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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 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 West Ascension Way, Salt Lake City, Utah   84123
(Address of principal executive offices)   (Zip Code)
     
Registrant’s telephone number, including area code:   (801) 264-1060

 

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

 

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

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act.

Yes ☒ No

 

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 and posted 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   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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 

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 June 30, 2023, the aggregate market value of the registrant’s Class A common stock held by non-affiliates of the registrant was approximately $64,000,000 based on the $8.45 closing sale price of the Class A common stock as reported on The Nasdaq Global Select Market.

 

As of March 26, 2024, there were outstanding 20,048,581 shares of Class A common stock, $2.00 par value per share, and 2,971,680 shares of Class C common stock, $2.00 par value per share.

 

Documents Incorporated by Reference

 

Portions of the following document are incorporated by reference in Part III of this Report: the registrant’s definitive proxy statement relating to its 2024 Annual Meeting of Shareholders.

 

 

 

 

 

 

Security National Financial Corporation

Form 10-K

For the Fiscal Year Ended December 31, 2023

 

TABLE OF CONTENTS

 

    Page
  Part I  
     
Item 1. Business 3
Item 1A. Risk Factors 10
Item 1B. Unresolved Staff Comments 10
Item 2. Properties 12
Item 3. Legal Proceedings 16
Item 4. Mine Safety Disclosures 16
     
  Part II  
     
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16
Item 6. [Reserved] 18
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31
Item 8. Financial Statements and Supplementary Data 32
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 125
Item 9A. Controls and Procedures 125
Item 9B. Other Information 125
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126
     
  Part III  
     
Item 10. Directors, Executive Officers, and Corporate Governance 126
Item 11. Executive Compensation 126
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126
Item 13. Certain Relationships and Related Transactions, and Director Independence 126
Item 14. Principal Accounting Fees and Services 126
     
  Part IV  
     
Item 15. Exhibits, Financial Statement Schedules 126
Item 16. Form 10-K Summary 126
Signatures 127
Financial Statement Schedules 128

 

2
 

 

PART I

 

Item 1. Business

 

Security National Financial Corporation (the “Company”) operates in three reportable business segments: life insurance, cemetery and mortuary, and mortgages. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. These products are marketed in 40 states through a commissioned sales force of independent licensed insurance agents who may also sell insurance products of other companies. The cemetery and mortuary segment consists of eight mortuaries and five cemeteries in the state of Utah, one cemetery in the state of California, and one cemetery and four mortuaries in the state of New Mexico. The Company also engages in pre-need selling of funeral, cemetery, mortuary, and cremation services through its cemetery and mortuary locations. The mortgage segment originates and underwrites or otherwise purchases residential and commercial loans for new construction, existing homes, and other real estate projects. The mortgage segment operates through 100 retail offices in 23 states and is an approved mortgage lender in several other states.

 

The Company’s design and structure are that each business segment is related to the other business segments and contributes to the profitability of the other segments. The Company’s cemetery and mortuary segment provides a level of public awareness that assists in the sales and marketing of insurance and pre-need cemetery and funeral products. The Company’s insurance segment invests its assets (including, in part, pre-need funeral products and services) in investments authorized by the respective insurance departments of their states of domicile. The Company also pursues growth through acquisitions. The Company’s mortgage segment provides mortgage loans and other real estate investment opportunities.

 

The Company was organized as a holding company in 1979 when Security National Life Insurance Company (“Security National Life”) became a wholly owned subsidiary of the Company, and the former stockholders of Security National Life became stockholders of the Company. Security National Life was formed in 1965 and has acquired or purchased significant blocks of business which include Capital Investors Life Insurance Company (1994), Civil Service Employees Life Insurance Company (1995), Southern Security Life Insurance Company (1998), Menlo Life Insurance Company (1999), Acadian Life Insurance Company (2002), Paramount Security Life Insurance Company (2004), Memorial Insurance Company of America (2005 and subsequently sold in 2021 to FOXO Life Insurance Company), Capital Reserve Life Insurance Company (2007), Southern Security Life Insurance Company, Inc. (2008), North America Life Insurance Company (2011, 2015), Trans-Western Life Insurance Company (2012), Mothe Life Insurance Company (2012), DLE Life Insurance Company (2012), American Republic Insurance Company (2015), First Guaranty Insurance Company (2016), Kilpatrick Life Insurance Company (2019), and merger with FOXO Life Insurance Company (2023).

 

The cemetery and mortuary operations have also grown through the acquisition of other cemetery and mortuary companies. The cemetery and mortuary companies that the Company has acquired are Holladay Memorial Park, Inc. (1991), Cottonwood Mortuary, Inc. (1991), Deseret Memorial, Inc. (1991), Probst Family Funerals and Cremations L.L.C. (2019), Heber Valley Funeral Home, Inc. (2019), Rivera Funerals, Cremations and Memorial Gardens (2021), and Holbrook Mortuary (2021).

 

In 1993, the Company formed SecurityNational Mortgage Company (“SecurityNational Mortgage”) to originate and refinance residential mortgage loans.

 

See Note 15 of the Notes to Consolidated Financial Statements for additional information regarding the business segments of the Company.

 

Life Insurance

 

Products

 

The Company, through Security National Life, First Guaranty Insurance Company (“First Guaranty”), and Kilpatrick Life Insurance Company (“Kilpatrick”), issues and distributes selected lines of life insurance and annuities. The Company’s life insurance business includes funeral plans and interest-sensitive life insurance, as well as other traditional life, accident, and health insurance products. The Company places specific marketing emphasis on funeral plans through pre-need planning. The Company’s insurance subsidiaries, Southern Security Life Insurance Company, Inc. (“Southern Security”) and Trans-Western Life Insurance Company (“Trans-Western”), do not actively write policies, but service and maintain policies that were purchased prior to their acquisition by Security National Life.

