Security National Financial Corp. Files Q2 2024 10-Q
Ticker: SNFCA · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 318673
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**SNFC files Q2 10-Q. Financials for H1 2024 detailed.**
AI Summary
Security National Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including balance sheet information as of June 30, 2024, and December 31, 2023, and income statement data for the three and six months ended June 30, 2024, and 2023. Specific financial figures and operational details are presented within the report.
Why It Matters
This 10-Q filing provides investors and analysts with the latest financial data for Security National Financial Corp., crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.
Key Numbers
- 2024-06-30 — Balance Sheet Date (Current quarter end)
- 2023-12-31 — Previous Year-End Balance Sheet Date (Comparison point for financial position)
- 2024-06-30 — Income Statement Period End (Current quarter and year-to-date reporting)
- 2023-06-30 — Prior Year Income Statement Period End (Comparison for quarterly performance)
Key Players & Entities
- SECURITY NATIONAL FINANCIAL CORP (company) — Filer
- 0000318673 (company) — Central Index Key
- 20240630 (date) — Period of Report
- 20240814 (date) — Filed as of Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240814.
What are the key dates for balance sheet comparison in this filing?
The filing provides balance sheet information as of 2024-06-30 and 2023-12-31.
What periods are covered by the income statement data presented?
The income statement data covers the three and six months ended June 30, 2024, and compares it to the same periods in 2023.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 6199, categorized under Finance Services.
Filing Stats: 4,328 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-08-14 13:00:56
Filing Documents
- form10-q.htm (10-Q) — 3118KB
- ex21.htm (EX-21) — 17KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 8KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 5KB
- 0001493152-24-032027.txt ( ) — 17536KB
- snfca-20240630.xsd (EX-101.SCH) — 104KB
- snfca-20240630_cal.xml (EX-101.CAL) — 95KB
- snfca-20240630_def.xml (EX-101.DEF) — 465KB
- snfca-20240630_lab.xml (EX-101.LAB) — 701KB
- snfca-20240630_pre.xml (EX-101.PRE) — 610KB
- form10-q_htm.xml (XML) — 4598KB
- Financial Information
Part I - Financial Information Item 1.
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3-4 Condensed Consolidated Statements of Earnings for the three and six month periods ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity as of June 30, 2024 and June 30, 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 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 66 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 72 Item 4.
Controls and Procedures
Controls and Procedures 72
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 72 Item 1A.
Risk Factors
Risk Factors 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72 Item 3. Defaults Upon Senior Securities 73 Item 4. Mine Safety Disclosures 73 Item 5. Other Information 73 Item 6. Exhibits 74
Signatures
Signatures 75 2 SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Part I - Financial Information Item 1. Financial Statements. June 30, 2024 (Unaudited) December 31, 2023 Assets Investments: Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $ 360,599,601 and $ 390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $ 394,260 and $ 314,549 for 2024 and 2023, respectively) $ 349,358,027 $ 381,535,986 Equity securities at estimated fair value (cost of $ 11,266,705 and $ 10,571,505 for 2024 and 2023, respectively) 15,019,179 13,636,071 Mortgage loans held for investment (net of allowance for credit losses of $ 2,853,852 and $ 3,818,653 for 2024 and 2023, respectively) 284,343,531 275,616,837 Real estate held for investment (net of accumulated depreciation of $ 28,582,113 and $ 29,307,791 for 2024 and 2023, respectively) 188,320,653 183,419,292 Real estate held for sale 1,010,530 3,028,973 Other investments and policy loans (net of allowance for credit losses of $ 1,535,324 and $ 1,553,836 for 2024 and 2023, respectively) 72,520,587 69,404,617 Accrued investment income 8,838,006 10,170,790 Total investments 919,410,513 936,812,566 Cash and cash equivalents 143,632,984 126,941,658 Loans held for sale at estimated fair value 150,196,416 126,549,190 Receivables (net of allowance for credit losses of $ 1,770,911 and $ 1,897,887 for 2024 and 2023, respectively) 13,962,320 15,335,315 Restricted assets (including $ 10,107,237 and $ 9,239,063 for 2024 and 2023 respectively, at estimated fair value) 22,600,416 20,028,976 Cemetery perpetual care trust investments (including $ 5,197,829 and $ 4,969,005 for 2024 and 2023, respectively, at estimated fair value) 8,452,082 8,082,917 Receivable from reinsurers 14,443,938 14,857,059 Cemetery land and improvements 9,546,015 9,163,69