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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, 2021

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 jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
433 West Ascension Way, Salt Lake City, Utah   84123
(Address of principal executive offices)   (Zip Code)

 

(801) 264-1060

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol   Name of each exchange on which registered
Class A Common Stock   SNFCA   The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)   Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No

 

As of November 1, 2021, the registrant had 17,596,665 shares of Class A Common Stock, $2.00 par value, outstanding and 2,761,909 shares of Class C Common Stock, $2.00 par value, outstanding.

 

 

 

 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

 

QUARTER ENDED SEPTEMBER 30, 2021

 

Table of Contents

 

    Page No.
  Part I - Financial Information  
Item 1. Financial Statements  
  Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 3 - 4
  Condensed Consolidated Statements of Earnings for the three and nine months ended September 30, 2021 and 2020 (unaudited) 5
  Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited) 6
  Condensed Consolidated Statements of Stockholders’ Equity as of September 30, 2021 and September 30, 2020 (unaudited) 7-8
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (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 51
Item 3. Quantitative and Qualitative Disclosures about Market Risk 56
Item 4. Controls and Procedures 56
  Part II - Other Information  
Item 1. Legal Proceedings 57
Item 1A. Risk Factors 57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57
Item 3. Defaults Upon Senior Securities 57
Item 4. Mine Safety Disclosures 57
Item 5. Other Information 57
Item 6. Exhibits 58
  Signature Page 59

 

2

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

Part I - Financial Information

 

Item 1. Financial Statements

 

         
   September 30    
   2021
(Unaudited)
   December 31
2020
 
Assets          
Investments:          
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $238,809,528 and $265,150,484 for 2021 and 2020)  $264,844,942   $294,656,679 
Equity securities at estimated fair value (cost of $8,198,282 and $9,698,490 for 2021 and 2020)   10,729,744    11,324,239 
Mortgage loans held for investment (net of allowances for loan losses of $1,753,853 and $2,005,127 for 2021 and 2020)   307,390,481    249,343,936 
Real estate held for investment (net of accumulated depreciation of $18,908,623 and $13,800,973 for 2021 and 2020)   189,610,360    131,684,453 
Real estate held for sale   6,081,155    7,878,807 
Other investments and policy loans (net of allowances for doubtful accounts of $1,795,037 and $1,645,475 for 2021 and 2020)   73,615,628    73,696,661 
Accrued investment income   5,386,756    5,360,523 
Total investments   857,659,066    773,945,298 
Cash and cash equivalents   111,498,676    106,219,429 
Loans held for sale at estimated fair value   312,655,843    422,772,418 
Receivables (net of allowances for doubtful accounts of $1,664,747 and $1,685,382 for 2021 and 2020)   17,158,481    10,899,207 
Restricted assets (including $4,596,169 and $3,989,415 for 2021 and 2020 at estimated fair value)   17,448,402    16,150,036 
Cemetery perpetual care trust investments (including $3,173,658 and $2,810,070 for 2021 and 2020 at estimated fair value)   6,762,211    6,413,167 
Receivable from reinsurers   15,938,343    15,569,156 
Cemetery land and improvements   8,432,437    8,761,436 
Deferred policy and pre-need contract acquisition costs   104,251,952    100,075,276 
Mortgage servicing rights, net   50,360,805    35,210,516 
Property and equipment, net   15,200,052    12,473,345 
Value of business acquired   9,034,414    8,955,249 
Goodwill   3,519,588    3,519,588 
Other   28,405,710    27,976,357 
           
Total Assets  $1,558,325,980   $1,548,940,478 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

3

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

 

   September 30     
   2021
(Unaudited)
   December 31
2020
 
Liabilities and Stockholders’ Equity          
Liabilities          
Future policy benefits and unpaid claims  $860,871,187   $844,790,087 
Unearned premium reserve   3,126,372    3,328,623 
Bank and other loans payable   263,186,923    297,824,368 
Deferred pre-need cemetery and mortuary contract revenues   14,184,328    13,080,179 
Cemetery perpetual care obligation   4,248,379    4,087,704 
Accounts payable   13,921,187    8,932,683 
Other liabilities and accrued expenses   69,236,255    87,650,981 
Income taxes   32,835,181    25,258,800 
Total liabilities   1,261,609,812    1,284,953,425 
           