 

3
 

 

A funeral plan is a small face value life insurance policy that generally has face coverage of up to $30,000. The Company believes that funeral plans represent a marketing niche that has less competition because most insurance companies do not offer similar coverage. The purpose of the funeral plan policy is to pay the costs and expenses incurred at the time of a person’s death. On a per thousand-dollar cost of insurance basis, these policies can be more expensive to the policyholder than many types of non-burial insurance due to their low face amount, requiring the fixed cost of the policy administration to be distributed over a smaller policy size, and the simplified underwriting practices that result in higher mortality costs.

 

Markets and Distribution

 

The Company is licensed to sell insurance in 40 states. The Company, in marketing its life insurance products, seeks to locate, develop and service specific niche markets. The Company’s funeral plan policies are sold primarily to people who range in age from 45 to 85 and have low to moderate income. Most of the Company’s funeral plan premiums come from the states of Arkansas, California, Florida, Georgia, Louisiana, Mississippi, Texas, and Utah.

 

The Company sells its life insurance products through direct agents, brokers, and independent licensed agents who may also sell insurance products of other companies. The commissions on life insurance products range from approximately 50% to 120% of first year premiums. In those cases where the Company utilizes its direct agents in selling such policies, those agents customarily receive advances against future commissions.

 

In some instances, funeral plan insurance is marketed in conjunction with the Company’s cemetery and mortuary sales force. When it is marketed by that group, the beneficiary is usually the Company’s cemeteries and mortuaries. Thus, death benefits that become payable under the policy are paid to the Company’s cemetery and mortuary subsidiaries to the extent of services performed and products purchased.

 

In marketing funeral plan insurance, the Company also seeks and obtains third-party endorsements from other cemeteries and mortuaries within its marketing areas. Typically, these cemeteries and mortuaries will provide letters of endorsement and may share in mailing and other lead-generating costs since these businesses are usually made the beneficiary of the policy. The following table summarizes the life insurance business for the five years ended December 31, 2023:

 

   2023   2022   2021   2020   2019 
Life Insurance                         
Policy/Cert Count as of December 31   714,953    646,296    653,450    659,237    669,064 
Insurance in force as of December 31 (in thousands)  $3,552,554   $3,446,836(1)  $3,415,368(1)  $3,379,921(1)  $3,303,061(1)
Premiums Collected (in thousands)  $113,584   $103,304   $99,006   $92,058   $78,253 

 

 

(1) Prior years have been adjusted to include accidental death benefit insurance in force that was inadvertently excluded.

 

4
 

 

Underwriting

 

The factors considered in evaluating an application for ordinary life insurance coverage can include the applicant’s age, occupation, general health condition, and medical history. Upon receipt of a satisfactory (non-funeral plan insurance) application, which contains pertinent medical questions, the Company issues insurance based upon its medical limits and requirements subject to the following general non-medical limits:

 

Age Nearest
Birthday
  Non-Medical
Limits
0-50   $100,000
51-up   Medical information
    required (APS or exam)

 

When underwriting life insurance, the Company will sometimes issue policies with higher premium rates for substandard risks.

 

The Company’s funeral plan insurance is written on a simplified medical application with underwriting requirements being a completed application, a phone interview of the applicant, and an intelliscript prescription history inquiry. There are several underwriting classes in which an applicant can be placed.

 

Annuities

 

Products

 

The Company’s annuity business includes single premium deferred annuities, flexible premium deferred annuities, and immediate annuities. A single premium deferred annuity is a contract where the individual remits a sum of money to the Company, which is retained on deposit until such time as the individual may wish to annuitize or surrender the contract for cash. A flexible premium deferred annuity gives the contract holder the right to make premium payments of varying amounts or to make no further premium payments after his initial payment. These single and flexible premium deferred annuities can have initial surrender charges. The surrender charges act as a deterrent to individuals who may wish to prematurely surrender their annuity contracts. An immediate annuity is a contract in which the individual remits a sum of money to the Company in return for the Company’s obligation to pay a series of payments on a periodic basis over a designated period, such as an individual’s life, or for such other period as may be designated.

 

Annuities have guaranteed interest rates that range from 1% to 6.5% per annum. Rates above the guaranteed interest rate credited are periodically modified by the Board of Directors at its discretion. For the Company to make a profit on an annuity product, the Company must maintain an interest rate spread between its investment income and the interest rate credited to the annuities. Commissions, issuance expenses, and general and administrative expenses are deducted from this interest rate spread.

 

Markets and Distribution

 

The general market for the Company’s annuities is middle to older age individuals. A major source of annuity sales come from direct agents and are sold in conjunction with other insurance sales. If an individual does not qualify for a funeral plan, the agent will often sell that individual an annuity to fund final expenses.

 

The following table summarizes the annuity business for the five years ended December 31, 2023:

 

   2023   2022   2021   2020   2019 
Annuities Policy/Cert Count as of December 31   24,924    24,225    24,901    25,476    26,565 
Deposits Collected (in thousands)  $10,946   $9,972   $9,719   $9,637   $10,400 

 

5
 

 

Accident and Health

 

Products

 

Through its various acquisitions, the Company occasionally acquires small blocks of accident and health insurance policies, which it continues to service. The Company offers a low-cost comprehensive diver’s accident insurance policy that provides worldwide coverage for medical expense reimbursement in the event of a diving accident.

 

Markets and Distribution

 

The Company currently markets its diver’s accident insurance policies through the internet.

