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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 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 or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
433 Ascension Way, 6th Floor, 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 August 9, 2023, the registrant had 19,947,531 shares of Class A Common Stock, $2.00 par value, outstanding and 2,971,854 shares of Class C Common Stock, $2.00 par value, outstanding.

 

 

 

 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q

 

QUARTER ENDED JUNE 30, 2023

 

Table of Contents

 

    Page No.
  Part I - Financial Information  
Item 1. Financial Statements  
  Condensed Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022 3-4
  Condensed Consolidated Statements of Earnings for the three and six month periods ended June 30, 2023 and 2022 (unaudited) 5
  Condensed Consolidated Statements of Comprehensive Income (loss) for the three and six month periods ended June 30, 2023 and 2022 (unaudited) 6
  Condensed Consolidated Statements of Stockholders’ Equity as of June 30, 2023 and June 30, 2022 (unaudited) 7
  Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2023 and 2022 (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 58
Item 3. Quantitative and Qualitative Disclosures about Market Risk 64
Item 4. Controls and Procedures 65
  Part II - Other Information  
Item 1. Legal Proceedings 65
Item 1A. Risk Factors 65
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 66
Item 6. Exhibits 67
  Signatures 68

 

2

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

Part I - Financial Information

 

Item 1. Financial Statements.

 

   June 30, 2023 (Unaudited)  

December 31, 2022

 
Assets          
Investments:          
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $371,731,265 and $362,750,511 for 2023 and 2022, respectively; allowance for credit losses of $224,005 and nil for 2023 and 2022, respectively)  $354,789,812   $345,858,492 
Equity securities at estimated fair value (cost of $10,416,580 and $9,942,265 for 2023 and 2022, respectively)   12,801,925    11,682,526 
Mortgage loans held for investment (net of allowance for credit losses of $2,663,560 and $1,970,311 for 2023 and 2022, respectively)   271,049,585    308,123,927 
Real estate held for investment (net of accumulated depreciation of $26,941,328 and $23,793,204 for 2023 and 2022, respectively)   180,962,902    191,328,616 
Real estate held for sale   1,827,474    11,161,582 
Other investments and policy loans (net of allowance for credit losses of $1,690,693 and $1,609,951 for 2023 and 2022, respectively)   64,554,148    70,508,156 
Accrued investment income   10,188,551    10,299,826 
Total investments   896,174,397    948,963,125 
Cash and cash equivalents   110,285,941    120,919,805 
Loans held for sale at estimated fair value   161,310,060    141,179,620 
Receivables (net of allowance for credit losses of $1,492,934 and $2,229,791 for 2023 and 2022, respectively)   11,675,595    28,573,092 
Restricted assets (including $7,780,162 and $6,565,552 for 2023 and 2022 respectively, at estimated fair value; allowance for credit losses of $2,760 and nil for 2023 and 2022, respectively)   19,434,263    18,935,055 
Cemetery perpetual care trust investments (including $4,315,932 and $3,859,893 for 2023 and 2022 respectively, at estimated fair value; allowance for credit losses of $1,453 and nil for 2023 and 2022, respectively)   7,666,221    7,276,210 
Receivable from reinsurers   14,839,279    15,033,938 
Cemetery land and improvements   9,033,600    9,101,474 
Deferred policy and pre-need contract acquisition costs   111,733,330    108,655,128 
Mortgage servicing rights, net   3,442,352    3,039,765 
Property and equipment, net   19,932,664    20,579,649 
Value of business acquired   9,393,595    9,803,736 
Goodwill   5,253,783    5,253,783 
Other   23,431,668    23,798,512 
           
Total Assets  $1,403,606,748   $1,461,112,892 

 

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

 

3

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

 

   June 30, 2023 (Unaudited)  

December 31, 2022

 

 
Liabilities and Stockholders’ Equity          
Liabilities          
Future policy benefits and unpaid claims  $901,792,172   $889,327,303 
Unearned premium reserve   2,658,492    2,773,616 
Bank and other loans payable   103,301,721    161,712,804 
Deferred pre-need cemetery and mortuary contract revenues   17,155,722    16,226,836 
Cemetery perpetual care obligation   5,207,198    5,099,542 
Accounts payable   3,215,659    5,361,449 
Other liabilities and accrued expenses   56,073,488    57,113,888 
Income taxes   15,439,539    30,710,527 
Total liabilities   1,104,843,991    1,168,325,965 
           
