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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, 2025

☐ 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, 2025, the aggregate market value of the registrant’s Class A Common Stock held by non-affiliates of the registrant was approximately $85,000,000, based on the $9.85 closing sale price of the Class A Common Stock as reported on The Nasdaq Global Select Market.

As of March 12, 2026, there were outstanding 22,432,763 shares of Class A Common Stock, $2.00 par value per share, and 3,587,237 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 2026 Annual Meeting of Shareholders.

Security National Financial Corporation

Form 10-K

For the Fiscal Year Ended December 31, 2025

TABLE OF CONTENTS

		Page
	Part I

Item 1.	Business	3
Item 1A.	Risk Factors	10
Item 1B.	Unresolved Staff Comments	10
Item 1C.	Cybersecurity	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	27
Item 8.	Financial Statements and Supplementary Data	28
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	131
Item 9A.	Controls and Procedures	131
Item 9B.	Other Information	134
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	134

	Part III

Item 10.	Directors, Executive Officers, and Corporate Governance	134
Item 11.	Executive Compensation	134
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	134
Item 13.	Certain Relationships and Related Transactions, and Director Independence	134
Item 14.	Principal Accounting Fees and Services	134

	Part IV

Item 15.	Exhibits, Financial Statement Schedules	134
Item 16.	Form 10-K Summary	134
Signatures		135

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 42 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 eleven 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 85 retail offices in 25 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 20 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 administers 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, limited-payment life, accident, and limited health insurance products. The Company places specific marketing emphasis on funeral plans through pre-need planning. The Company’s insurance subsidiaries, Kilpatrick, 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 issued prior to their acquisition by Security National Life.

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 42 states. In marketing its life insurance products, the Company 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, Tennessee, 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 150% 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, 2025:

	2025		2024		2023		2022			2021
Life Insurance
Policy/Certificate Count as of December 31		629,476		635,791		640,970		646,296			653,450
Insurance in force as of December 31 (in thousands)	$	3,933,254	$	3,947,671	$	3,552,554	$	3,446,836	(1)	$	3,415,368	(1)
Premiums Collected (in thousands)	$	118,519	$	118,151	$	113,584	$	103,304		$	99,006

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

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		Non-Medical
Birthday		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 Company’s 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 rates 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 comes 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, 2025:

	2025		2024		2023		2022		2021
Annuities Policy/Certificate Count as of December 31		23,864		24,296		24,924		24,225		24,901
Deposits Collected (in thousands)	$	10,564	$	11,740	$	10,946	$	9,972	$	9,719

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 offered a low-cost comprehensive diver’s accident insurance policy that provided worldwide coverage for medical expense reimbursement in the event of a diving accident. This product was discontinued in March 2024.

Markets and Distribution

The Company marketed 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, 2025:

	2025		2024		2023		2022		2021
Accident and Health Policy/Certificate Count as of December 31		6,886		7,592		9,379		11,132		12,494
Premiums Collected (in thousands)	$	171	$	188	$	216	$	543	$	353

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 several 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 life insured, with the excess risk being reinsured. The total policy amount of life insurance reinsured by other companies as of December 31, 2025 and 2024, was $316,251,000 and $325,189,000, which represented approximately 8.0% and 8.2% of the Company’s total life insurance policy amount in force on that date, respectively.

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.

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 ten 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 the 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 based upon its assessment of the market demand.

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 regulations 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 regulations 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 regulations 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 when 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 every three to five years. The Company’s life insurance subsidiaries completed their last examinations in 2021 and 2022 for the period ending December 31, 2020 and the resulting final examination reports were approved by the insurance departments and are public records. Security National Life, First Guaranty, Kilpatrick, Southern Security, and Trans-Western are currently under examination by the insurance departments for the years 2021-2024.

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 its 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.

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 700 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 many 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 are 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.

Human Capital Management

As of December 31, 2025, the Company employed 1,035 full-time and 208 part-time employees. Of the full-time employees, 652 were employed by the mortgage segment, 386 by the life insurance segment, and 205 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, 2025, 677 employees had elected to participate in the Company’s group health insurance plans.

The Company sponsors a 401(k) retirement plan for each business segment. These retirement plans qualify under section 401(k) of the Internal Revenue Code and, if approved by the Company’s 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 time 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.

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. 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.

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 W. Ascension Way

Salt Lake City

Corporate Headquarters, Insurance Operations, Cemetery and Mortuary Operations, Mortgage Operations and Sales