 

The following table summarizes the accident and health insurance business for the five years ended December 31, 2023:

 

   2023   2022   2021   2020   2019 
Accident and Health Policy/Cert Count as of December 31   9,379    11,132    12,494    13,735    15,133 
Premiums Collected (in thousands)  $216   $543   $353   $296   $110 

 

Reinsurance

 

The primary purpose of reinsurance is to enable an insurance company to issue an insurance policy in an amount larger than the risk the insurance company is willing to assume for itself. The insurance company remains obligated for the amounts reinsured (ceded) in the event the reinsurers do not meet their obligations.

 

The Company currently cedes and assumes certain risks with various authorized unaffiliated reinsurers pursuant to reinsurance treaties, which are generally renewed annually. The premiums paid by the Company are based on a number of factors, primarily including the age of the insured and the risk ceded to the reinsurer.

 

It is the Company’s policy to retain no more than $100,000 of ordinary insurance per insured life, with the excess risk being reinsured. The total policy amount of life insurance reinsured by other companies as of December 31, 2023, was $333,211,000, which represented approximately 9.3% of the Company’s total life insurance policy amount in force on that date.

 

See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding reinsurance.

 

Investments

 

The investments that support the Company’s life insurance and annuity obligations are determined by the investment committees of the Company’s subsidiaries and ratified by the full boards of directors of the respective subsidiaries. A significant portion of the Company’s investments must meet statutory requirements governing the nature and quality of permitted investments by its insurance subsidiaries. The Company maintains a diversified investment portfolio consisting of common stocks, preferred stocks, municipal bonds, corporate bonds, mortgage loans, real estate, and other securities and investments.

 

See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding investments.

 

6
 

 

Cemetery and Mortuary

 

Products

 

Through its cemetery and mortuary segment, the Company markets a variety of products and services both on a pre-need basis (prior to death) and an at-need basis (at the time of death). The products include plots, interment vaults, mausoleum crypts, markers, caskets, urns, and other death care related products. These services include professional services of funeral directors, opening and closing of graves, use of chapels and viewing rooms, and use of automobiles and clothing. The Company has a mortuary at each of its cemeteries, other than Holladay Memorial Park and Singing Hills Memorial Park, and has six separate stand-alone mortuary facilities.

 

Markets and Distribution

 

The Company’s pre-need cemetery and mortuary sales are marketed to persons of all ages but are generally purchased by persons 45 years of age and older. The Company is limited in its geographic distribution of these products to areas lying within an approximate 20-mile radius of its mortuaries and cemeteries. The Company’s at-need sales are similarly limited in geographic area.

 

The Company actively seeks to sell its cemetery and funeral products to customers on a pre-need basis. The Company employs cemetery sales representatives on a commission basis to sell these products. Many of these pre-need cemetery and mortuary sales representatives are also licensed insurance salesmen and sell funeral plan insurance. In some instances, the Company’s cemetery and mortuary facilities are the named beneficiaries of the funeral plan policies.

 

Potential customers are located via telephone sales prospecting, responses to letters mailed by the pre-planning consultants, billboards and other outside advertising, referrals, and door-to-door canvassing. The Company trains its sales representatives and helps generate leads for them.

 

Mortgage Loans

 

Products

 

The Company, through SecurityNational Mortgage, is active in the residential real estate market. SecurityNational Mortgage is approved by the U.S. Department of Housing and Urban Development (HUD), the Federal National Mortgage Association (Fannie Mae), and other secondary market investors, to originate a variety of residential mortgage loan products, which are subsequently sold to investors. The Company uses internal and external funding sources to fund mortgage loans.

 

Security National Life originates and funds commercial real estate loans, residential construction loans, and land development loans for internal investment.

 

Markets and Distribution

 

The Company’s residential mortgage lending services are marketed primarily to real estate brokers, builders and directly to consumers. The Company has a strong retail origination presence in the Utah, Florida, Texas, Nevada and Arizona markets and many other states across the country. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and “Notes to Consolidated Financial Statements” for additional disclosure and discussion regarding mortgage loans.

 

Recent Acquisitions and Other Business Activities

 

Real Estate Development

 

The Company is capitalizing on the opportunity to develop commercial and residential assets on its existing and recently acquired properties. The cost to acquire existing for-sale assets currently exceeds the replacement costs, thus creating the opportunity for development and redevelopment of the land that the Company currently owns. The Company has developed, or is in the process of developing, assets that have an initial development cost exceeding $100,000,000, primarily relating to the Center53 Development and multiple single family residential development projects. The Company plans to continue its development endeavors as based upon its assessment of the market demand.

 

7
 

 

Center53 Development

 

Center53 Development is an office development project comprising nearly 20 acres of land that is currently owned by the Company in the central valley of Salt Lake City. At final completion, the multi-year, phased development is expected to create a campus atmosphere and include nearly one million square-feet of office space in five buildings, ranging from four to eleven stories, and will be serviced by three parking structures with approximately 4,000 stalls. In 2015, the Company broke ground and commenced development on the first phase which included a six-story building of nearly 200,000 square feet and a parking garage with 748 parking stalls. The first phase of the project was completed in July 2017 and is currently 93% leased. The second phase of the project began in March 2020 and includes a second six-story building of nearly 221,000 square feet and a parking garage with approximately 870 stalls. The Company began its occupancy of a portion of the building in October 2021 and the remainder of the building is currently 100% leased. The Company plans to initiate future phases of the Center53 Development for additional Class A office space in the central valley of Salt Lake City.