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; 40,000,000 shares authorized; 19,893,700 shares issued and outstanding as of June 30, 2023 and 18,758,031 shares issued and outstanding as of December 31, 2022   39,787,400    37,516,062 
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; 6,000,000 shares authorized; 2,973,552 shares issued and outstanding as of June 30, 2023 and 2,889,859 shares issued and outstanding as of December 31, 2022   5,947,104    5,779,718 
Additional paid-in capital   71,685,665    64,767,769 
Accumulated other comprehensive loss, net of taxes   (12,894,771)   (13,070,277)
Retained earnings   200,078,709    202,160,306 
Treasury stock at cost - 849,005 Class A shares and 35,717 Class C shares as of June 30, 2023; and 525,870 Class A shares and 34,016 Class C shares as of December 31, 2022   (5,841,350)   (4,366,651)
           
Total stockholders’ equity   298,762,757    292,786,927 
           
Total Liabilities and Stockholders’ Equity  $1,403,606,748   $1,461,112,892 

 

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

 

4

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

   2023   2022   2023   2022 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2023   2022   2023   2022 
Revenues:                    
Mortgage fee income  $26,078,753   $42,030,898   $52,067,759   $90,375,343 
Insurance premiums and other considerations   28,813,299    25,911,995    56,780,591    52,253,947 
Net investment income   20,171,974    15,971,288    37,946,857    31,165,594 
Net mortuary and cemetery sales   7,168,714    7,250,503    13,640,143    14,456,224 
Gains (losses) on investments and other assets   816,584    (914,395)   927,738    (742,420)
Other   796,835    5,316,365    1,983,805    10,483,873 
Total revenues   83,846,159    95,566,654    163,346,893    197,992,561 
                     
Benefits and expenses:                    
Death benefits   15,455,305    14,839,044    32,133,671    31,723,750 
Surrenders and other policy benefits   950,657    1,153,767    2,083,350    2,476,935 
Increase in future policy benefits   8,499,804    6,600,443    16,554,743    13,371,544 
Amortization of deferred policy and pre-need acquisition costs and value of business acquired   4,251,321    4,053,109    9,134,902    8,449,522 
Selling, general and administrative expenses:                    
Commissions   10,736,126    18,397,337    20,409,436    38,299,539 
Personnel   20,508,415    25,504,950    42,470,927    52,379,714 
Advertising   965,753    1,595,738    1,869,164    3,307,533 
Rent and rent related   1,831,011    1,702,262    3,607,791    3,361,532 
Depreciation on property and equipment   587,213    628,305    1,175,629    1,243,849 
Costs related to funding mortgage loans   1,841,367    2,044,637    3,683,709    4,884,100 
Other   7,403,409    11,174,128    15,183,944    23,265,764 
Interest expense   1,414,802    1,900,249    2,868,135    3,627,564 
Cost of goods and services sold-mortuaries and cemeteries   1,251,643    1,242,839    2,437,271    2,427,853 
Total benefits and expenses   75,696,826    90,836,808    153,612,672    188,819,199 
Earnings before income taxes   8,149,333    4,729,846    9,734,221    9,173,362 
Income tax expense   (1,796,627)   (1,155,397)   (2,141,343)   (2,370,195)
                     
Net earnings  $6,352,706   $3,574,449   $7,592,878   $6,803,167 
                     
Net earnings per Class A Equivalent common share (1)  $0.29   $0.16   $0.34   $0.30 
                     
Net earnings per Class A Equivalent common share-assuming dilution (1)  $0.28   $0.15   $0.34   $0.29 
                     
Weighted-average Class A equivalent common shares outstanding (1)   22,005,332    22,233,852    22,066,991    22,331,911 
                     
Weighted-average Class A equivalent common shares outstanding-assuming dilution (1)   22,568,633    23,108,651    22,617,888    23,225,600 

 

(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 (LOSS)

(Unaudited)

 

   2023   2022   2023   2022 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2023   2022   2023   2022 
Net earnings  $6,352,706   $3,574,449   $7,592,878   $6,803,167 
Other comprehensive income:                    
Unrealized gains (losses) on fixed maturity securities available for sale  $(4,993,177)   (12,995,132)   224,852    (28,322,034)
Unrealized losses on restricted assets (1)   (6,189)   (43,169)   (2,056)   (115,118)
Unrealized losses on cemetery perpetual care trust investments (1)   (3,738)   (15,868)   (812)   (53,225)
Other comprehensive income (loss), before income tax   (5,003,104)   (13,054,169)   221,984    (28,490,377)
Income tax (expense) benefit   1,051,052    2,743,684    (46,478)   5,989,562 
Other comprehensive income (loss), net of income tax   (3,952,052)   (10,310,485)   175,506    (22,500,815)
Comprehensive income (loss)  $2,400,654   $(6,736,036)  $7,768,384   $(15,697,648)