Owned

221,000

N/A

1818 Marshall Street

Shreveport

Insurance Operations

Owned

12,274

N/A

1080 River Oaks Drive Suite #B204

Flowood

Insurance Sales

Leased

2,685

3,994 / mo

8/31/2028

9440 Viscount Blvd. Suite 230

El Paso

Insurance Sales

Leased

2,270

3,405 / mo

11/30/2028

79 E. Main Street

Midway

Funeral Service Sales

Leased

4,476

6,774 / mo

12/31/2030

200 Market Way

Rainbow City

Fast Funding Operations

Leased

20,140

10,490 / mo

1/31/2030

3612 W. Southern Hills Blvd. #5

Rogers

Mortgage Sales

Leased

1,560

2,600 / mo

8/31/2028

5100 N. 99th Ave., #101

Phoenix

Mortgage Sales

Sub-Leased

3,940

3,575 / mo

month to month

1951 W. Camelback Rd. #200

Phoenix

Mortgage Sales

Leased

2,446

4,281 / mo

1/31/2026

1360 N. Bullard Ave., #I-207 & J-208

Goodyear

Mortgage Sales

Leased

280

3,718 / mo

8/31/2026

1630 S. Stapley Dr. #206

Mesa

Mortgage Sales

Leased

5,197

9,095 / mo

4/30/2026

705 E. Coronado Rd.

Phoenix

Mortgage Sales

Leased

1,287

4,950 / mo

month to month

2301 S. Stearman Dr. #3

Chandler

Mortgage Sales

Leased

144

1,200 / mo

month to month

15150 W. Park Place #2041

Goodyear

Mortgage Sales

Leased

300

1,099 / mo

10/31/2026

40977 Oak Dr.

Forest Falls

Mortgage Sales

Leased

250

- / mo

month to month

2934 E. Garvey Ave. South, #250

West Covina

Mortgage Sales

Leased

500

1,100 / mo

month to month

7398 Fox Trail #B

Yucca Valley

Mortgage Sales

Leased

900

550 / mo

month to month

155 S. Highway 101 #7

Solana Beach

Mortgage Sales

Leased

2,000

7,879 / mo

8/22/2026

2455 Bennett Valley Rd. #C107

Santa Rosa

Mortgage Sales

Leased

849

1,750 / mo

7/31/2026

27 Main St., #C104B

Edwards

Mortgage Sales

Leased

680

1,950 / mo

month to month

5982 S. Zenos Ct

Aurora

Mortgage Sales

Leased

- / mo

month to month

5475 Tech Center Drive #215

Colorado Springs

Mortgage Sales

Leased

790

1,218 / mo

12/31/2027

7800 E. Union Ave. #930

Denver

Mortgage Sales

Leased

2,062

- / mo

3/31/2027

447 Naubuc Ave. #110

Glastonbury

Mortgage Sales

Leased

1,420

2485 / mo

3/31/2027

84 Broad Street 2nd Floor, #6

Milford

Mortgage Sales

Leased

200

650 / mo

month to month

8191 College Parkway, #201

Fort Myers

Mortgage Sales

Leased

4,676

5,112 / mo

7/31/2026

2350 Fruitville Rd. #101

Sarasota

Mortgage Sales

Leased

2,455

5,587 / mo

3/14/2026

10293 61st Ct N

Pinellas Park

Mortgage Sales

Leased

100

- / mo

month to month

250 International Pkwy #118

Lake Mary

Mortgage Sales

Leased

3,068

3,812 / mo

3/31/2027

5666 Seminole Blvd. #128

Seminole

Mortgage Sales

Leased

136

816.40 / mo

6/30/2026

2326 Del Prado Blvd. #18C

Cape Coral

Mortgage Sales

Leased

200

400.00 / mo

4/30/2026

132 W. International Speedway Blvd. #15

Daytona Beach

Mortgage Sales

Leased

500.00 / mo

3/31/2026

1800 Phoenix Blvd. #128-25

Atlanta

Mortgage Sales

Leased

235

850 / mo

month to month

3344 Peachtree Rd. NE #17

Atlanta

Mortgage Sales

Leased

150

1,294 / mo

month to month

3344 Peachtree Rd. NE #18

Atlanta

Mortgage Sales

Leased

150

1,294 / mo

month to month

4370 Kukui Grove St. #201

Lihue

Mortgage Sales

Leased

864

1,650 / mo

2/29/2028

677 Ala Moana Blvd. #609

Honolulu

Mortgage Sales

Leased

716

2,399 / mo

1/31/2026

1955 Main Street #301

Wailuku

Mortgage Sales

Leased

500

1523.56 / mo

month to month

1350 Lake Street #6

Roselle

Mortgage Sales

Leased

192

749.17 / mo

11/30/2026

1350 Lake Street #7

Roselle

Mortgage Sales

Leased

192

749.17 / mo

11/30/2026

450 E. 96th Street #5008

Indianapolis

Mortgage Sales

Leased

100

900 / mo

7/31/2026

450 E. 96th Street #5009

Indianapolis

Mortgage Sales

Leased

100

900 / mo

7/31/2026

81 Boulder Drive,

Elizabethtown

Mortgage Sales

Leased

100

- / mo

month to month

9300 SHELBYVILLE RD #1205

Louisville

Mortgage Sales

Leased

2,453

4,000 / mo

4/30/2026

8684 Veterans Hwy. #101

Millersville

Mortgage Sales

Leased

4,018

7,349 / mo

7/31/2026

960 S. 24th Street West Suite 1

Billings

Mortgage Sales

Leased

200

1,613 / mo

month to month

534 N. Higgins Ave.

Missoula

Mortgage Sales

Leased

800

2,266 / mo

6/28/2026

1980 Festival Plaza Dr. #850

Las Vegas

Mortgage Sales

Leased

12,866

49,277 / mo

3/31/2027

840 Pinnacle Ct. #3B

Mesquite

Mortgage Sales

Leased

900

720 / mo

month to month

2635 St. Rose Pkwy #D100

Henderson

Mortgage Sales

Leased

5,788

13,775 / mo

11/30/2030

2546 Findlater

Henderson

Mortgage Sales

Leased

120

- / mo

month to month

1180 N. Town Center Dr. #265

Las Vegas

Mortgage Sales

Leased

2,638

7,888 / mo

9/30/2027

650 S. Green Valley Pkway #130

Henderson

Mortgage Sales

Leased

215

600 / mo

month to month

100 S. Juniper 3rd Floor #A05

Philadelphia

Mortgage Sales

Leased

100

141 / mo

month to month

670 Meridian Way #146

Westerville

Mortgage Sales

Leased

100

669 / mo

month to month

1000 W. Wilshire Blvd. #220

Oklahoma City

Mortgage Sales

Leased

200

550 / mo

month to month

3115 NE Sandy Blvd #227

Portland

Mortgage Sales

Leased

580

1,195 / mo

9/30/2027

Item 2. Properties (Continued)

Street

City

State

Function

Owned /
Leased

Approximate
Square
Footage

Lease
Amount

Expiration

3970 Post Rd. #2PH

Warwick

Mortgage Sales

Leased

391

875 / mo

month to month

3292 Winbrook Dr.

Memphis

Mortgage Sales

Leased

169

300 / mo

month to month

1213 East Alton Gloor Blvd. #H

Brownsville

Mortgage Sales

Leased

2,000

2,400 / mo

2/28/2026

722 Kiowa Dr. West

Lake Kiowa

Mortgage Sales

Leased

150

- / mo

month to month

30417 Fifth Street #B

Fulshear

Mortgage Sales

Leased

1,000

1,351 / mo

month to month

4908 North Midkiff Rd.

Midland

Mortgage Sales

Leased

1,550

3,000 / mo

month to month

462 Mid Cities Blvd.

Hurst

Mortgage Sales

Leased

1,640

2,500 / mo

month to month

1600 Lee Travino #A-1

El Paso

Mortgage Sales

Leased

1,535

2,110 / mo

month to month

10000 Central Expressway #428

Dallas

Mortgage Sales

Leased

200

1,450 / mo

12/31/2026

5757 Flewellen Oaks Ln #104

Fulshear

Mortgage Sales

Leased

100

800 / mo

month to month

2100 Kramer Ln #900

Austin

Mortgage Sales

Leased

5,634

10,719 / mo

7/31/2029

10024 County Rd. 1016

Burleson

Mortgage Sales

Leased

100

- / mo

month to month

2001 Timberloch Pl #500-31

The Woodlands

Mortgage Sales

Leased

100

1,043 / mo

3/1/2026

1526 Katy Gap Rd #802

Katy

Mortgage Sales

Leased

1,237

3,500 / mo

month to month

14090 SW Freeway STE 300 #374

Sugarland

Mortgage Sales

Leased

140

1,246 / mo

month to month

800 Town & Country Blvd STE 500 #369

Houston

Mortgage Sales

Leased

100

1,239 / mo

month to month

800 Town & Country Blvd STE 500 #370

Houston

Mortgage Sales

Leased

100

1,239 / mo

month to month

25329 Budde Rd #1001

Spring

Mortgage Sales

Leased

1,200

1,800 / mo

month to month

402 E. Edgewood DR STE A

Friendswood

Mortgage Sales

Leased

2,500

2,500 / mo

month to month

23302 W. Fernhurst Dr. #300

Katy

Mortgage Sales

Leased

100

- / mo

month to month

126 W. Sego Lily Dr. #130

Sandy

Mortgage Sales

Leased

2,794

7,251 / mo

1/31/2027

497 S. Main #E

Ephraim

Mortgage Sales

Leased

1,884

2,200 / mo

5/31/2027

1350 E. 300 S. 3rd Floor

Lehi

Mortgage Sales

Leased

15,446

40,726 / mo

12/22/2026

2455 E. Parleys Way #150

Salt Lake City

Mortgage Sales

Leased

5,256

2,917 / mo

7/31/2030

998 N. 1200 W. #104

Orem

Mortgage Sales

Leased

2,162

5,992 / mo

month to month

162 N. 400 E #C205

St. George

Mortgage Sales

Leased

1,177

2,439 / mo

4/30/2026

500 E. Village Blvd. #108

Stansbury Park

Mortgage Sales

Leased

200

600 / mo

month to month

15650 NE Fourth Blvd. #101

Vancouver

Mortgage Sales

Leased

200

495 / mo

month to month

402 E. Main Street #130-#140-#150

Vancouver

Mortgage Sales

Leased

1,200

4,231 / mo

9/30/2026

1508 24th Ave. #23

Kenosha

Mortgage Sales

Leased

250

- / mo

month to month

27903 99th Street

Trevor

Mortgage Sales

Leased

300

- / mo

month to month

2527 S. Business Dr.

Sheboygan

Mortgage Sales

Leased

980

1,230 / mo

month to month

15430 Neuberry Ct.

Brookfield

Mortgage Sales

Leased

100

- / mo

month to month

80 East 1st Ave.

Afton

Mortgage Sales

Leased

183

650 / mo

2/28/2026

The Company believes the office facilities it occupies are in good operating condition and adequate for current operations. The Company may enter into additional leases, modify existing leases or extend current leases based on its assessments of current market demand for its services. Those leases are expected to be month to month where possible.

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	40	74	35	39

Deseret Memorial Inc. Lake Hills Cemetery	10055 South State Street Sandy, Utah	1991	9	28	6	22

Holladay Memorial Park, Inc. Holladay Memorial Park	4900 South Memory Lane Holladay, Utah	1991	12	16	8	8

California Memorial Estates, Inc. Singing Hills Memorial Park	2800 Dehesa Road El Cajon, California	1995	8	97	6	91 (2)

SNR-SF Cemetery LLC Santa Fe Memorial Gardens	417 Rodeo Rd Santa Fe, New Mexico	2021	5 (3)	5	4	1

(1) Includes both reserved and occupied spaces.