 

Regulation

 

The Company’s insurance subsidiaries are subject to comprehensive regulation in the jurisdictions in which they do business under statutes and regulations administered by state insurance commissioners. Such regulation relates to, among other things, prior approval of the acquisition of a controlling interest in an insurance company; standards of solvency which must be met and maintained; licensing of insurers and their agents; nature of and limitations on investments; deposits of securities for the benefit of policyholders; approval of policy forms and premium rates; periodic examinations of the affairs of insurance companies; annual and other reports required to be filed on the financial condition of insurers or for other purposes; and requirements regarding aggregate reserves for life policies and annuity contracts, policy claims, unearned premiums, and other matters. The Company’s insurance subsidiaries are subject to this type of regulation in any state in which they conduct relevant business. Such regulation may cause unforeseen costs and operational restrictions, and delay implementation of the Company’s business plans.

 

The Company’s life insurance subsidiaries are currently subject to regulation in Utah, Louisiana, Mississippi and Texas under insurance holding company legislation, and other states where applicable. Generally, intercompany transfers of assets and dividend payments from insurance subsidiaries are subject to prior notice of approval from the relevant state insurance department where they are deemed “extraordinary” under relevant state law. The insurance subsidiaries are required, under state insurance laws, to file detailed annual reports with the supervisory agencies in each of the states in which they do business. Their business and accounts are also subject to examination by these agencies. The Company was last examined in 2021 (First Guaranty Insurance), 2022 (Security National Life, Southern Security and Trans-Western) and 2021 (Kilpatrick Life). Its most recent final examination reports have been approved by the insurance departments and are public records.

 

The Texas Department of Banking also audits pre-need insurance policies that are issued in the state of Texas. Pre-need policies include the life and annuity products sold as the funding mechanism for funeral plans through funeral homes by Security National agents. The Company is required to send the Texas Department of Banking an annual report that summarizes the number of policies in force and the face amount or death benefit for each policy. This annual report is also required to indicate the number of new policies issued for that year, all death claims paid that year, and all premiums received.

 

The Company’s cemetery and mortuary subsidiaries are subject to the Federal Trade Commission’s comprehensive funeral industry rules and to state regulations in the various states where such operations are domiciled. The morticians must be licensed by the respective state in which they provide their services. Similarly, the mortuaries and cemeteries are governed and licensed by state statutes and city ordinances in Utah, California, and New Mexico. The subsidiaries are required to keep annual reports on file including financial information concerning the number of spaces sold and, where applicable, funds provided to the Endowment Care Trust Fund. Licenses are issued annually based on such reports. The cemeteries maintain city or county licenses where they conduct business.

 

The Company’s mortgage subsidiaries are subject to the rules and regulations of the U.S. Department of Housing and Urban Development (HUD), and to various state licensing acts and regulations and the Consumer Financial Protection Bureau (CFPB). These regulations, among other things, specify minimum capital requirements; procedures for loan origination and underwriting, licensing of brokers and loan officers and quality review audits and specify the fees that can be charged to borrowers. Each year, the Company is required to have an audit completed for each mortgage subsidiary by an independent registered public accounting firm to verify compliance with the relevant regulations. In addition to the government regulations, the Company must meet loan requirements, and underwriting guidelines of various investors who purchase the loans.

 

8
 

 

Income Taxes

 

The Company’s insurance subsidiaries, Security National Life, First Guaranty and Kilpatrick are taxed under the Life Insurance Company Tax Act of 1984. Under the act, life insurance companies are taxed at standard corporate rates on life insurance company taxable income. Life insurance company taxable income is gross income less general business deductions and reserves for future policyholder benefits (with modifications). Under The Tax Cuts and Jobs Act (the “Tax Act”), December 31, 2017 policyholder surplus account balances result in taxable income over a period of eight years.

 

Security National Life, First Guaranty and Kilpatrick calculate their life insurance taxable income after establishing a provision representing a portion of the costs of acquisition of such life insurance business. The effect of the provision is that a certain percentage of the Company’s premium income is characterized as deferred expenses and recognized over a five or ten-year period. The Tax Act changed this recognition period for amounts deferred after December 31, 2017 to a five or fifteen-year period.

 

The Company’s non-life insurance company subsidiaries are taxed in general under the regular corporate tax provisions. The Company’s subsidiaries Southern Security and Trans-Western are regulated as life insurance companies but do not meet the Internal Revenue Code definition of a life insurance company, so they are taxed as insurance companies other than life insurance companies.

 

Competition

 

The life insurance industry is highly competitive. There are approximately 800 legal reserve life insurance companies in business in the United States. These insurance companies differentiate themselves through marketing techniques, product features, pricing, and customer service. The Company’s insurance subsidiaries compete with a large number of insurance companies, many of which have greater financial resources, longer business histories, and more diversified lines of insurance products than the Company. In addition, such companies generally have larger sales forces. Further, the Company competes with mutual insurance companies which may have a competitive advantage because all profits accrue to policyholders. Because the Company is smaller by industry standards and lacks broad diversification of risk, it may be more vulnerable to losses than larger, better-established companies. The Company believes that its policies and rates for the markets it serves are generally competitive.

 

The cemetery and mortuary industry is highly competitive. In the Utah, California, and New Mexico markets where the Company competes, there are several cemeteries and mortuaries which have longer business histories, more established positions in the community, and stronger financial positions than the Company. In addition, some of the cemeteries with which the Company must compete for sales are owned by municipalities and, as a result, can offer lower prices than can the Company. The Company bears the cost of a pre-need sales program that is not incurred by those competitors which do not have a pre-need sales force. The Company believes that its products and prices are generally competitive with those in the industry.

 

The mortgage industry is highly competitive with many mortgage companies and banks in the same geographic area in which the Company is operating. The mortgage industry in general is sensitive to changes in interest rates and the refinancing market is particularly vulnerable to changes in interest rates.