Stockholders’ Equity          
Preferred Stock - non-voting - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding        
Class A: common stock - $2.00 par value; 20,000,000 shares authorized; issued 17,594,048 shares in 2021 and 16,595,783 shares in 2020   35,188,096    33,191,566 
Class B: non-voting common stock - $1.00 par value; 5,000,000 shares authorized; none issued or outstanding        
Class C: convertible common stock - $2.00 par value; 3,000,000 shares authorized; issued 2,761,909 shares in 2021 and 2,679,603 shares in 2020   5,523,818    5,359,206 
Common Stock, Value          
Additional paid-in capital   57,462,981    50,287,253 
Accumulated other comprehensive income, net of taxes   20,473,292    23,243,133 
Retained earnings   179,195,423    153,739,167 
Treasury stock at cost – 44,145 Class A shares and 95,356 Class C shares in 2021; and 227,852 Class A shares and 10,985 Class C shares in 2020   (1,127,442)   (1,833,272)
           
Total stockholders’ equity   296,716,168    263,987,053 
           
Total Liabilities and Stockholders’ Equity  $1,558,325,980   $1,548,940,478 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

4

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

                 
  

Three Months Ended

September 30

  

Nine Months Ended

September 30

 
   2021   2020   2021   2020 
Revenues:                
Mortgage fee income  $66,257,851   $98,559,624   $204,414,276   $212,209,718 
Insurance premiums and other considerations   26,445,618    23,766,576    74,754,856    68,982,561 
Net investment income   15,092,962    14,709,142    43,564,167    41,072,386 
Net mortuary and cemetery sales   5,967,675    5,371,715    18,228,199    14,530,584 
Gains (losses) on investments and other assets   976,900    800,507    4,414,217    (173,461)
Other   4,768,125    2,997,001    13,542,337    7,853,468 
Total revenues   119,509,131    146,204,565    358,918,052    344,475,256 
                     
Benefits and expenses:                    
Death benefits   15,474,512    16,026,897    48,630,585    43,021,247 
Surrenders and other policy benefits   977,190    1,056,318    2,725,791    2,964,984 
Increase in future policy benefits   7,485,565    4,892,972    19,140,939    18,534,848 
Amortization of deferred policy and pre- need acquisition costs and value of business acquired   4,709,979    4,239,935    11,940,905    10,781,658 
Selling, general and administrative expenses:                    
Commissions   28,769,191    37,761,992    91,392,436    81,555,823 
Personnel   25,122,254    21,700,446    73,822,449    60,959,099 
Advertising   1,691,236    1,607,138    5,089,301    3,842,296 
Rent and rent related   1,853,960    1,797,161    5,594,206    5,074,755 
Depreciation on property and equipment   412,152    516,243    1,387,275    1,550,526 
Costs related to funding mortgage loans   2,379,085    3,057,276    8,055,810    7,392,373 
Other   13,775,139    11,701,986    37,754,717    33,080,916 
Interest expense   1,807,461    2,363,169    5,327,072    6,063,218 
Cost of goods and services sold-mortuaries and cemeteries   908,014    899,101    2,880,766    2,401,592 
Total benefits and expenses   105,365,738    107,620,634    313,742,252    277,223,335 
                     
Earnings before income taxes   14,143,393    38,583,931    45,175,800    67,251,921 
Income tax expense   (3,352,663)   (9,279,162)   (10,998,876)   (15,965,656)
                     
Net earnings  $10,790,730   $29,304,769   $34,176,924   $51,286,265 
                     
Net earnings per Class A Equivalent common share (1)  $0.54   $1.48   $1.70   $2.60 
Net earnings per Class A Equivalent common share-assuming dilution (1)  $0.51   $1.44   $1.63   $2.55 
Weighted-average Class A equivalent common shares outstanding (1)   20,160,912    19,830,879    20,117,257    19,717,877 
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)   20,980,881    20,418,599    20,927,695    20,142,083 

 

(1)Net earnings per share amounts 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.