(2) Includes an open easement with a total acreage of approximately 62 acres.

(3) Includes five main columbariums that can hold approximately 6,000 inurnments.

Item 2. Properties (Continued)

The following table summarizes the location, square footage and the number of viewing rooms and chapels of the twelve Company owned mortuaries:

		Date	Viewing		Square
Name of Mortuary	Location	Acquired	Room(s)	Chapel(s)	Footage
Memorial Mortuary, Inc. Memorial Mortuary	5850 South 900 East, Murray, Utah	1973	3	1	20,000

Affordable Funerals and Cremations, St. George	157 East Riverside Dr., No. 3A, St. George, Utah	2016	1	1	2,360

Memorial Estates, Inc. Redwood Mortuary (1)	6500 South Redwood Rd., West Jordan, Utah	1973	2	1	10,000

Memorial Estates, Inc. Mountain View Mortuary (1)	3115 East 7800 South, Salt Lake City, Utah	1973	2	1	16,000

Memorial Estates, Inc. Lakeview Mortuary (1)	1640 East Lakeview Dr., Bountiful, Utah	1973	0	1	5,500

Deseret Memorial Inc. Lakehills Mortuary (1)	10055 South State St., Sandy, Utah	1991	2	1	18,000

Cottonwood Mortuary, Inc. Cottonwood Mortuary	4670 South Highland Dr., Holladay, Utah	1991	2	1	14,500

SN Probst LLC Heber Valley Funeral Home	288 North Main St., Heber City, Utah	2019	1	1	5,900

SN Holbrook LLC Milcreek Funeral Home	3251 S 2300 E, Millcreek, Utah	2021	2	1	6,300

SNR-SF Mortuary LLC Rivera Family Funeral Home Santa Fe (1)	417 Rodeo RD, Santa Fe, New Mexico	2021	2	1	7,700

SNR-Espanola LLC Rivera Family Funeral Home Española	305 Calle Salazar, Española, New Mexico	2021	1	2	10,400

SNR-Taos LLC Rivera Family Funeral Home Taos	818 Paseo Del Pueblo Sur, Taos, New Mexico	2021	0	1	9,600

(1) These funeral homes also provide burial niches at their respective locations.

Item 3. Legal Proceedings

The Company is not a party to any material legal proceedings outside the ordinary course of business or to any other legal proceedings, which if adversely determined, would be expected to have a material adverse effect on its financial condition or results of operation.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for the Registrant’s Common Stock, Related Stockholder Matters, and Issuer Purchases of Equity Securities

The Company’s Class A Common Stock trades on The Nasdaq Global Select Market under the symbol “SNFCA.” As of March 12, 2026, the closing stock price of the Class A Common Stock was $8.67 per share. As of March 12, 2026, there were 1,521 registered stockholders of record of the Company’s Class A Common Stock and 43 registered stockholders of record of the Company’s Class C Common Stock. Because many of the Company’s shares of Class A Common Stock are held by brokers and other institutions on behalf of the stockholders, the Company is unable to estimate the total number of stockholders represented by these record holders.

The following were the high and low market closing stock prices for the Class A Common Stock by quarter as reported by NASDAQ since January 1, 2024:

	Price Range (1)
	High		Low
Period (Calendar Year)
2024
First Quarter	$	8.20	$	6.91
Second Quarter	$	7.62	$	5.90
Third Quarter	$	8.76	$	7.10
Fourth Quarter	$	12.78	$	8.69

2025
First Quarter	$	12.82	$	10.77
Second Quarter	$	10.81	$	8.53
Third Quarter	$	9.91	$	8.35
Fourth Quarter	$	9.44	$	7.76

2026
First Quarter (through March 12, 2026)	$	9.36	$	8.53

(1) Stock prices have been adjusted retroactively for the effect of annual stock dividends.

The Class C Common Stock is not registered or traded on a national exchange. See Note 18 of the Notes to Consolidated Financial Statements.

The Company has never paid a cash dividend on its Class A or Class C Common Stock. The Company currently anticipates that all its earnings will be retained for use in the operation and expansion of its business and does not intend to pay any cash dividends on its Class A or Class C Common Stock in the foreseeable future. Any future determination as to cash dividends will depend upon the earnings and financial position of the Company and such other factors as its Board of Directors may deem appropriate. The Company paid a 5% stock dividend on Class A and Class C Common Stock each year from 1990 through 2019, a 7.5% stock dividend for the year 2020, and a 5.0% stock dividend for the years 2021 through 2025.

The Company did not have any share repurchases during the three-month period ended December 31, 2025. The Company did not have a 10b5-1 share repurchase plan in effect during the three-month period ended December 31, 2025. On February 16, 2026, the Company executed a 10b5-1 agreement with a broker to repurchase shares of the Company’s Class A Common Stock. Under the terms of the agreement, the broker is permitted to repurchase up to $1,000,000 of the Company’s Class A Common Stock. Purchases may commence on March 16, 2026. The agreement is subject to the daily time, price, and volume conditions of Rule 10b-18. The agreement expires on December 31, 2026.

Period	(a) Total Number of Class A Shares Purchased		(b) Average Price Paid per Class A Share		(c) Total Number of Class A Shares Purchased as Part of Publicly Announced Plan or Program		(d) Maximum Number of Class A Shares that May Yet Be Purchased Under the Plan or Program
10/1/2025-10/31/2025		-	$	-		-		94,565
11/1/2025-11/30/2025		-		-		-		94,565
12/1/2025-12/31/2025		-		-		-		94,565
Total		-	$	-		-		94,565

See Note 21 to Notes to the Consolidated Financial Statements for information about the Company’s equity compensation plans approved by security holders.

The graph below compares the cumulative total stockholder return of the Company’s Class A Common Stock with the cumulative total return on the Standard & Poor’s 500 Stock Index and the Standard & Poor’s Insurance Index for the period from December 31, 2021 through December 31, 2025. The graph assumes that the value of the investment in the Company’s Class A Common Stock and in each of the indexes was $100 as of December 31, 2021 and that all dividends were reinvested.

The comparisons in the graph below are based on historical data and are not intended to forecast the possible future performance of the Company’s Class A Common Stock.

	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25
SNFC	100	83	108	151	119
S & P 500	100	81	100	123	144
S & P Insurance	100	108	116	145	148

The stock performance graph set forth above is required by the Securities and Exchange Commission and shall not be deemed to be incorporated by reference by any general statement incorporating by reference this Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed soliciting material or filed under such acts.

Item 6. [Reserved]

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

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The Company’s operations over the last several years generally reflect three strategies which the Company expects to continue: (i) increased attention to “niche” insurance products, such as the Company’s funeral plan policies and traditional whole life products; (ii) increased emphasis on cemetery and mortuary business; and (iii) capitalizing on the housing market by originating mortgage loans.

Insurance Operations

The following table shows the condensed financial results for the Company’s insurance operations for 2025, and 2024. See Note 20 of the Notes to Consolidated Financial Statements. See Note 1 of the Notes to Consolidated Financial Statements regarding the adoption of ASU 2018-12.

	Years ended December 31 (in thousands of dollars)
	2025		2024		2025 vs 2024 % Increase (Decrease)
Revenues from external customers:
Insurance premiums	$	119,757	$	119,656		0	%
Net investment income		76,379		68,255		12	%
Gains on investments and other assets		3,229		2,055		57	%
Other revenues		1,904		1,564		22	%
Intersegment revenues		6,996		7,272		(4	)%
Total segment revenues	$	208,265	$	198,802		5	%
Segment net earnings	$	29,439	$	27,435		7	%

Profitability for 2025 increased due to (a) a $8,124,000 increase in net investment income, (b) a $1,174,000 increase in gains on investments and other assets, (c) a $340,000 increase in other revenues, (d) a $219,000 decrease in intersegment expenses, and (e) a $101,000 increase in insurance premiums and other considerations, which were partially offset by (i) a $6,134,000 increase in selling, general and administrative expenses, (ii) a $711,000 increase in amortization of deferred policy acquisition costs, (iii) a $621,000 increase in income tax expense, (iv) a $276,000 decrease in intersegment revenue, (v) a $205,000 increase in policyholder benefits and claims, and (vi) a $7,000 increase in interest expense.