 

Seasonality

 

The Company’s business is generally not subject to seasonal fluctuations.

 

9
 

 

Human Capital Management

 

As of December 31, 2023, the Company employed 1,227 full-time and 246 part-time employees. Of the full-time employees, 729 were employed by the mortgage segment, 373 by the life insurance segment, and 125 by the cemetery and mortuary segment. The Company requires monthly acknowledgement of its anti-discrimination and anti-harassment policies and communicates to its employees how to report concerns that relate to their employment experience.

 

Employee Benefits

 

All eligible employees may elect coverage under the Company’s group health (including health savings and flexible spending), retirement, supplemental life and voluntary benefit programs. As of December 31, 2023, 756 employees had elected to participate in the Company’s group health insurance plans.

 

The Company has an employee safe harbor retirement plan for each business segment. The retirement plans qualify under section 401(k) of the Internal Revenue Code and, if approved by the board of directors, the Company makes a matching contribution in Company stock based on the employee’s contribution amount.

 

The Company provides other time off benefits such as paid sick and paid vacation time. The Company provides discounts on certain services provided by the Company to its employees. Additionally, the Company offers an employee assistance program that provides 24/7 counseling services for employees who may be facing challenges outside of the workplace.

 

Available Information

 

The Company’s internet address is www.securitynational.com. The Company’s investor relations website is www.investor.securitynational.com and the Company promptly makes available on this website, free of charge, the reports that it files or furnishes with the Securities and Exchange Commission.

 

Item 1A. Risk Factors

 

As a smaller reporting company, the Company is not required to provide information typically disclosed under this item.

 

Item 1B. Unresolved Staff Comments

 

None. As a smaller reporting company, the Company is not required to provide information typically disclosed under this item.

 

Item 1C. Cybersecurity

 

The Company maintains a strong information security program and systems (“Cybersecurity System”) to guard against unauthorized access, malicious software, corruption of data, disruption of its networks and systems and unauthorized release of confidential information. The Company’s Cybersecurity System is comprised of multiple layers of controls to reduce the risk of cybersecurity incidents.

 

Risk Management and Strategy

 

The Company’s Cybersecurity System includes administrative, technical, and physical safeguards and is designed to provide an appropriate level of protection to maintain the confidentiality, integrity and availability of the Company’s and its customers’ information. This includes protecting against known and evolving threats to the security of the Company’s systems and information, and against unauthorized access, compromise, or loss of data. The Cybersecurity System is managed centrally, so the same security controls, policies and procedures are implemented across the organization. The Company maintains cybersecurity policies including an Acceptable Use Policy that all system users sign to acknowledge that they understand their security responsibilities. All system users receive security awareness training which includes phishing attack simulation testing.

 

10
 

 

A key element of the Company’s Cybersecurity System is to mature the program to align with the Center for Internet Security (CIS) Critical Security Controls security framework. The CIS controls are designed based on real-world data about cyber-attacks, to ensure that the measures are effective against current threats. The framework provides a prioritized set of actions, which enables the Company to focus its efforts on the most effective defensive measures first. This prioritization helps in optimizing the use of resources for maximum impact on security. This strategy provides a structured and effective approach to cybersecurity, helping the Company to protect its assets, comply with regulations, manage risks, and improve its overall security posture.

 

The Company maintains cyber insurance coverage that may, subject to policy terms, conditions, and limitations, cover certain aspects of cybersecurity risks; however, such insurance coverage may be unavailable or insufficient to cover all losses or all types of claims that may arise in the continually evolving area of cyber risk.

 

Governance

 

The Company has established controls and procedures to escalate enterprise-level issues, including cybersecurity matters, to the appropriate management levels within its organization and to its Board of Directors, or members or committees thereof, as appropriate. The Company’s Board of Directors has oversight for enterprise risk management, including its approach to managing cybersecurity risk, and has delegated oversight responsibility of information security risks to its Audit Committee. Matters determined to present potential material impacts to the Company’s financial results, operations, and/or reputation are reported by management to the Company’s Board of Directors or its Audit Committee, as appropriate, in accordance with its escalation framework.

 

In addition, the Company has established procedures to ensure that management personnel are informed in a timely manner of known cybersecurity risks and incidents that may materially impact the Company’s operations and that timely public disclosure is made as appropriate. The Company’s Cybersecurity System is led by the Chief Information Officer (“CIO”) in collaboration with a third-party virtual Chief Information Security Officer (“vCISO”) and other third-party cybersecurity service providers which in turn assist in monitoring the Company’s exposure from significant information technology suppliers, significant software as service providers and major vendors with access to the Company’s information technology systems. The Company’s CIO has 10 years of cybersecurity industry experience. Further, team members who support the Company’s cybersecurity program have relevant educational and industry experience through various roles involving information technology, security, auditing, compliance, systems, and programming, as well as cybersecurity certifications such as a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). During the last three years, the Company has not experienced a material security breach and, as a result, the Company has not incurred any material expenses from such a breach. Furthermore, during such time, the Company has not been penalized or paid any amount under any information security breach settlement.

 

11
 

 

Item 2. Properties

 

The tables below set forth the location of the Company’s office facilities and certain other information relating to these properties.