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

5

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

                 
  

Three Months Ended

September 30

  

Nine Months Ended

September 30

 
   2021   2020   2021   2020 
Net earnings  $10,790,730   $29,304,769   $34,176,924   $51,286,265 
Other comprehensive income:                    
Unrealized gains (losses) on fixed maturity securities available for sale  $(1,406,615)   3,810,906    (3,477,826)   7,810,537 
Unrealized gains (losses) on restricted assets   (13,951)   23,323    (21,682)   28,309 
Unrealized losses on cemetery perpetual care trust investments   (4,669)   (16,883)   (10,927)   (11,114)
Foreign currency translation adjustments       84    2,835    (196)
Other comprehensive income (loss), before income tax   (1,425,235)   3,817,430    (3,507,600)   7,827,536 
Income tax benefit (expense)   300,029    (801,915)   737,759    (1,644,446)
Other comprehensive income (loss), net of income tax   (1,125,206)   3,015,515    (2,769,841)   6,183,090 
Comprehensive income  $9,665,524   $32,320,284   $31,407,083   $57,469,355 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

6

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

   Class A Common Stock   Class C Common Stock   Additional Paid-in Capital   Accumulated Other Comprehensive Income   Retained Earnings   Treasury Stock   Total 
   Nine Months Ended September 30, 2021 
   Class A Common Stock   Class C Common Stock   Additional Paid-in Capital   Accumulated Other Comprehensive Income   Retained Earnings   Treasury Stock   Total 
                             
January 1, 2021  $33,191,566   $5,359,206   $50,287,253   $23,243,133   $153,739,167   $(1,833,272)  $263,987,053 
                                    
Net earnings                   12,128,715        12,128,715 
Other comprehensive loss               (5,388,522)           (5,388,522)
Stock-based compensation expense           39,153                39,153 
Exercise of stock options   55,852        33,401                89,253 
Sale of treasury stock           290,381            1,632,041    1,922,422 
Purchase of treasury stock                       (910,233)   (910,233)
Conversion Class C to Class A   97,054    (97,054)                    
March 31, 2021  $33,344,472   $5,262,152   $50,650,188   $17,854,611   $165,867,882   $(1,111,464)  $271,867,841 
                                    
Net earnings                   11,257,479        11,257,479 
Other comprehensive income               3,743,887            3,743,887 
Exercise of stock options   106,044        7,655                113,699 
Sale of treasury stock           (38,048)           1,499,862    1,461,814 
Purchase of treasury stock                       (2,596,006)   (2,596,006)
Stock dividends   1,672,526    263,108    6,774,719        (8,710,354)       (1)
June 30, 2021  $35,123,042   $5,525,260   $57,394,514   $21,598,498   $168,415,007   $(2,207,608)  $285,848,713 
                                    
Net earnings                   10,790,730        10,790,730 
Other comprehensive loss               (1,125,206)           (1,125,206)
Exercise of stock options   61,320        24,182                85,502 
Sale of treasury stock           (6,274)           1,338,621    1,332,347 
Purchase of treasury stock           42,537            (258,455)   (215,918)
Conversion Class C to Class A   1,440    (1,440)                    
Stock dividends   2,294    (2)   8,022        (10,314)        
September 30, 2021  $35,188,096   $5,523,818   $57,462,981   $20,473,292   $179,195,423   $(1,127,442)  $296,716,168 

 

7

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited) (Continued)

 

   Nine Months Ended September 30, 2020 
   Class A Common Stock   Class C Common Stock   Additional Paid-in Capital   Accumulated Other Comprehensive Income   Retained Earnings   Treasury Stock   Total 
                             
January 1, 2020  $32,215,558   $5,001,774   $46,091,112   $13,726,514   $101,256,229   $(1,580,582)  $196,710,605 
                                    
Net earnings                   1,424,449        1,424,449 
Other comprehensive loss               (8,852,313)           (8,852,313)
Stock-based compensation expense           65,877                65,877 
Exercise of stock options   44,822        (33,930)               10,892 
Sale of treasury stock           218,280            264,081    482,361 
Purchase of treasury stock                       (129,608)   (129,608)
Stock dividends   2,322    (1,020)   2,292        (3,594)        
Conversion Class C to Class A   22,324    (22,324)                    
March 31, 2020  $32,285,026   $4,978,430   $46,343,631   $4,874,201   $102,677,084   $(1,446,109)  $189,712,263 
                                    
