Security National Financial Corp. Files Q3 2024 10-Q
Ticker: SNFCA · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 318673
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**SNFCA Q3 10-Q filed. Shows financial snapshot as of Sept 30, 2024.**
AI Summary
Security National Financial Corp. filed its Q3 10-Q report for the period ending September 30, 2024. The filing details the company's financial position and performance, including its share structure with Common Class A, B, and C members. The report covers the nine-month period from January 1, 2024, to September 30, 2024, and compares it to the same period in 2023.
Why It Matters
This filing provides investors with an updated look at Security National Financial Corp.'s financial health and operational performance for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Numbers
- Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
- 2024-09-30 — As of Date (Financials are reported as of this date.)
- 2023-12-31 — Prior Year End (Comparison point for financial data.)
Key Players & Entities
- SECURITY NATIONAL FINANCIAL CORP (company) — Filer
- 20240930 (date) — Conformed Period of Report
- 20241114 (date) — Filing Date
- SALT LAKE CITY (location) — Business Address City
- UT (location) — Business Address State
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is 20240930, indicating the filing covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241114.
What are the different classes of common stock mentioned in the filing?
The filing mentions Common Class A Member, Common Class B Member, and Common Class C Member.
What is the company's primary business address?
The company's business address is PO BOX 57220, SALT LAKE CITY, UT 84157.
What fiscal year end does Security National Financial Corp. have?
The company's fiscal year ends on 1231.
Filing Stats: 4,342 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-14 12:19:31
Filing Documents
- form10-q.htm (10-Q) — 3185KB
- ex21.htm (EX-21) — 21KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 13KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 8KB
- 0001493152-24-045535.txt ( ) — 17601KB
- snfca-20240930.xsd (EX-101.SCH) — 103KB
- snfca-20240930_cal.xml (EX-101.CAL) — 95KB
- snfca-20240930_def.xml (EX-101.DEF) — 459KB
- snfca-20240930_lab.xml (EX-101.LAB) — 693KB
- snfca-20240930_pre.xml (EX-101.PRE) — 602KB
- form10-q_htm.xml (XML) — 4625KB
- Financial Information
Part I - Financial Information Item 1.
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3-4 Condensed Consolidated Statements of Earnings for the three and nine month periods ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the three and nine month periods ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity as of September 30, 2024 and September 30, 2023 (unaudited) 7-8 Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2024 and 2023 (unaudited) 9-10 Notes to Condensed Consolidated Financial Statements (unaudited) 11 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 67 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 73 Item 4.
Controls and Procedures
Controls and Procedures 73
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings 74 Item 1A.
Risk Factors
Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 75 Item 5. Other Information 75 Item 6. Exhibits 75
Signatures
Signatures 76 2 SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Part I - Financial Information Item 1. Financial Statements. September 30, 2024 December 31, 2023 Assets Investments: Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $ 347,143,698 and $ 390,884,441 for 2024 and 2023, respectively; net of allowance for credit losses of $ 414,602 and $ 314,549 for 2024 and 2023, respectively) $ 346,513,336 $ 381,535,986 Equity securities at estimated fair value (cost of $ 11,357,095 and $ 10,571,505 for 2024 and 2023, respectively) 16,385,571 13,636,071 Mortgage loans held for investment (net of allowance for credit losses of $ 1,579,746 and $ 3,818,653 for 2024 and 2023, respectively) 281,734,182 275,616,837 Real estate held for investment (net of accumulated depreciation of $ 30,005,134 and $ 29,307,791 for 2024 and 2023, respectively) 200,490,556 183,419,292 Real estate held for sale 1,001,453 3,028,973 Other investments and policy loans (net of allowance for credit losses of $ 1,540,835 and $ 1,553,836 for 2024 and 2023, respectively) 70,219,649 69,404,617 Accrued investment income 7,860,824 10,170,790 Total investments 924,205,571 936,812,566 Cash and cash equivalents 170,706,542 126,941,658 Loans held for sale at estimated fair value 142,897,741 126,549,190 Receivables (net of allowance for credit losses of $ 1,566,150 and $ 1,897,887 for 2024 and 2023, respectively) 16,451,703 15,335,315 Restricted assets (including $ 11,608,495 and $ 9,239,063 for 2024 and 2023 respectively, at estimated fair value) 27,957,336 20,028,976 Cemetery perpetual care trust investments (including $ 5,844,356 and $ 4,969,005 for 2024 and 2023, respectively, at estimated fair value) 8,945,781 8,082,917 Receivable from reinsurers 14,299,734 14,857,059 Cemetery land and improvements 9,786,769 9,163,691 Deferre
financial statements
financial statements. 12 SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2024 (Unaudited) 2) Recent Accounting Pronouncements (Continued) ASU No. 2023-09: "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" — Issued in December 2023, ASU 2023-09 requires that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for the Company beginning on January 1, 2025. The Company is in the process of estimating the impact of the new guidance on the consolidated financial statements. ASU No. 2023-07: "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" — Issued in November 2023, ASU 2023-07 require