 

 
(1)Fixed maturity securities available for sale

 

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 (Loss)   Retained Earnings   Treasury Stock   Total 
   Six Months Ended June 30, 2023 
   Class A Common Stock   Class C Common Stock   Additional Paid-in Capital   Accumulated Other Comprehensive Income (Loss)   Retained Earnings   Treasury Stock   Total 
                             
January 1, 2023  $37,516,062   $5,779,718   $64,767,769   $(13,070,277)  $202,160,306   $(4,366,651)  $292,786,927 
Cumulative effect adjustment upon
adoption of new accounting
standard (ASU 2016-13)
   -    -    -    -    (671,506)   -    (671,506)
Net earnings   -    -    -    -    1,240,172    -    1,240,172 
Other comprehensive gain   -    -    -    4,127,558    -    -    4,127,558 
Stock-based compensation expense   -    -    143,671    -    -    -    143,671 
Exercise of stock options   96,092    -    (62,073)   -    -    -    34,019 
Sale of treasury stock   -    -    (43,493)   -    -    620,651    577,158 
Purchase of treasury stock   -    -    -    -    -    (1,204,357)   (1,204,357)
Conversion Class C to Class A   1,872    (1,872)   -    -    -    -    - 
March 31, 2023  $37,614,026   $5,777,846   $64,805,874   $(8,942,719)  $202,728,972   $(4,950,357)  $297,033,642 
                                    
Net earnings   -    -    -    -    6,352,706    -    6,352,706 
Other comprehensive loss   -    -    -    (3,952,052)   -    -    (3,952,052)
Stock-based compensation expense   -    -    141,954    -    -    -    141,954 
Exercise of stock options   159,284    -    (154,424)   -    -    -    4,860 
Vesting of restricted stock units   810    -    (810)   -    -    -    - 
Sale of treasury stock   -    -    (54,350)   -    -    623,056    568,706 
Purchase of treasury stock   -    -    126,990    -    -    (1,514,049)   (1,387,059)
Conversion Class C to Class A   113,930    (113,930)   -    -    -    -    - 
Stock dividends   1,899,350    283,188    6,820,431    -    (9,002,969)   -    - 
June 30, 2023  $ 39,787,400   $ 5,947,104   $ 71,685,665   $(12,894,771)  200,078,709   $ (5,841,350)  $ 298,762,757 

 

   Six Months Ended June 30, 2022 
   Class A Common Stock   Class C Common Stock   Additional Paid-in Capital   Accumulated Other Comprehensive Income (Loss)   Retained Earnings   Treasury Stock   Total 
                             
January 1, 2022  $35,285,444   $5,733,130   $57,985,947   $18,070,448   $184,537,489   $(1,845,624)  $299,766,834 
Net earnings   -    -    -    -    3,228,718    -    3,228,718 
Other comprehensive loss   -    -    -    (12,190,330)   -    -    (12,190,330)
Stock-based compensation expense   -    -    271,747    -    -    -    271,747 
Exercise of stock options   100,446    -    (8,487)   -    -    -    91,959 
Sale of treasury stock   -    -    24,055    -    -    1,880,125    1,904,180 
Purchase of treasury stock   -    -    106,176    -    -    (878,417)   (772,241)
Conversion Class C to Class A   414    (414)   -    -    -    -    - 
March 31, 2022  $35,386,304   $5,732,716   $58,379,438   $5,880,118   $187,766,207   $(843,916)  $292,300,867 
                                    
Net earnings   -    -    -    -    3,574,449    -    3,574,449 
Other comprehensive loss   -    -    -    (10,310,485)   -    -    (10,310,485)
Stock-based compensation expense   -    -    220,175    -    -    -    220,175 
Exercise of stock options   37,746    -    (2,440)   -    -    -    35,306 
Sale of treasury stock   -    -    50,401    -    -    1,119,392    1,169,793 
Purchase of treasury stock   -    -    -    -    -    (6,505,050)   (6,505,050)
Conversion Class C to Class A   154,218    (154,218)   -    -    -    -    - 
Stock dividends   1,779,108    278,924    6,009,453    -    (8,067,485)   -    - 
June 30, 2022  $ 37,357,376   $ 5,857,422   $ 64,657,027   $(4,430,367)  $ 183,273,171   $ (6,229,574)  $ 280,485,055 