 

Street   City   State   Function   Owned / Leased   Approximate Square Footage     Lease
Amount
    Expiration
433 Ascension Way, Floors 4, 5 and 6   Salt Lake City   UT   Corporate Headquarters, Insurance Operations, Cemetery and Mortuary Operations, Mortgage Operations and Sales   Owned     221,000       N/A       N/A
1044 River Oaks Dr. (1)   Flowood   MS   Insurance Operations   Owned     5,522       N/A       N/A
1818 Marshall St.   Shreveport   LA   Insurance Operations   Owned     12,274       N/A       N/A
812 Sheppard St.   Minden   LA   Insurance Sales   Owned     1,560       N/A       N/A
909 Foisy Ave. (2)   Alexandria   LA   Insurance Sales   Owned     8,059       N/A       N/A
1550 N. Third St. (1)   Jena   LA   Insurance Sales   Owned     1,737       N/A       N/A
1 Sanctuary Blvd. Suite 302A   Mandeville   LA   Insurance Sales   Leased     1,335     $ 2,400 / mo   6/30/2024
79 E. Main Street   Midway   UT   Funeral Service Sales   Leased     4,476     $ 6,233 / mo   10/31/2025
4387 S. 500 W.   Salt Lake City   UT   Funeral Service Sales   Leased     2,168     $ 1,895 / mo   7/31/2025
1627A Central Ave.   Los Alamos   NM   Funeral Service Sales   Leased     1,400     $ 1,600 / mo   12/30/2024
200 Market Way   Rainbow City   AL   Fast Funding Operations   Leased     12,850     $ 10,490 / mo   1/31/2025
5100 N. 99th Ave., Suite 101/103   Phoenix   AZ   Mortgage Sales   Sub-Leased     3,940     $ 3,369 / mo   month to month
10609 N. Hayden Rd., Suite 100   Scottsdale   AZ   Mortgage Sales   Leased     3,585     $ 8,650 / mo   month to month
1490 S. Price Road, Suite 318   Chandler   AZ   Mortgage Sales   Leased     1,600     $ 3,050 / mo   6/30/2024
5100 N. 99th Ave., Suite 111   Phoenix   AZ   Mortgage Sales   Sub-Leased     720     $ 2,382 / mo   month to month
1951 West Camelback Rd, Ste 200   Phoenix   AZ   Mortgage Sales   Leased     2,446     $ 3,771 / mo   month to month
2636 Hwy 95 Suite 2   Bullhead City   AZ   Mortgage Sales   Leased     1,000     $ 1,225 / mo   month to month
2220 S. Country Club Drive Suite 101   Mesa   AZ   Mortgage Sales   Leased     3,274     $ 5,339 / mo   2/14/2028
 350 West 16th Street #209   Yum   AZ   Mortgage Sales   Leased     1,731     $ 4,284 / mo   6/30/2024
102 North Cortez St.   Prescott   AZ   Mortgage Sales   Leased     100     $ 600 / mo   month to month
15169 North Scottsdale Road, #205 - office 3012 & 3013   Scottsdale   AZ   Mortgage Sales   Leased     Unknown     $ 3,400 / mo   month to month
10265 W. Camelback Road, #100   Phoenix   AZ   Mortgage Sales   Leased     1,647     $ 3,817 / mo   2/27/2024
40977 Oak Dr.   Forest Falls   CA   Mortgage Sales   Leased     250     $ - / mo   month to month
2934 E. Garvey Ave. South, Suite 250   West Covina   CA   Mortgage Sales   Leased     500     $ 1,100 / mo   month to month
7398 Fox Trail Unit B   Yucca Valley   CA   Mortgage Sales   Leased     900     $ 550 / mo   month to month
155 S. Highway 101 Suite 7   Solana Beach   CA   Mortgage Sales   Leased     2,000     $ 7,426 / mo   7/31/2026
44441 West 16th Street #101    Lancaster   CA   Mortgage Sales   Leased     2,115     $ 2,057 / mo   1/31/2024
1420 Magnolia Ave   Oxnard   CA   Mortgage Sales   Leased     100     $ 6,392 / mo   3/30/2024
625 The City Drive, Suite 450   Orange   CA   Mortgage Sales   Leased     2,485     $ 6,655 / mo   12/31/2024
27 Main St., Suite C-104B   Edwards   CO   Mortgage Sales   Leased     680     $ 1,950 / mo   month to month
4501 Mohawk Dr.   Larkspur   CO   Mortgage Sales   Leased     250     $ 50 / mo   month to month
7800 E. Union Ave., Suite 550   Denver   CO   Mortgage Sales   Sub-Leased     4,656     $ 11,640 / mo   2/28/2026
5982 s Zeno Ct   Aurora   CO   Mortgage Sales   Leased     50     $ - / mo   month to month
5475 Tech Center Drive #201-A   Colorado Springs   CO   Mortgage Sales   Leased     790     $ 1,218 / mo   9/30/2024
1145 Town Park Ave., Suite 2215   Lake Mary   FL   Mortgage Sales   Leased     5,901     $ 12,294 / mo   2/29/2024
8191 College Parkway, Suite 201   Ft Myers   FL   Mortgage Sales   Leased     4,676     $ 4,505 / mo   8/21/2024
2350 Fruitville Rd Ste, Ste 101   Sarasota   FL   Mortgage Sales   Leased     2,455     $ 5,266 / mo   3/14/2026
921 Club House Blvd, New Smyrna Beach,       FL   Mortgage Sales   Leased     50     $ - / mo   month to month
9123 N. Military Trail, #104B   Palm Beach Gardens   FL   Mortgage Sales   Leased     150     $ 800 / mo   month to month
970 Island Grove Drive   Deland   FL   Mortgage Sales   Leased     100     $ - / mo   month to month
10293 61st Ct N   Pinellas Park   FL   Mortgage Sales   Leased     100     $ - / mo   month to month
5666 Seminole Blvd, Suite 106 & 111   Seminole   FL   Mortgage Sales   Leased     210     $ 1,170 / mo   7/31/2024
2033 Main Street, Suite 407   Sarasota   FL   Mortgage Sales   Leased     2,410     $ 2,812 / mo   10/31/2024
265 E Marion Ave   Punta Gorda   FL   Mortgage Sales   Leased     -     $ 99 / mo   month to month
900 Cricle 75 Parkway, Ste 175   Atlanta   GA   Mortgage Sales   Leased     3,020     $ 6,341 / mo   6/30/2026
6600 Peachtree Dunwoody Rd, Ste 135   Atlanta   GA   Mortgage Sales   Leased     2,129     $ 4,988 / mo   3/31/2026
4370 Kukui Grove St., Suite 201   Lihue   HI   Mortgage Sales   Leased     864     $ 1,542 / mo   2/28/2025
1001 Kamokila Blvd.   Kapolei   HI   Mortgage Sales   Leased     737     $ 1,813 / mo   12/31/2025
32 Kinoole St. Suite 101, Hilo HI   Hilo   HI   Mortgage Sales   Leased     730     $ 2,373 / mo   5/31/2024
1885 Main Street #108   Wailuku   HI   Mortgage Sales   Leased     1,092     $ 1,602 / mo   5/14/2024
677 Ala Moana Blvd. Suite 609   Honolulu   HI   Mortgage Sales   Leased     716     $ 2,141 / mo   1/31/2024
970 No Kalaheo Ave, Kailua, Suite A307, HI 96734   Kailua   HI   Mortgage Sales   Leased     510     $ 1,245 / mo   5/31/2024
70 Kanoa Street Suite #140   Wailuku   HI   Mortgage Sales   Sub-Leased     Unknown     $ 300 / mo   month to month
 315 Cece Way   Mccall   ID   Mortgage Sales   Leased     100     $ - / mo   month to month
802 West Bartlett Road   Bartlett   IL   Mortgage Sales   Leased     2,300     $ 6,000 / mo   12/31/2024
568 Greenluster Dr.   Covington   LA   Mortgage Sales   Leased     150     $ 750 / mo   month to month
81 Boulder Drive,   Elizabethtown   KY   Mortgage Sales   Leased     100     $ - / mo   month to month
8684 Veterans Hwy, Ste 101   Millersville   MD   Mortgage Sales   Leased     4,018     $  6,927 / mo   7/31/2026
860 Blue Gentian Road Suite 205   Eagan   NM   Mortgage Sales   Leased     100   $ 383 / mo   month to month