Cemetery and Mortuary Operations

The following table shows the condensed financial results for the Company’s cemetery and mortuary operations for 2025, and 2024. See Note 20 of the Notes to Consolidated Financial Statements.

	Years ended December 31 (in thousands of dollars)
	2025		2024		2025 vs 2024 % Increase (Decrease)
Revenues from external customers:
Cemetery revenues	$	15,243	$	16,101		(5	)%
Mortuary revenues		13,462		12,936		4	%
Net investment income		2,345		2,569		(9	)%
Gains on investments and other assets		1,347		873		54	%
Other revenues		920		543		69	%
Intersegment revenues		340		341		0	%
Total segment revenues	$	33,657	$	33,363		1	%
Segment net earnings	$	6,584	$	6,634		(1	)%

Profitability in 2025 decreased due to (a) a $888,000 decrease in cemetery pre-need sales, (b) a $570,000 increase in selling, general and administrative expenses, (c) a $223,000 decrease in net investment income, (d) an $8,000 increase in income tax expense, and (e) a $2,000 increase in interest expense, which were partially offset by (i) a $526,000 increase in mortuary at-need sales, (ii) a $474,000 increase in gains on investments and other assets, (iii) a $377,000 increase in other revenues, (iv) a $143,000 decrease in costs of goods and services sold, (v) a $63,000 decrease in amortization of deferred policy acquisition costs, (vi) a $29,000 increase in cemetery at-need sales, and (vii) a $29,000 decrease in intersegment expenses.

Mortgage Operations

The Company’s wholly owned subsidiary, SecurityNational Mortgage, is a mortgage lender incorporated under the laws of the State of Utah and approved and regulated by the Federal Housing Administration (FHA), a department of the U.S. Department of Housing and Urban Development (HUD), which originates mortgage loans that qualify for government insurance in the event of default by the borrower, in addition to various conventional mortgage loan products. SecurityNational Mortgage originates and refinances mortgage loans on a retail basis. Mortgage loans originated or refinanced by SecurityNational Mortgage are funded through loan purchase agreements with the Company, Security National Life, Kilpatrick Life, and unaffiliated financial institutions.

SecurityNational Mortgage receives fees from borrowers that are involved in mortgage loan originations and refinancings, and secondary fees earned from third party investors that purchase the mortgage loans. Mortgage loans are generally sold with mortgage servicing rights (“MSRs”) released to third-party investors or retained by SecurityNational Mortgage. SecurityNational Mortgage currently retains the MSRs on approximately 0.85% of its loan origination volume. These mortgage loans are serviced by either SecurityNational Mortgage or an approved third-party sub-servicer.

Mortgage rates have followed the US Treasury yields in response to inflation and slowing new home sales. As expected, the lack of mortgage rate reductions has resulted in a decrease in loan originations classified as ‘refinance.’ Higher than anticipated mortgage rates have also had a negative effect on loan originations classified as ‘purchases’ although not as significant as those in the refinance classification.

For 2025, and 2024, SecurityNational Mortgage originated 6,844 loans ($2,296,055,000 total volume) and 7,269 loans ($2,295,830,000 total volume), respectively.

The following table shows the condensed financial results for the Company’s mortgage operations for 2025, and 2024. See Note 20 of the Notes to Consolidated Financial Statements.

	Years ended December 31 (in thousands of dollars)
	2025			2024			2025 vs 2024 % Increase (Decrease)
Revenues from external customers:
Secondary gains from investors	$	75,817		$	70,355			8	%
Income from loan originations		32,609			33,604			(3	)%
Change in fair value of loans held for sale		616			2,870			(79	)%
Change in fair value of loan commitments		(833	)		730			(214	)%
Net investment income		614			902			(32	)%
Gains (losses) on investments and other assets		60			(986	)		106	%
Other revenues		1,118			2,497			(55	)%
Intersegment revenues		354			573			(38	)%
Total segment revenues	$	110,355		$	110,545			0	%
Segment net loss	$	(3,871	)	$	(4,949	)		22	%

Losses in 2025 compared to 2024 decreased due to (a) a $5,462,000 increase in secondary gains from investors, (b) a $3,076,000 decrease in personnel expenses, (c) a $1,302,000 decrease in rent and rent related expenses, (d) a $1,046,000 increase in gains on investments and other assets, (e) a $248,000 decrease in intersegment expenses, and (f) a $13,000 decrease in depreciation on property and equipment, which were partially offset by (i) a $2,254,000 decrease in the fair value of loans held for sale, (ii) a $1,563,000 decrease in the fair value of loan commitments, (iii) a $1,379,000 decrease in other revenues, (iv) a $994,000 decrease in income from loan originations, (v) an $845,000 increase in commissions, (vi) an $833,000 increase in other expenses, (vii) a $488,000 increase in costs related to funding mortgage loans, (viii) a $390,000 increase in advertising expenses, (iv) a $374,000 increase in income tax expense, (x) a $287,000 decrease in net investment income, (xi) a $255,000 increase in interest expense, (xii) a $220,000 decrease in intersegment revenues, and (xiii) a $187,000 increase in data processing and IT related expenses.

Critical Accounting Policies and Estimates

The Company’s significant accounting policies are fundamental to understanding its results of operations and financial condition as they require that the Company use estimates and assumptions that may affect the value of its assets or liabilities and financial results. See Note 1 – Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements for further information.

Two of these policies, discussed below, relate to critical estimates because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. Actual results could differ from those estimates.

The Company’s Management and the Audit Committee of the Board of Directors have reviewed and approved the accounting policies associated with these critical estimates.

Future Policy Benefits

A liability for future policy benefits is accrued as premium revenue is recognized, which is the present value of expected future policy benefits to be paid to or on behalf of policyholders less the present value of expected future net premiums to be collected from policyholders. This liability is calculated using a discount rate assumption that is an upper-medium grade fixed-income instrument yield as provided by Bloomberg’s Evaluated Pricing (“BVAL”) methodology. This discount rate for a particular cohort is locked-in when that cohort is closed to new contracts and is used for purposes of interest accretion for the future policy benefits liability and is reflected in policyholder benefits and claims on the consolidated statements of earnings. The current rate as of each reporting date is used to calculate an adjusted future policy benefit liability and is recognized through accumulated other comprehensive income (“AOCI”). Other assumptions include best-estimate mortality and lapse rates that are based on the company’s historical experience, industry data, and other factors; also estimates of expected non-level costs, such as termination or settlement costs. Routine policy maintenance costs are not included. These assumptions are reviewed at least annually. Any changes to these assumptions will be reflected in policyholder benefits and claims on the consolidated statements of earnings. The DPL equals accumulated deferrals (prior to and including the valuation date) minus accumulated amortization, where “deferrals” equals the difference between gross and net premium, and “amortization” equals the product of the measure of in force policies (units in force) and an amortization ratio which is updated at the same time as the net premium ratio.

Deferred Acquisition Costs and Value of Business Acquired

Commissions and other acquisition costs, net of commission and expense allowances for reinsurance ceded, that vary with and are primarily related to the production of new insurance business that have been incurred are deferred. For traditional long-duration life insurance products, deferred policy acquisition costs (“DAC”) are amortized on a constant-level basis established on a cohort-grouped contract basis over the expected term of the related contracts, with the amortization basis being units in force using assumptions consistent with those used in computing the liability for future policy benefits. For policyholder account balance insurance products, DAC is amortized using the policy counts for annuities and units in-force for interest sensitive life products. Deferred acquisition costs are written off when policies terminate.

Value of business acquired (“VOBA”) is the present value of estimated future profits of the acquired business and is amortized the same way as DAC.

Results of Consolidated Operations

2025 Compared to 2024

Total revenues increased by $10,065,000, or 3.0%, to $344,588,000 for 2025 from $334,523,000 for 2024. Contributing to this increase in total revenues was primarily a $7,613,000 increase in net investment income, a $2,695,000 increase in gains on investments and other assets, a $651,000 increase in mortgage fee income, and a $101,000 increase in insurance premiums and other considerations. This increase in total revenues was offset by a $662,000 decrease in other revenues and a $333,000 decrease in net cemetery and mortuary sales.