Net earnings                   20,557,047        20,557,047 
Other comprehensive income               12,019,888            12,019,888 
Stock-based compensation expense           101,520                101,520 
Exercise of stock options   22,726        (22,726)                
Sale of treasury stock           319,676            664,546    984,222 
Purchase of treasury stock                       (760,713)   (760,713)
Stock dividends   807,356    124,460    2,175,790        (3,107,607)       (1)
June 30, 2020  $33,115,108   $5,102,890   $48,917,891   $16,894,089   $120,126,524   $(1,542,276)  $222,614,226 
                                    
Net earnings                   29,304,769        29,304,769 
Other comprehensive income               3,015,515            3,015,515 
Stock-based compensation expense           104,562                104,562 
Sale of treasury stock           330,939            886,452    1,217,391 
Purchase of treasury stock                       (210,506)   (210,506)
Stock dividends   742        1,732        (2,474)        
Conversion Class C to Class A   4,124    (4,124)                    
September 30, 2020  $33,119,974   $5,098,766   $49,355,124   $19,909,604   $149,428,819   $(866,330)  $256,045,957 

 

8

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

         
   Nine Months Ended September 30 
   2021   2020 
Cash flows from operating activities:          
Net cash provided by (used in) operating activities  $128,890,897   $(164,589,158)
           
Cash flows from investing activities:          
Purchases of fixed maturity securities   (14,359,481)   (56,899,073)
Sales, calls and maturities of fixed maturity securities   40,856,383    75,523,084 
Purchases of equity securities   (1,382,227)   (6,492,243)
Sales of equity securities   3,334,697    2,011,568 
Net changes in restricted assets   28,770    (2,650,188)
Net changes in perpetual care trusts   1,065,459    (870,485)
Mortgage loans held for investment, other investments and policy loans made   (635,682,683)   (486,189,616)
Payments received for mortgage loans held for investment, other investments and policy loans   577,555,622    478,445,833 
Purchases of property and equipment   (4,187,580)   (1,111,360)
Sales of property and equipment   45,168     
Purchases of real estate   (70,404,325)   (27,528,643)
Sales of real estate   22,974,490    13,052,416 
Net cash used in investing activities   (80,155,707)   (12,708,707)
           
Cash flows from financing activities:          
Investment contract receipts   8,743,867    8,656,037 
Investment contract withdrawals   (11,776,818)   (12,759,734)
Proceeds from stock options exercised   288,454    10,892 
Purchases of treasury stock   (3,722,157)   (1,100,827)
Repayment of bank loans   (54,454,529)   (251,041,466)
Proceeds from bank loans   97,119,014    329,672,821 
Net change in warehouse line borrowings for loans held for sale   (77,374,340)   128,600,308 
Net cash provided by (used in) financing activities   (41,176,509)   201,038,031 
           
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents   7,558,681    23,740,166 
           
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period   115,465,086    137,735,673 
           
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period  $123,023,767   $161,475,839 
           
Supplemental Disclosure of Cash Flow Information:          
Cash paid during the year for:          
Interest  $5,464,423   $5,917,344 
Income taxes (net of refunds)   2,684,737    4,995,073 
           
Non Cash Operating, Investing and Financing Activities:          
Accrued real estate construction costs and retainage  $8,321,415   $347,826 
Benefit plans funded with treasury stock   4,716,583    2,683,974 
Right-of-use assets obtained in exchange for operating lease liabilities   2,435,831    4,796,580 
Mortgage loans held for investment foreclosed into real estate held for investment   931,079    686,124 
Transfer of loans held for sale to mortgage loans held for investment   201,951    9,170,610 
Right-of-use assets obtained in exchange for finance lease liabilities       8,494 

 

9

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (Continued)

 

Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as shown in the condensed consolidated statements of cash flows is presented in the table below:

 

   Nine Months Ended September 30 
   2021   2020 
Cash and cash equivalents  $111,498,676   $151,686,960 
Restricted assets   10,004,204    8,468,191 
Cemetery perpetual care trust investments   1,520,887    1,320,688 
           
Total cash, cash equivalents, restricted cash and restricted cash equivalents  $123,023,767   $161,475,839 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

10

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2021 (Unaudited)

 

1) Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K (File Number 000-09341). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to adopt policies and make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In applying these policies and estimates, the Company makes judgments that frequently require assumptions about matters that are inherently uncertain. Accordingly, significant estimates used in the preparation of the Company’s financial statements may be subject to significant adjustments in future periods. 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 value of mortgage loans foreclosed to real estate held for investment or sale; those used in determining the liability for future policy benefits; those used in estimating other than temporary impairments on available for sale securities; those used in determining the value of mortgage servicing rights; those used in determining allowances for loan losses for mortgage loans held for investment; those used in determining loan loss reserve; and those used in determining deferred tax assets and liabilities. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

 

COVID-19. During 2020, the outbreak of COVID-19 had spread worldwide and was declared a global pandemic by the World Health Organization on March 11, 2020. COVID-19, and its variants, pose a threat to the health and economic well-being of the Company’s employees, customers, and vendors. The Company is closely monitoring developments relating to the ongoing COVID-19 pandemic and assessing its impact on the Company’s business. The continued uncertainty surrounding the COVID-19 pandemic has had and continues to have a major impact on the global economy and financial markets. Governments and businesses have taken numerous measures to try to contain the virus and its variants, which include the implementation of travel bans, self-imposed quarantine periods, social distancing, and various mask and vaccine mandates. These measures have disrupted and will continue to disrupt businesses globally. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize the economic conditions.

 

Like most businesses, COVID-19 has impacted the Company. However, the Company cannot, with any certainty predict the severity or duration with which COVID-19 will impact the Company’s business, financial condition, results of operations, and cash flows. To the extent the COVID-19 pandemic adversely affects the Company’s business, financial condition, and results of operations, it may also have the effect of heightening many of the other risks described in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. These uncertainties have the potential to negatively affect the risk of credit default for the issuers of the Company’s fixed maturity debt securities and individual borrowers with mortgage loans held by the Company.

 

The Company has implemented risk management, business continuity plans and has taken preventive measures and other precautions, including some remote work arrangements. Such measures and precautions have enabled the Company to continue to conduct business.

 

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SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2021 (Unaudited)

 

2) Recent Accounting Pronouncements

 

Accounting Standards Adopted in 2020

 

ASU No. 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” – Issued in August 2018, ASU 2018-13 modifies the disclosure requirements of Topic 820 by removing, modifying or adding certain disclosures. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 does not change the fair value measurements already required or permitted by existing standards. The Company adopted this standard on January 1, 2020. The adoption of this standard did not materially impact the Company’s financial statements. See Note 8 for the Company’s fair value disclosures.

 

Accounting Standards Issued But Not Yet Adopted

 

ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” – Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans and held to maturity debt securities) and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. In October 2019, the FASB proposed an update to ASU No. 2016-13 that would make the ASU effective for the Company on January 1, 2023. The Company is in the process of evaluating the potential impact of this standard, especially as it relates to mortgage loans held for investment.

 

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 ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, the FASB issued an update to ASU No. 2018-12 that made the ASU effective for the Company on January 1, 2025. The Company has engaged an industry software expert and is in the process of implementing this software and other changes to its systems. The Company anticipates that it will be ready by the effective date.

 

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.

 

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SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2021 (Unaudited)

 

3) Investments

 

The Company’s investments as of September 30, 2021 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
September 30, 2021:                    
Fixed maturity securities, available for sale, at estimated fair value:                    
U.S. Treasury securities and obligations of U.S. Government agencies  $22,284,283   $794,130   $   $23,078,413 
                     
Obligations of states and political subdivisions   5,077,822    229,814    (5,226)   5,302,410 
                     
Corporate securities including public utilities   174,862,169    24,331,635    (291,388)   198,902,416 
                     
Mortgage-backed securities   36,316,313    1,148,676    (185,752)   37,279,237 
                     
Redeemable preferred stock   268,941    13,525        282,466 
                     
Total fixed maturity securities available for sale  $238,809,528   $26,517,780   $(482,366)  $264,844,942 
                     
Equity securities at estimated fair value:                    
                     
Common stock:                    
                     
Industrial, miscellaneous and all other  $8,198,282   $2,885,061   $(353,599)  $10,729,744 
                     
Total equity securities at estimated fair value  $8,198,282   $2,885,061   $(353,599)  $10,729,744 
                     
Mortgage loans held for investment at amortized cost:                    
Residential  $89,544,581                
Residential construction   169,030,287                
Commercial   52,087,010                
Less: Unamortized deferred loan fees, net   (1,013,925)               
Less: Allowance for loan losses   (1,753,853)               
Less: Net discounts   (503,619)               
                     
