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

Development Projects - The Company has developed or is in the process of developing assets with an initial development cost exceeding $100,000,000, primarily related to the Center53 Development and multiple single-family residential projects[54] - The Center53 Development is expected to create nearly one million square feet of office space in five buildings, with the first phase completed in July 2017 and currently 93% leased[55] Employment and Workforce - As of December 31, 2023, the Company employed 1,227 full-time and 246 part-time employees, with 729 in the mortgage segment, 373 in life insurance, and 125 in cemetery and mortuary[68] - The Company has an employee safe harbor retirement plan for each business segment, with matching contributions based on employee contributions[70] - As of December 31, 2023, 756 employees had elected to participate in the Company's group health insurance plans[69] Business Segments and Marketing - The Company's residential mortgage lending services are marketed primarily to real estate brokers, builders, and directly to consumers, with a strong presence in Utah, Florida, Texas, Nevada, and Arizona[53] - The Company actively seeks to sell its cemetery and funeral products on a pre-need basis, employing commission-based sales representatives, many of whom are also licensed insurance salesmen[49] Industry Competition and Regulation - The Company's insurance subsidiaries are subject to comprehensive regulation, which may cause unforeseen costs and operational restrictions[56] - The life insurance industry is highly competitive, with approximately 800 legal reserve life insurance companies in the U.S., many of which have greater financial resources[64] - The mortgage industry is highly competitive and sensitive to changes in interest rates, impacting refinancing opportunities[66]

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ Commission File Number: 000-09341 SECURITY NATIONAL FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) UTAH 87-0345941 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ Commission File Number: 000-09341 SECURITY NATIONAL FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) UTAH 87-0345941 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number 000-09341 SECURITY NATIONAL FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) UTAH 87-0345941 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 433 Ascension Way, 6Floor, Salt Lake City, Utah ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ Commission File Number: 000-09341 SECURITY NATIONAL FINANCIAL CORPORATION Indicate by check mark whether the registrant (1) has filed all reports requir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ Commission File Number: 000-09341 SECURITY NATIONAL FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) UTAH 87-0345941 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Washington, D.C. 20549 FORM 10-K Commission File Number 000-09341 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SECURITY NATIONAL FINANCIAL CORPORATION For the fiscal year ended December 31, 2021 or Indicate by check mark whether the registrant is a shell company (as defined in Rule 1 ...