Mortgage fee income increased by $651,000, or 0.6%, to $108,209,000 for 2025, from $107,558,000 for 2024. This increase was primarily due to a $5,462,000 increase in secondary gains from mortgage loans sold to third-party investors into the secondary market. This increase in mortgage fee income was partially offset by a $3,817,000 decrease in the fair value of loans held for sale and loan commitments and a $994,000 decrease in loan fees and interest income net of the provision for loan loss reserve.

Insurance premiums and other considerations increased by $101,000, or 0.1%, to $119,757,000 for 2025, from $119,656,000 for 2024. This increase was primarily due to an increase of $2,564,000 in renewal premiums due to the growth of the Company in recent years, particularly in whole life products, which resulted in more premium paying policies in force. This increase was partially offset by a decrease of $2,463,000 in first year premiums because of decreased preneed insurance sales.

Net investment income increased by $7,613,000, or 10.6%, to $79,338,000 for 2025, from $71,725,000 for 2024. This increase was primarily attributable to a $9,875,000 increase in mortgage loan interest, a $1,603,000 increase in fixed maturity securities income, a $928,000 increase in insurance assignment income, $258,000 increase in rental income from real estate held for investment, a $189,000 increase in income in other investments, a $156,000 increase in equity securities income, and a $12,000 increase in policy loan income. This increase was partially offset by a $2,773,000 increase in investment expenses and a $2,635,000 decrease in interest on cash and cash equivalents.

Net mortuary and cemetery sales decreased by $333,000, or 1.1%, to $28,704,000 for 2025, from $29,037,000 for 2024. This decrease was primarily due to an $888,000 decrease in cemetery pre-need sales. This decrease was partially offset by a $526,000 increase in mortuary at-need sales and a $29,000 increase in cemetery at-need sales.

Gains on investments and other assets increased by $2,695,000, or 138.8%, to $4,636,000 for 2025, from $1,942,000 for 2024. This increase in gains on investments and other assets was primarily due to a $1,167,000 increase in gains on mortgage loans held for investment, an $864,000 increase in gains on real estate held for investment and sale, and an $856,000 increase in gains on equity securities mostly attributable to increases in the fair value of these equity securities. This increase was partially offset by a $101,000 decrease in gains on fixed maturity securities and a $91,000 decrease in gains on other investments and assets.

Other revenues decreased by $662,000, or 14.4%, to $3,942,000 for 2025 from $4,604,000 for 2024. This decrease was primarily attributable to a $1,350,000 legal settlement that was received in 2024, which was partially offset by an increase in other miscellaneous revenues in 2025.

Total benefits and expenses were $303,178,000, or 88.0% of total revenues for 2025, as compared to $297,149,000, or 88.8% of total revenues for 2024.

Policyholder benefits and claims increased by an aggregate of $205,000, or 0.2%, to $100,818,000 for 2025, from $100,613,000 for 2024. This increase was primarily the result of a $2,306,000 increase in death benefits and a $485,000 increase in surrender and other policy benefits. This increase was partially offset by a $2,586,000 decrease in future policy benefits.

Amortization of deferred policy and pre-need acquisition costs and value of business acquired increased by $648,000, or 5.9%, to $11,661,000 for 2025, from $11,013,000 for 2024. This increase is due to a $689,000 increase in the amortization of deferred policy and pre-need acquisition costs due to an increase in the average outstanding balance. This increase was partially offset by a $41,000 decrease in the amortization of value of business acquired due to no new deferrals and a decreasing average outstanding balance.

Selling, general and administrative expenses increased by an aggregate of $5,055,000, or 2.9%, to $181,520,000 for 2025, from $176,465,000 for 2024. This increase was primarily the result of a $3,370,000 increase in other expenses, a $2,067,000 increase in personnel expenses, a $488,000 increase in costs related to funding mortgage loans, a $400,000 increase in advertising expenses, a $76,000 increase in commissions, and a $42,000 increase in depreciation on property and equipment. This increase was partially offset by a $1,386,000 decrease in rent and rent related expenses.

Interest expense increased by $265,000, or 6.2%, to $4,519,000 for 2025, from $4,254,000 for 2024. This increase was primarily due to an increase of $256,000 in interest expense on mortgage warehouse lines of credit for loans held for sale and an increase of $9,000 in interest expense on bank loans.

Income tax expense increased by $1,002,000, or 12.1%, to $9,257,000 for 2025, from $8,255,000 for 2024. This increase was primarily due to an increase in earnings before income taxes for 2025 compared to 2024. The Company’s overall effective tax rate increased from 22.1% for 2024 to 22.4% in 2025, a 0.3% increase in the effective tax rate or a 1.4% change. This increase was partially due to an increase in non-deductible items.

Risks

The following is a description of the material risks facing the Company and how it mitigates those risks:

Legal and Regulatory Risks. Changes in the legal or regulatory environment in which the Company operates may create additional expenses and risks not anticipated by the Company in developing and pricing its products. Regulatory initiatives designed to reduce insurer profits, new legal theories or insurance company insolvencies through guaranty fund assessments may create costs for the insurer beyond those recorded in the consolidated financial statements. In addition, changes in tax law with respect to mortgage interest deductions or other public policy or legislative changes may affect the Company’s mortgage sales. Also, the Company may be subject to further regulations in the cemetery and mortuary business. The Company aims to mitigate these risks by offering a wide range of products and by diversifying its operations, thus reducing its exposure to any single product or jurisdiction, and by employing underwriting practices that identify and minimize the adverse impact of such risks.

Mortgage Industry Risks. Developments in the mortgage industry and credit markets can adversely affect the Company’s ability to sell its mortgage loans to investors, which can impact the Company’s financial results by requiring it to assume the risk of holding and servicing any unsold loans.

The mortgage loan loss reserve is an estimate of probable losses at the balance sheet date that the Company could realize in the future on mortgage loans sold to third-party investors. The Company’s mortgage subsidiary may be required to reimburse third-party investors for costs associated with early payoff of loans within the first six months of such loans and to repurchase loans where there is a default in any of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities.

During 2025 and 2024 the Company decreased its loan loss reserve by $312,000 and increased its loan loss reserve by $150,000, respectively, for loan originations, and the charges have been included in mortgage fee income. The estimated liability for indemnification losses is included in other liabilities and accrued expenses and, as of December 31, 2025 and 2024, the balances were $384,000 and $697,000, respectively. The Company believes the loan loss reserve represents probable loan losses incurred as of December 31, 2025. There is a risk, however, that future loan losses may exceed the loan loss reserve.

As of December 31, 2025, the Company’s mortgage loans held for investment portfolio consisted of mortgage loans in an aggregate principal amount of $6,516,000 with delinquencies exceeding 90 days. Of this amount, loans with an aggregate principal amount of $1,204,000 were in foreclosure proceedings. The Company has not received or recognized any interest income on the $6,516,000 in mortgage loans with delinquencies exceeding 90 days. During 2025 and 2024, the Company increased its allowance for credit losses by $704,000 and decreased it by $1,934,000, respectively, which was charged to bad debt expense and included in selling, general and administrative expenses for the period. The main reasons for the increase in 2025 when compared to 2024 were due to an increase in the commercial loan held for investment portfolio and in the residential construction loan held for investment portfolio. The allowances for credit losses on the Company’s mortgage loans held for investment portfolio as of December 31, 2025 and 2024 were $2,589,000 and $1,885,000, respectively.

Interest Rate Risk. Fluctuations in interest rates may cause a decrease in the value of the Company’s investments or impair the ability of the Company to market its mortgage and cemetery and mortuary products. This change in rates may cause certain interest-sensitive products to become uncompetitive or may cause disintermediation. The Company aims to mitigate this risk by charging fees for non-conformance with certain policy provisions, by offering products that transfer this risk to the purchaser, and by attempting to match the maturity schedule of its assets with the expected payouts of its liabilities. To the extent that liabilities come due more quickly than assets mature, the Company might have to borrow funds or sell assets prior to maturity and potentially recognize a loss on the sale.