 

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

 

7

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   2023   2022 
   Six Months Ended June 30, 
   2023   2022 
Cash flows from operating activities:          
Net cash provided by operating activities  $2,181,039   $97,638,887 
           
Cash flows from investing activities:          
Purchases of fixed maturity securities   (28,549,767)   (49,382,284)
Sales, calls and maturities of fixed maturity securities   19,851,603    9,286,436 
Purchases of equity securities   (5,949,902)   (3,166,256)
Sales of equity securities   5,430,156    1,918,057 
Net changes in restricted assets   -    (635,844)
Purchases of restricted assets   (1,148,199)   - 
Sales, calls and maturities of restricted assets   64,746    - 
Net changes in cemetery perpetual care trust investments   -    330,999 
Purchases of cemetery perpetual care trust investments   (355,152)   - 
Sales, calls and maturities of perpetual care trust investments   91,504    - 
Mortgage loans held for investment, other investments and policy loans made   (326,286,179)   (382,449,025)
Payments received for mortgage loans held for investment, other investments and policy loans   369,206,657    386,898,902 
Purchases of property and equipment   (527,285)   (706,058)
Sales of property and equipment   10,973    64,579 
Purchases of real estate   (3,971,593)   (11,853,775)
Sales of real estate   20,684,319    13,549,696 
Net cash provided by (used in) investing activities   48,551,881    (36,144,573)
           
Cash flows from financing activities:          
Investment contract receipts   6,103,142    5,770,353 
Investment contract withdrawals   (7,663,735)   (8,160,796)
Proceeds from stock options exercised   38,879    127,265 
Purchases of treasury stock   (2,591,416)   (7,277,291)
Repayment of bank loans   (68,658,021)   (45,217,295)
Proceeds from bank loans   66,000,000    59,618,052 
Net change in warehouse line borrowings for loans held for sale   (55,805,126)   (65,362,776)
Net cash used in financing activities   (62,576,277)   (60,502,488)
           
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents   (11,843,357)   991,826 
           
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period   133,483,817    141,414,282 
           
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period  $121,640,460   $142,406,108 
           
Supplemental Disclosure of Cash Flow Information:          
Cash paid during the year for:          
Interest  $3,056,099   $3,568,862 
Income taxes (net of refunds)   17,458,807    407,958 
           
Non Cash Operating, Investing and Financing Activities:          
Transfer from mortgage loans held for investment to restricted assets  $1,625,961   $- 
Transfer from mortgage loans held for investment to cemetery perpetual care trust investments   1,611,550    - 
Transfer from loans held for sale to mortgage loans held for investment   1,150,074    - 
Benefit plans funded with treasury stock   1,145,864    3,073,973 
Right-of-use assets obtained in exchange for operating lease liabilities   139,095    732,005 
Right-of-use assets obtained in exchange for finance lease liabilities   12,332    - 
Accrued real estate construction costs and retainage   -    1,782,556 

 

8

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Unaudited)

 

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:

 

   Six Months Ended June 30, 
   2023   2022 
Cash and cash equivalents  $110,285,941   $131,296,538 
Restricted assets   10,276,918    9,654,673 
Cemetery perpetual care trust investments   1,077,601    1,454,897 
           
Total cash, cash equivalents, restricted cash and restricted cash equivalents  $121,640,460   $142,406,108 

 

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

 

9

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (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, 2022, 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 six month periods ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

 

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 and unearned revenue; those used in determining the estimated future costs for pre-need sales; those used in determining the value of mortgage servicing rights; those used in determining allowances for credit losses; 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.

 

Banking Environment.

 

On March 10, 2023 and March 12, 2023, Silicon Valley Bank and Signature Bank were placed in receivership with the Federal Deposit Insurance Corporation (“FDIC”). Normal banking activities resumed shortly thereafter. On May 1, 2023, First Republic bank was placed in receivership with the FDIC and was immediately purchased by a national bank.

 

The Company does not maintain any deposit or other accounts or credit facilities with Silicon Valley Bank, Signature Bank or First Republic Bank. The Company may periodically transfer funds to these banks to pay for services rendered by third party vendors that continue to maintain banking relationships with these banks. The Company continues to monitor the banking industry and its relationships with regional and community banks.