 

12
 

 

Item 2. Properties (Continued)

 

Street   City   State   Function   Owned / Leased   Approximate Square Footage   Lease
Amount
  Expiration
4987 Fall Creek Rd. Suite 1   Branson   MO   Mortgage Sales   Leased      700   $ 1,000 / mo   month to month
4700 Homewood Ct #260   Raleigh   NC   Mortgage Sales   Leased      2,339   $ 5,353 / mo   2/28/2025
110 North Center Street, Suite 203   Hickory   NC   Mortgage Sales   Leased      100   $ 680 / mo   5/14/2024
2015 Ayrsley Town Blvd, Suite 247   Charlotte   NC   Mortgage Sales   Leased      100   $ 1,644 / mo   month to month
1980 Festival Plaza Dr., Suite 850   Las Vegas   NV   Mortgage Sales   Leased      12,866   $ 46,446 / mo   3/31/2027
840 Pinnacle Ct., Suite 3   Mesquite   NV   Mortgage Sales   Leased      900   $ 720 / mo   3/12/2022
2635 St. Rose Pkwy, Suites D 100, 110, 120   Hendeson   NV   Mortgage Sales   Leased      5,788   $ 12,649 / mo   9/30/2025
2250 East Postal Drive, Suite 1   Pahrump   NV   Mortgage Sales   Sub-Leased      1,500   $ 1,743 / mo   month to month
2546 Findlater   Henderson   NV   Mortgage Sales   Leased      120   $ - / mo   month to month
670 Meridian Way, Suite 146   Westerville   OH   Mortgage Sales   Leased      100   $ 599 / mo   month to month
10365 SE Sunnyside Rd., Suite 310   Clackamus   OR   Mortgage Sales   Leased      1,288   $ 2,899 / mo   11/30/2024
11592 SW Roundup Place   Terrebonne   OR   Mortgage Sales   Leased      100   $ - / mo   month to month
709 Pacific Ave   Tillamook   OR   Mortgage Sales   Leased      120   $ - / mo   month to month
144 Alf Taylor Rd.   Johnson City   TN   Mortgage Sales   Sub-Leased      1,521   $ 800 / mo   month to month
4646 Poplar Avenue, #317   Memphis   TN   Mortgage Sales   Leased      477   $ 845 / mo   3/31/2024
115 W. New Street   Kingsport   TN   Mortgage Sales   Leased      100   $ 650 / mo   month to month
11550 Fuqua, Suite 200   Houston   TX   Mortgage Sales   Leased      1,865   $ 3,341 / mo   4/30/2024
17347 Village Green Dr., Suite 102   Houston   TX   Mortgage Sales   Sub-Leased      3,300   $ 5,995 / mo   12/1/2024
9737 Great Hills Trail, Suites 150, 200, 220   Austin   TX   Mortgage Sales   Leased      19,891   $ 40,196 / mo   month to month
1213 East Alton Gloor Blvd., Suite H   Brownsville   TX   Mortgage Sales   Leased      2,000   $ 2,310 / mo   2/28/2024
5020 Collinwood Ave., Suite 100   Fort Worth   TX   Mortgage Sales   Leased      2,687   $ 5,500 / mo   1/31/2025
722 Kiowa Dr. West   Lake Kiowa   TX   Mortgage Sales   Leased      150   $ 495 / mo   month to month
23227 Red River Drive   Katy   TX   Mortgage Sales   Leased      144   $ 750 / mo   month to month
5707 Cold Springs Drive   San Antonio   TX   Mortgage Sales   Leased      100   $ - / mo   month to month
4500 1-40 West, Suite B   Amarillo   TX   Mortgage Sales   Leased      1,238   $ 1,700 / mo   12/31/2024
30417 Fifth Street Suite B   Fulshear   TX   Mortgage Sales   Leased      1,000   $ 1,273 / mo   month to month
4908 North Midkiff Road   Midland   TX   Mortgage Sales   Leased      1,550   $ 2,500 / mo   month to month
462 Mid Cities Boulevard   Hurst   TX   Mortgage Sales   Leased      1,640   $ 2,500 / mo   month to month
18525 West Lake Houston Parkway, Suite 222   Humble   TX   Mortgage Sales   Leased      1,390   $ 2,612 / mo   9/30/2025
2600 South Shore Boulevard, Suite 300   League City   TX   Mortgage Sales   Leased      94   $ 785 / mo   4/24/2024
106 Decker Court Suite 310   Irving   TX   Mortgage Sales   Leased      1,664   $ 4,160 / mo   4/24/2024
1600 Lee Travino, Suite A-1   El Paso   TX   Mortgage Sales   Leased      1,535   $ 2,110 / mo   month to month