Mortality and Morbidity Risks. The Company’s actuarial assumptions differing from actual mortality and morbidity experienced may mean that the Company’s relevant products sold were underpriced, may require the Company to liquidate insurance or make other claims earlier than planned, and have other potentially adverse consequences to the business. The Company aims to minimize this risk through sound underwriting practices, asset and liability duration matching, and sound actuarial practices.

Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. 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 liability for future policy benefits; those used in determining the value of loans held for sale; and those used in determining loan loss reserve. Although some variability is inherent in these estimates, management believes the amounts provided are fairly stated in all material respects.

Liquidity and Capital Resources

The Company’s life insurance subsidiaries and cemetery and mortuary subsidiaries realize cash flow from premiums, contract payments and sales on personal services rendered for cemetery and mortuary business, from interest and dividends on invested assets, and from the proceeds from the sale or maturity of investments. The mortgage subsidiaries realize cash flow from fees generated by originating and refinancing mortgage loans and fees on mortgage loans held for sale that are sold to investors into the secondary market. It should be noted that current conditions in the financial markets and economy may affect the realization of these expected cash flows. The Company considers these sources of cash flow to be adequate to fund future policyholder and cemetery and mortuary liabilities, which generally are long-term, and adequate to pay current policyholder claims, annuity payments, expenses related to the issuance of new policies, the maintenance of existing policies, debt service, and to meet current operating expenses.

As of December 31, 2025, SecurityNational Mortgage was not in compliance with the net income covenant of the US Bank, Western Alliance Bank and JP Morgan Chase Bank warehouse lines of credit. SecurityNational Mortgage has since received waivers from each of these lenders with respect to this covenant. In the unlikely event the Company is required to repay the outstanding advances of approximately $4,173,449 on the warehouse lines of credit, the Company has sufficient cash to do so. The Company has also performed an analysis of its funding capacities from both internal and external sources and has determined that there are sufficient funds to continue its current business model. The Company continues to negotiate other warehouse lines of credit with other lenders.

During 2025 and 2024, the Company’s operations provided cash of $45,540,000 and of $57,320,000, respectively. The decrease in cash provided by operations was due primarily to a decrease in proceeds from loans held for sale.

The Company expects to pay out liabilities under its funeral plans over the long term given the nature of those plans. Funeral plans are small face value life insurance policies that payout upon a person’s death to cover funeral burial costs; policyholders generally keep these policies in force until, and do not surrender prior to, death. Because of the long-term nature of these liabilities, the Company can hold to maturity or for the targeted investment period its corresponding bond, real estate, and mortgage loan investments, thus reducing the risk of liquidating these long-term investments because of any sudden changes in their fair values.

The Company attempts to match the duration of invested assets with its policyholder and cemetery and mortuary liabilities. The Company may sell investments other than those held to maturity in the portfolio to help in this timing matching. The Company purchases short-term investments on a temporary basis to meet the expected short-term requirements of the Company’s insurance products. The Company’s investment philosophy is intended to provide a rate of return for the expected duration of its cemetery and mortuary policies that will exceed the accruing of liabilities under those policies regardless of future interest rate movements.

The Company’s investment policy is also to invest predominantly in fixed maturity securities, real estate, mortgage loans, and warehousing of mortgage loans held for sale. The warehoused mortgage loans are typically held for sale on a short-term basis before selling the loans to investors in accordance with the requirements and laws governing the Company’s life insurance subsidiaries. Bonds owned by the insurance subsidiaries amounted to $365,986,000 (at estimated fair value) and $348,774,000 (at estimated fair value) as of December 31, 2025, and 2024, respectively. This represented 35.2% and 38.0% of the total investments of the Company as of December 31, 2025, and 2024, respectively. Generally, all bonds owned by the life insurance subsidiaries are rated by the National Association of Insurance Commissioners. Under this rating system, there are six categories used for the rating of bonds. As of December 31, 2025, 1.6% (or $5,825,000) and as of December 31, 2024, 2.4% (or $8,431,000) of the insurance subsidiaries’ total bond investments were invested in bonds in rating categories three through six, which are considered non-investment grade.

See Note 2 of the Notes to Consolidated Financial Statements for the schedule of the maturity of fixed maturity securities available for sale and for the schedule of principal payments for mortgage loans held for investment.

See Note 15 of the Notes to Consolidated Financial Statements for a description of the Company’s sources of liquidity.

If market conditions were to cause interest rates to change, the fair value of the Company’s fixed income portfolio (of approximately $705,213,000), which includes bonds, preferred stocks and mortgage loans held for investment, could change by the following amounts based on the respective basis point swing (the change in the fair values were calculated using a modeling technique):

	-200 bps		-100 bps		+100 bps			+200 bps
Change in Fair Value	$	50,112	$	22,837	$	(23,334	)	$	(47,001	)
(in thousands)

The Company’s life insurance subsidiaries are subject to risk-based capital guidelines established by statutory regulators requiring minimum capital levels based on the perceived risk of assets, liabilities, disintermediation, and business risk. As of December 31, 2025 and 2024, the life insurance subsidiaries were in compliance with the regulatory criteria.

The Company’s total capitalization of stockholders’ equity, and bank loans and other loans payable were $508,757,000 and $488,639,000 as of December 31, 2025 and 2024, respectively. This increase was primarily due to a $28,470,000 increase in stockholders’ equity, which was partially offset by a decrease of $8,352,000 in bank loans and other loans payable. Stockholders’ equity as a percentage of total capitalization was 80.7% and 78.2% as of December 31, 2025 and 2024, respectively.

Lapse rates measure the amount of insurance terminated during a particular period. The Company’s lapse rate for life insurance was 7.2% for 2025 as compared to a rate of 7.0% for 2024.

The combined statutory capital and surplus of the Company’s life insurance subsidiaries was $139,068,000 and $120,216,000 as of December 31, 2025 and 2024, respectively. The life insurance subsidiaries cannot pay dividends to their parent company without the approval of state insurance regulatory authorities.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements to encourage companies to provide prospective information about their businesses without fear of litigation so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. The Company desires to take advantage of the “safe harbor” provisions of the act.

This Annual Report on Form 10-K contains forward-looking statements, together with related data and projections, about the Company’s projected financial results and its plans and strategies. However, the actual results and needs of the Company may vary materially from forward-looking statements and projections made from time to time by the Company based on management’s then-current expectations. The business in which the Company is engaged involves changing and competitive markets, which may involve a high degree of risk, and there can be no assurance that forward-looking statements and projections will prove accurate.

Factors that may cause the Company’s actual results to differ materially from those contemplated or projected, forecast, estimated or budgeted in such forward looking statements include among others, the following possibilities: (i) heightened competition, including the intensification of price competition, the entry of new competitors, and the introduction of new products by new and existing competitors; (ii) adverse state and federal legislation or regulation, including decreases in rates, limitations on premium levels, increases in minimum capital and reserve requirements, benefit mandates and tax treatment of insurance products; (iii) fluctuations in interest rates causing a reduction of investment income or increase in interest expense and in the market value of interest rate sensitive investment; (iv) failure to obtain new customers, retain existing customers or reductions in policies in force by existing customers; (v) higher service, administrative, or general expenses due to the need for additional advertising, marketing, administrative or management information systems expenditures; (vi) loss or retirement of key executives or employees; (vii) increases in medical costs; (viii) changes in the Company’s liquidity due to changes in asset and liability matching; (ix) restrictions on insurance underwriting based on genetic testing and other criteria; (x) adverse changes in the ratings obtained by independent rating agencies; (xi) failure to maintain adequate reinsurance; (xii) possible claims relating to sales practices for insurance products and claim denials; (xiii) adverse trends in mortality and morbidity; (xiv) deterioration of real estate markets; and (xv) lawsuits in the ordinary course of business.

Off-Balance Sheet Agreements

The Company has commitments to fund existing construction and land development loans pursuant to the various loan agreements. As of December 31, 2025, the Company’s commitments were approximately $201,220,000 for these loans, of which $158,908,000 had been drawn. The Company advances funds in accordance with the loan agreements once the work has been completed and an independent inspection is made. The maximum loan commitment ranges between 50% and 80% of appraised value. The Company receives fees and interest for these loans and the interest rate is generally fixed at 5.25% to 8.50% per annum. Maturities range between six and eighteen months.

