5,540,791
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From Less Than 100 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 100 To 199 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	4,892,688	5,103,114
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total	431,296	437,677
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater [Member] \| Fixed Annuity [Member] \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Total