Security National Financial Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: SNFCA · Form: 10-Q · Filed: May 14, 2024 · CIK: 318673
Sentiment: neutral
Topics: 10-Q, Quarterly Report, Financials, Security National Financial Corp., SEC Filing
TL;DR
<b>Security National Financial Corp. has filed its Q1 2024 10-Q report.</b>
AI Summary
SECURITY NATIONAL FINANCIAL CORP (SNFCA) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Security National Financial Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31. The company is incorporated in Utah. The SIC code for the company is 6199 (Finance Services).
Why It Matters
For investors and stakeholders tracking SECURITY NATIONAL FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's recent operational results and make informed investment decisions.
Risk Assessment
Risk Level: low — SECURITY NATIONAL FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating a routine disclosure of financial information.
Analyst Insight
Monitor future filings for detailed financial performance and any significant changes in the company's financial health.
Key Numbers
- 2024-03-31 — Period of Report (10-Q filing)
- 2024-05-14 — Filed As Of Date (10-Q filing)
- 6199 — Standard Industrial Classification (Finance Services)
Key Players & Entities
- SECURITY NATIONAL FINANCIAL CORP (company) — Filer name
- 0000318673 (company) — Central Index Key
- UT (company) — State of incorporation
- SALT LAKE CITY (company) — Business address city
- 2024-03-31 (date) — Period of report
- 2024-05-14 (date) — Filed as of date
FAQ
When did SECURITY NATIONAL FINANCIAL CORP file this 10-Q?
SECURITY NATIONAL FINANCIAL CORP filed this Quarterly Report (10-Q) with the SEC on May 14, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SECURITY NATIONAL FINANCIAL CORP (SNFCA).
Where can I read the original 10-Q filing from SECURITY NATIONAL FINANCIAL CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SECURITY NATIONAL FINANCIAL CORP.
What are the key takeaways from SECURITY NATIONAL FINANCIAL CORP's 10-Q?
SECURITY NATIONAL FINANCIAL CORP filed this 10-Q on May 14, 2024. Key takeaways: Security National Financial Corp. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of the fiscal year.. The company's fiscal year ends on December 31..
Is SECURITY NATIONAL FINANCIAL CORP a risky investment based on this filing?
Based on this 10-Q, SECURITY NATIONAL FINANCIAL CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating a routine disclosure of financial information.
What should investors do after reading SECURITY NATIONAL FINANCIAL CORP's 10-Q?
Monitor future filings for detailed financial performance and any significant changes in the company's financial health. The overall sentiment from this filing is neutral.
How does SECURITY NATIONAL FINANCIAL CORP compare to its industry peers?
The company operates within the Finance Services sector, specifically under SIC code 6199.
Are there regulatory concerns for SECURITY NATIONAL FINANCIAL CORP?
The filing is a standard Form 10-Q, which is a mandatory quarterly report for publicly traded companies in the United States, regulated by the SEC.
Industry Context
The company operates within the Finance Services sector, specifically under SIC code 6199.
Regulatory Implications
The filing is a standard Form 10-Q, which is a mandatory quarterly report for publicly traded companies in the United States, regulated by the SEC.
What Investors Should Do
- Review the full 10-Q document for detailed financial statements and management discussion.
- Analyze any segment information or footnotes provided in the report for deeper insights.
- Compare the Q1 2024 results with previous quarters and the same period in the prior year.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.
Year-Over-Year Comparison
This filing represents the first quarterly report for the fiscal year 2024, following the 2023 annual report.
Filing Stats: 4,270 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-05-14 11:00:58
Key Financial Figures
- $2.00 — 057,835 shares of Class A Common Stock, $2.00 par value, outstanding and 2,971,588 sh
Filing Documents
- form10-q.htm (10-Q) — 3251KB
- ex21.htm (EX-21) — 19KB
- ex31-1.htm (EX-31.1) — 13KB
- ex31-2.htm (EX-31.2) — 13KB
- ex32-1.htm (EX-32.1) — 8KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-019130.txt ( ) — 18588KB
- snfca-20240331.xsd (EX-101.SCH) — 105KB
- snfca-20240331_cal.xml (EX-101.CAL) — 92KB
- snfca-20240331_def.xml (EX-101.DEF) — 468KB
- snfca-20240331_lab.xml (EX-101.LAB) — 657KB
- snfca-20240331_pre.xml (EX-101.PRE) — 576KB
- form10-q_htm.xml (XML) — 5112KB
- Financial Information
Part I - Financial Information Item 1.
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3-4 Condensed Consolidated Statements of Earnings for the three month periods ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity as of March 31, 2024 and March 31, 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2024 and 2023 (unaudited) 8-9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 65 Item 4.
Controls and Procedures
Controls and Procedures 65
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 65 Item 1A.
Risk Factors
Risk Factors 66 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 67 Item 6. Exhibits 67
Signatures
Signatures 68 2 Part I - Financial Information Item 1. Financial SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets Investments: Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $ 386,405,977 and $ 390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $ 410,549 and $ 314,549 for 2024 and 2023, respectively) $ 375,833,407 $ 381,535,986 Equity securities at estimated fair value (cost of $ 11,160,744 and $ 10,571,505 for 2024 and 2023, respectively) 15,161,999 13,636,071 Mortgage loans held for investment (net of allowance for credit losses of $ 2,921,614 and $ 3,818,653 for 2024 and 2023, respectively) 268,636,784 275,616,837 Real estate held for investment (net of accumulated depreciation of $ 27,161,160 and $ 29,307,791 for 2024 and 2023, respectively) 183,562,322 183,419,292 Real estate held for sale 13,122,924 3,028,973 Other investments and policy loans (net of allowance for credit losses of $ 1,587,525 and $ 1,553,836 for 2024 and 2023, respectively) 70,510,984 69,404,617 Accrued investment income 8,961,065 10,170,790 Total investments 935,789,485 936,812,566 Cash and cash equivalents 150,930,786 126,941,658 Loans held for sale at estimated fair value 112,678,958 126,549,190 Receivables (net of allowance for credit losses of $ 1,755,553 and $ 1,897,887 for 2024 and 2023, respectively) 16,875,546 15,335,315 Restricted assets (including $ 10,083,226 and $ 9,239,063 for 2024 and 2023 respectively, at estimated fair value) 20,878,561 20,028,976 Cemetery perpetual care trust investments (including $ 5,217,068 and $ 4,969,005 for 2024 and 2023, respectively, at estimated fair value) 8,368,975 8,082,917 Receivable from reinsurers 14,726,731 14,857,059 Cemetery land and improvements 9,557,577 9,163,691 Deferred