Contractual Obligations

In the ordinary course of the Company’s operations, the Company enters certain contractual obligations. Such obligations include operating leases for office space, agreements with respect to borrowed funds and future policy benefits. See Notes 15, 16, and 24 of the Notes to Consolidated Financial Statements for more information about these obligations.

Captive Insurance Participation

The Company has a limited equity interest in a captive insurance entity (the “Captive’) that provides workers compensation, general liability and automobile insurance . This program permits the Company to pool insurance risks and resources with like-minded companies in order to obtain more competitive pricing for claims administration, stop loss insurance premiums and to limit its risk of loss in any particular year. The Captive also provides access to a wide array of safety-related services and regular safety training to help the Company control claims. The maximum exposure to a loss related to the Company’s involvement in the Captive is limited to approximately $443,758, which is collateralized under a standby letter of credit issued on the insurance entity’s behalf. See Note 24 of the Notes to Consolidated Financial Statements for additional discussion of commitments associated with the insurance program. The Company has been a member of the Captive since 2006 and does not expect any material losses to result from the issuance of the standby letter of credit given the Company’s past performance.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

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

Item 8. Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page No.
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)	29

Financial Statements at December 31, 2025 and 2024 and for the Years Ended December 31, 2025 and 2024:
Consolidated Balance Sheets	31
Consolidated Statements of Earnings	33
Consolidated Statements of Comprehensive Income	34
Consolidated Statements of Stockholders’ Equity	35
Consolidated Statements of Cash Flows	36
Notes to Consolidated Financial Statements:
Note 1 - Significant Accounting Policies	38
Note 2 - Investments	54
Note 3 - Loans Held for Sale	75
Note 4 - Receivables	77
Note 5 - Restricted Assets	82
Note 6 - Cemetery Perpetual Care Trust Investments and Obligation	85
Note 7 - Mortgage Servicing Rights	88
Note 8 - Property and Equipment	90
Note 9 - Deferred Policy and Pre-need Contract Acquisition Costs, Value of Business Acquired and Unearned Premium Reserve	90
Note 10 - Goodwill and Other Intangible Assets	92
Note 11 - Derivative Instruments	94
Note 12 - Future Policy Benefits and Unpaid Claims	95
Note 13 - Policyholder Account Balances	99
Note 14 - Reinsurance	102
Note 15 - Bank and Other Loans Payable	103
Note 16 - Leases	106
Note 17 - Income Taxes	109
Note 18 - Equity	111
Note 19 - Earnings Per Share	113
Note 20 - Business Segment Information	114
Note 21 - Fair Value of Financial Instruments	117
Note 22 - Stock Compensation Plans and Retirement Plans	124
Note 23 - Statutory Financial Information and Dividend Limitations	128
Note 24 - Commitments and Contingencies	130

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Security National Financial Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Security National Financial Corporation and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows, for each of the two years ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 16, 2026, expressed an adverse opinion on the Company’s internal control over financial reporting because of a material weakness.

Change in Accounting Principle

As discussed in Note 1 to the financial statements, the Company changed its method of accounting, measurement, and disclosure of long-duration contracts effective December 31, 2025, using the modified retrospective method applied as of the transition date of January 1, 2024, due to adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The adoption is also communicated as a critical audit matter below.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Adoption of Accounting Pronouncements - Targeted Improvements to the Accounting for Long-Duration Contracts - Refer to Note 1 to the Financial Statements

Critical Audit Matter Description

The Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) on December 31, 2025 using the modified retrospective application as of the transition date of January 1, 2024.

The adoption of ASU 2018-12 significantly modified the Company’s accounting for and disclosure of long-duration life insurance contracts. We identified the adoption of ASU 2018-12 as a critical audit matter because of the need to involve actuarial specialists to evaluate assumptions and valuation models, the extent of audit effort required, and the inherent complexity involved in the selection and application of new accounting policies.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the adoption of ASU 2018-12 included the following, among others:

●	We tested the effectiveness of controls over the application of new accounting policies and disclosure of the impact of adoption discussed in Note 1 to the financial statements, including controls over the valuation models and mortality and lapse assumptions used to estimate the liability for future policy benefits and amortization of deferred policy acquisition costs.

●	We evaluated the appropriateness of the Company’s selection and application of accounting policies in connection with the adoption of the ASU 2018-12.

●	With the assistance of our actuarial specialists, we evaluated the reasonableness of the valuation models and assumptions used to estimate the liability for future policy benefits and amortization of deferred policy acquisition costs.

Future Policy Benefits for Life Insurance Contracts and Amortization of Deferred Policy Acquisition Costs for Insurance Contracts – Certain Underlying Assumptions for Certain Products- Refer to Notes 1, 9, and 12 to the financial statements

Critical Audit Matter Description

The Company’s management sets assumptions in (1) estimating a liability for life insurance policy benefit payments that will be made in the future (future policy benefits for life insurance contracts) and (2) determining amortization of deferred policy acquisition costs for insurance contracts. The most significant assumptions include mortality and lapse. Assumptions are determined based on the company’s historical experience, industry data, and other factors. Given the inherent uncertainty of these assumptions, auditing the development of such assumptions involved especially subjective judgment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s judgments regarding the mortality and lapse assumptions used in the development of future policy benefits for life insurance contracts and the amortization of deferred policy acquisition costs for insurance contracts, included the following, among others:

●	We tested the effectiveness of controls over the development of these assumptions used in the valuation of future policy benefits and the amortization of deferred policy acquisition costs for certain insurance products, including the effectiveness of the controls over the underlying data.

●	We tested the underlying data used in the development of these assumptions as well as in the valuation of future policy benefits and the amortization of deferred policy acquisition costs for certain insurance products.

●	With the assistance of our actuarial specialists, we:

	◌	Evaluated management’s methods, calculations and judgments regarding the development of these assumptions including evaluating the results of experience studies used as the basis for setting those assumptions.

	◌	Evaluated on a sample basis, through independent calculation of future policy benefits and amortization of deferred policy acquisition costs, the mathematical accuracy of management’s calculations, the appropriateness of valuation models, and whether these assumptions were properly applied.

/s/ Deloitte & Touche LLP

Salt Lake City, UT

March 16, 2026

We have served as the Company’s auditor since 2017.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	2025		2024
	December 31,
	2025		2024
Assets
Investments:
Fixed maturity securities, available for sale, at estimated fair value (amortized cost of $382,401,293 and $376,012,071 for 2025 and 2024, respectively; net of allowance for credit losses of $579,450 and $420,993 for 2025 and 2024, respectively)	$	382,777,918	$	366,546,129
Equity securities at estimated fair value (cost of $12,206,559 and $11,386,454 for 2025 and 2024, respectively)		18,050,062		15,771,681
Mortgage loans held for investment (net of allowance for credit losses of $2,588,918 and $1,885,390 for 2025 and 2024, respectively)		322,435,385		301,747,358
Real estate held for investment (net of accumulated depreciation of $37,159,212 and $31,419,539 for 2025 and 2024, respectively)		214,897,130		197,693,338
Real estate held for sale		6,424,027		1,278,033
Other investments and policy loans (net of allowances for credit losses of $1,676,468 and $1,536,926 for 2025 and 2024, respectively)		85,223,293		74,855,041
Accrued investment income		9,054,645		8,499,168
Total investments		1,038,862,460		966,390,748
Cash and cash equivalents		102,256,828		140,546,421
Loans held for sale at estimated fair value		155,968,266		131,181,148
Receivables (net of allowance for credit losses of $1,428,672 and $1,678,531 for 2025 and 2024, respectively)		15,611,074		15,858,743
Restricted assets (including $16,106,168 and $12,323,535 for 2025 and 2024, respectively, at estimated fair value)		28,805,946		23,806,836
Cemetery perpetual care trust investments (including $6,575,744 and $5,689,706 for 2025 and 2024, respectively, at estimated fair value)		9,871,947		8,836,503
Receivable from reinsurers		13,655,373		13,816,663
Cemetery land and improvements		11,299,283		10,594,632
Mortgage servicing rights, net		2,528,459		2,939,878
Property and equipment, net		18,211,717		19,047,688
Deferred policy and pre-need contract acquisition costs		135,978,803		127,219,907
Value of business acquired		7,109,186		7,602,521
Goodwill		5,253,783		5,253,783
Other		16,431,479		21,366,843
Total Assets	$	1,561,844,604	$	1,494,462,314