 

10

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

 

2) Recent Accounting Pronouncements

 

Accounting Standards Adopted in 2023

 

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 held for investment 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 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 Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The Company adopted this standard on January 1, 2023, and after a review of the affected assets, decreased the opening balance of retained earnings in stockholders’ equity by $671,506 on January 1, 2023. The allowances for credit losses increased (decreased) by the following amounts.

 

 Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU

   Amount 
Mortgage loans held for investment:     
Residential  $(192,607)
Residential construction   301,830 
Commercial   555,807 
Total   665,030 
      
Restriced assets - mortgage loans held for investment:     
Residential construction   3,463 
      
Cemetery perpetual care trust investments - mortgage loans held for investment:     
Residential construction   3,013 
      
Grand Total   671,506 

 

Accounting Standards Issued But Not Yet Adopted

 

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 standard is aimed at improving 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 requires the standard to be adopted by the Company commencing on January 1, 2025. The Company has made progress in the implementation of the new standard, including the involvement of actuaries, accountants, and systems specialists. However, the Company has not yet estimated the impact the new guidance will have on the consolidated financial statements.

 

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.

 

11

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

 

3) Investments

 

The Company’s investments as of June 30, 2023 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses (1)   Allowance for Credit Losses   Estimated Fair Value 
June 30, 2023:                         
Fixed maturity securities, available for sale, at estimated fair value:                         
U.S. Treasury securities and obligations of U.S. Government agencies  $99,323,377   $50,602   $(2,554,426)  $-   $96,819,553 
                          
Obligations of states and political subdivisions   6,757,087    403    (378,987)   -    6,378,503 
                          
Corporate securities including public utilities   232,127,146    2,177,346    (11,487,153)   (224,005)   222,593,334 
                          
Mortgage-backed securities   33,273,655    169,558    (4,704,791)   -    28,738,422 
                          
Redeemable preferred stock   250,000    10,000    -    -    260,000 
                          
Total fixed maturity securities available for sale  $371,731,265   $2,407,909   $(19,125,357)  $(224,005)  $354,789,812 
                          
Equity securities at estimated fair value:                         
                          
Common stock:                         
                          
Industrial, miscellaneous and all other  $10,416,580   $2,976,949   $(591,604)       $12,801,925 
                          
Total equity securities at estimated fair value  $10,416,580   $2,976,949   $(591,604)       $12,801,925 
                          
Mortgage loans held for investment at amortized cost:                         
Residential  $95,208,040                     
Residential construction   121,322,532                     
Commercial   59,205,487                     
Less: Unamortized deferred loan fees, net   (1,689,405)                    
Less: Allowance for credit losses   (2,663,560)                    
Less: Net discounts   (333,509)                    
                          
Total mortgage loans held for investment  $271,049,585                     
                          
Real estate held for investment - net of accumulated depreciation:                         
Residential  $30,680,836                     
Commercial   150,282,066                     
                          
Total real estate held for investment  $180,962,902                     
                          
Real estate held for sale:                         
Residential  $1,675,921                     
Commercial   151,553                     
                          
Total real estate held for sale  $1,827,474                     
                          
Other investments and policy loans at amortized cost:                         
Policy loans  $13,020,654                     
Insurance assignments   41,157,301                     
Federal Home Loan Bank stock (2)   2,677,100                     
Other investments   9,389,786                     
Less: Allowance for credit losses for insurance assignments   (1,690,693)                    
                          
Total other investments and policy loans  $64,554,148                     
                          
Accrued investment income  $10,188,551                     
                          
Total investments  $ 896,174,397                     

 

 

 

(1)Gross unrealized losses are net of allowance for credit losses
(2)Includes $84,800 of Membership stock and $2,592,300 of Activity stock attributable to short-term borrowings and letters of credit.

 

12

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

 

3) Investments (Continued)

 

The Company’s investments as of December 31, 2022 are summarized as follows:

 

   Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
December 31, 2022:                    
Fixed maturity securities, available for sale, at estimated fair value:                    
U.S. Treasury securities and obligations of U.S. Government agencies  $93,182,210   $180,643   $(2,685,277)  $90,677,576 
                     
Obligations of states and political subdivisions   6,675,071    13,869    (458,137)   6,230,803 
                     
Corporate securities including public utilities   229,141,544    1,909,630    (11,930,773)