Total mortgage loans held for investment  $307,390,481                
                     
Real estate held for investment - net of accumulated depreciation:                    
Residential  $46,606,702                
Commercial   143,003,658                
                     
Total real estate held for investment  $189,610,360                
                     
Real estate held for sale:                    
Residential  $1,190,602                
Commercial   4,890,553                
                     
Total real estate held for sale  $6,081,155                
                     
Other investments and policy loans at amortized cost:                    
Policy loans  $13,699,414                
Insurance assignments   53,417,350                
Federal Home Loan Bank stock (1)   3,105,100                
Other investments   5,188,801                
Less: Allowance for doubtful accounts   (1,795,037)               
                     
Total policy loans and other investments  $73,615,628                
                     
Accrued investment income  $5,386,756                
                     
Total investments  $857,659,066                

 

(1) Includes $905,700 of Membership stock and $2,199,440 of Activity stock due to short-term borrowings.

 

13

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2021 (Unaudited)

 

3) Investments (Continued)

 

The Company’s investments as of December 31, 2020 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
December 31, 2020:                    
Fixed maturity securities, available for sale, at estimated fair value:                    
U.S. Treasury securities and obligations of U.S. Government agencies  $42,381,805   $1,358,562   $   $43,740,367 
                     
Obligations of states and political subdivisions   5,383,762    312,214    (1,261)   5,694,715 
                     
Corporate securities including public utilities   186,067,912    27,216,496    (681,478)   212,602,930 
                     
Mortgage-backed securities   31,047,791    1,565,377    (267,106)   32,346,062 
                     
Redeemable preferred stock   269,214    3,391        272,605 
                     
Total fixed maturity securities available for sale  $265,150,484   $30,456,040   $(949,845)  $294,656,679 
                     
Equity securities at estimated fair value:                    
                     
Common stock:                    
                     
Industrial, miscellaneous and all other  $9,698,490   $2,376,156   $(750,407)  $11,324,239 
                     
Total equity securities at estimated fair value  $9,698,490   $2,376,156   $(750,407)  $11,324,239 
                     
Mortgage loans held for investment at amortized cost:                    
Residential  $95,822,448                
Residential construction   111,111,777                
Commercial   46,836,866                
Less: Unamortized deferred loan fees, net   (1,161,132)               
Less: Allowance for loan losses   (2,005,127)               
Less: Net discounts   (1,260,896)               
                     
Total mortgage loans held for investment  $249,343,936                
                     
Real estate held for investment - net of accumulated depreciation:                    
Residential  $24,843,743                
Commercial   106,840,710                
                     
Total real estate held for investment  $131,684,453                
                     
Real estate held for sale:                    
Residential  $3,478,254                
Commercial   4,400,553                
                     
Total real estate held for sale  $7,878,807                
                     
Other investments and policy loans at amortized cost:                    
Policy loans  $14,171,589                
Insurance assignments   53,231,131                
Federal Home Loan Bank stock (1)   2,506,600                
Other investments   5,432,816                
Less: Allowance for doubtful accounts   (1,645,475)               
                     
Total policy loans and other investments  $73,696,661                
                     
Accrued investment income  $5,360,523                
                     
Total investments  $773,945,298                

 

(1) Includes $866,900 of Membership stock and $1,639,700 of Activity stock due to short-term borrowings.

 

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SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2021 (Unaudited)

 

3) Investments (Continued)

 

Fixed Maturity Securities

 

The following tables summarize unrealized losses on fixed maturity securities available for sale, which were carried at estimated fair value, at September 30, 2021 and December 31, 2020. The unrealized losses were primarily related to interest rate fluctuations and uncertainties relating to COVID-19. 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 September 30, 2021                              
Obligations of States and Political Subdivisions  $5,226   $756,793   $   $   $5,226   $756,793 
Corporate Securities   62,966    3,633,271    228,422    4,226,222    291,388    7,859,493 
Mortgage and other asset-backed securities   67,554    7,858,646    118,198    1,759,305    185,752    9,617,951 
Total unrealized losses  $135,746   $12,248,710   $346,620   $5,985,527   $482,366   $18,234,237 
                               
At December 31, 2020