23702 IH-10 West, Suite 105-D   San Antonio   TX   Mortgage Sales   Leased      100   $ 470 / mo   month to month
1777 NE Loop 410, Suite 600   San Antonio   TX   Mortgage Sales   Leased      100   $ 1,070 / mo   month to month
299 South Columbia,   Stephenville   TX   Mortgage Sales   Leased      3,417   $ 5,700 / mo   month to month
18756 Stone Oak Parkway Ste 200   San Antonio   TX   Mortgage Sales   Leased      100   $ 1,908 / mo   month to month
10000 Central Expressway Ste 428   Dallas   TX   Mortgage Sales   Leased      200   $ 1,400 / mo   12/31/2024
602 S Main St   Weatherford   TX   Mortgage Sales   Leased      1,250   $ 1,282 / mo   12/31/2024
5757 Flewellen Oaks Ln #104   Fulshear   TX   Mortgage Sales   Leased      100   $ 800 / mo   month to month
126 W. Sego Lily Dr., Suite 126   Sandy   UT   Mortgage Sales   Leased      2,794   $ 6,933 / mo   1/31/2027
497 S. Main   Ephraim   UT   Mortgage Sales   Leased      1,884   $ 1,600 / mo   4/30/2025
11240 S. River Heights Dr.   South Jordan   UT   Mortgage Sales   Leased      3,403   $ 8,458 / mo   11/30/2024
500 East Village Blvd.   Stansbury Park   UT   Mortgage Sales   Leased      1,950   $ 3,475 / mo   10/31/2024
1350 E. 300 S. 3rd Floor   Lehi   UT   Mortgage Sales   Leased      15,446   $ 38,396 / mo   12/22/2026
2455 E. Parleys Way, Suites 120 & 150   Salt Lake City   UT   Mortgage Sales   Leased      5,256   $ 8,962 / mo   7/31/2030
859 W South Jordan Pkwy, Suite 101,   South Jordan   UT   Mortgage Sales   Leased      3,376   $ 6,175 / mo   5/30/2025
768 S. 1600 W., Suite B   Mapleton   UT   Mortgage Sales   Leased      1,500   $ 4,120 / mo   month to month
UT ( ) 998 N 1200 W, Suite 104 Orem   Orem   UT   Mortgage Sales   Leased      2,162   $ 5,648 / mo   month to month
21430 Cedar Dr., Suite 200-202   Sterling   VA   Mortgage Sales   Leased      6,850   $ 16,360 / mo   3/9/2024
15650 NE Fourth Blvd Ste 101   Vancouver   WA   Mortgage Sales   Leased      200   $ 485 / mo   11/30/2024
1508 24th Ave., Suite 23   Kenosha   WI   Mortgage Sales   Leased      250   $ 150 / mo   month to month
27903 99th St.   Trevor   WI   Mortgage Sales   Leased      300   $ 150 / mo   month to month

 

 

(1) These two properties were sold during the first quarter of 2024.

(2) This property is currently listed for sale and under contract.

 

The Company believes the office facilities it occupies are in good operating condition and adequate for current operations. The Company plans to enter into additional leases or modify existing leases based on its assessments of market demand. Those leases are expected to be month to month where possible. As leases expire, the Company plans to either renew or find comparable leases or acquire additional office space.

 

13
 

 

Item 2. Properties (Continued)

 

The following table summarizes the location and acreage of the seven Company owned cemeteries, each of which includes one or more mausoleums. The acreage represents estimates of acres that are based upon survey reports, title reports, appraisal reports, or the Company’s inspection of the cemeteries. The Company estimates that there are approximately 1,200 spaces per developed acre.

 

                 Net Saleable Acreage 
Name of Cemetery  Location   Date Acquired    Developed Acreage     Total Acreage     Acres Sold as Cemetery Spaces (1)    Total Available Acreage  
Memorial Estates, Inc.
Lakeview Cemetery
  1640 East Lakeview Drive
Bountiful, Utah
   1973    9    39    8    31 
                             
Memorial Estates, Inc.
Mountain View Cemetery
  3115 East 7800 South
Salt Lake City, Utah
   1973    26    54    20    34 
                             
Memorial Estates, Inc.
Redwood Cemetery
  6500 South Redwood Road
West Jordan, Utah
   1973