See accompanying notes to consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Continued)

	December 31,
	2025			2024
Liabilities and Stockholders’ Equity
Liabilities
Future policy benefits and unpaid claims	$	799,706,946		$	752,080,658
Policyholder account balances		140,605,750			142,807,316
Unearned premium reserve		1,824,796			2,013,245
Bank and other loans payable		98,387,919			106,740,104
Deferred pre-need cemetery and mortuary contract revenues		22,991,603			20,168,405
Cemetery perpetual care obligation		5,918,776			5,642,693
Accounts payable		4,150,119			2,937,293
Other liabilities and accrued expenses		51,969,405			55,633,661
Income taxes		25,920,562			24,540,512
Total liabilities		1,151,475,876			1,112,563,887
Stockholders’ Equity
Preferred Stock:
Preferred stock - non-voting-$1.00 par value; 5,000,000 shares authorized; none issued or outstanding		-			-
Common Stock:
Class A: common stock - $2.00 par value; 40,000,000 shares authorized; 22,428,625 shares issued and outstanding as of December 31, 2025 and 22,321,559 (1) shares issued and outstanding as of December 31, 2024		44,857,250			42,510,012
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; 3,587,237 shares issued and outstanding as of December 31, 2025 and 3,492,674 (1) shares issued and outstanding as of December 31, 2024		7,174,474			6,643,666
Common stock value		7,174,474			6,643,666
Additional paid-in capital		89,867,763			79,698,367
Accumulated other comprehensive income, net of taxes		28,762,123			33,719,629
Retained earnings		248,795,475			227,804,439
Treasury stock, at cost - 1,095,964 Class A shares and 104,604 Class C shares as of December 31, 2025; and 1,080,243 (1) Class A shares and 104,604 (1) Class C shares as of December 31, 2024		(9,088,357	)		(8,477,686	)
Total stockholders’ equity		410,368,728			381,898,427
Total Liabilities and Stockholders’ Equity	$	1,561,844,604		$	1,494,462,314

(1)	Issued and outstanding shares have been adjusted retroactively for the effect of annual stock dividends.

See accompanying notes to consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Consolidated Statements of Earnings

	2025			2024
	Years Ended December 31,
	2025			2024
Revenues:
Insurance premiums and other considerations	$	119,757,103		$	119,655,745
Mortgage fee income		108,209,319			107,558,640
Net investment income		79,338,512			71,725,249
Net mortuary and cemetery sales		28,704,450			29,037,173
Gains on investments and other assets		4,636,377			1,941,898
Other		3,941,777			4,603,963
Total revenues		344,587,538			334,522,668

Benefits and expenses:
Policyholder benefits and claims (including the impact of assumption updates to the liability for future policy benefits of nil and nil for 2025 and 2024, respectively)		100,817,674			100,613,091
Amortization of deferred policy and pre-need acquisition costs and value of business acquired		11,660,708			11,012,616
Selling, general and administrative expenses:
Commissions		47,048,596			46,972,909
Personnel		87,151,803			85,084,802
Advertising		3,514,641			3,115,120
Rent and rent related		3,760,519			5,147,069
Depreciation on property and equipment		2,425,185			2,383,621
Costs related to funding mortgage loans		6,622,489			6,134,709
Other		30,997,264			27,627,210
Interest expense		4,518,965			4,254,100
Cost of goods and services sold – cemeteries and mortuaries		4,660,090			4,803,528
Total benefits and expenses		303,177,934			297,148,775

Earnings before income taxes		41,409,604			37,373,893
Income tax expense		(9,257,274	)		(8,254,728	)
Net earnings	$	32,152,330		$	29,119,165

Net earnings per Class A equivalent common share (1)	$	1.30		$	1.19

Net earnings per Class A equivalent common share - assuming dilution (1)	$	1.26		$	1.16

Weighted average Class A equivalent common shares outstanding (1)		24,727,498			24,492,597

Weighted average Class A equivalent common shares outstanding-assuming dilution (1)		25,484,312			25,186,505

(1)

Net earnings per share 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 consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Consolidated Statements of comprehensive income

	2025			2024
	Years Ended December 31,
	2025			2024
Net earnings	$	32,152,330		$	29,119,165
Other comprehensive income (loss):
Unrealized gains (losses) on fixed maturity securities available for sale		10,001,025			(11,042	)
Unrealized gains on restricted assets		6,386			841
Unrealized gains (losses) on cemetery perpetual care trust investments		4,811			(1,403	)
Interest rate remeasurement of future policy benefits		(16,285,885	)		44,966,236
Other comprehensive income (loss), before income tax		(6,273,663	)		44,954,632
Income tax benefit (expense)		1,316,157			(9,443,147	)
Other comprehensive income (loss), net of income tax		(4,957,506	)		35,511,485
Comprehensive income	$	27,194,824		$	64,630,650

See accompanying notes to consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity

	Class A Common Stock		Class C Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total
Balance at December 31, 2023	$	40,096,004	$	5,943,708		$	72,424,429		$	(6,885,558	)	$	206,978,373		$	(5,661,737	)	$	312,895,219
Adoption of ASU 2018-12		-		-			-			5,093,702			(138,144	)		-			4,955,558
Net earnings		-		-			-			-			29,119,165			-			29,119,165
Other comprehensive income		-		-			-			35,511,485			-			-			35,511,485
Stock based compensation expense		-		-			800,820			-			-			-			800,820
Exercise of stock options		400,144		403,334			413,835			-			-			(768,191	)		449,122
Vesting of restricted stock units		3,570		-			(3,570	)		-			-			-			-
Sale of treasury stock		-		-			214,816			-			-			1,005,748			1,220,564
Purchase of treasury stock		-		-			-			-			-			(3,053,506	)		(3,053,506	)
Stock dividends		2,009,762		297,156			5,848,037			-			(8,154,955	)		-			-
Conversion Class C to Class A		532		(532	)		-			-			-			-			-
Balance at December 31, 2024		42,510,012		6,643,666			79,698,367			33,719,629			227,804,439			(8,477,686	)		381,898,427
Net earnings		-		-			-			-			32,152,330			-			32,152,330
Other comprehensive loss		-		-			-			(4,957,506	)		-			-			(4,957,506	)
Stock based compensation expense		-		-			1,320,497			-			-			-			1,320,497
Exercise of stock options		193,132		190,674			(128,785	)		-			-			(149,009	)		106,012
Vesting of restricted stock units		19,452		-			(19,452	)		-			-			-			-
Sale of treasury stock		-		-			310,630			-			-			1,148,387			1,459,017
Purchase of treasury stock		-		-			-			-			-			(1,610,049	)		(1,610,049	)
Stock dividends		2,133,106		341,682			8,686,506			-			(11,161,294	)		-			-
Conversion Class C to Class A		1,548		(1,548	)		-			-			-			-			-
Balance at December 31, 2025	$	44,857,250	$	7,174,474		$	89,867,763		$	28,762,123		$	248,795,475		$	(9,088,357	)	$	410,368,728
Balance	$	44,857,250	$	7,174,474		$	89,867,763		$	28,762,123		$	248,795,475		$	(9,088,357	)	$	410,368,728

See accompanying notes to consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Consolidated Statements of Cash Flows

	2025			2024
	Years Ended December 31,
	2025			2024
Cash flows from operating activities:
Net earnings	$	32,152,330		$	29,119,165
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gains on investments and other assets		(4,636,377	)		(1,941,898	)
Depreciation		8,155,965			8,172,446
Provision for credit losses		2,055,026			55,750
Net amortization of deferred fees and costs, premiums and discounts		(2,652,873	)		(1,992,153	)
Provision for deferred income taxes		1,454,181			998,697
Policy and pre-need acquisition costs deferred		(19,926,269	)		(21,343,031	)
Policy and pre-need acquisition costs amortized		11,167,373			10,477,722
Value of business acquired amortized		493,335			534,894
Interest credited to policyholder account balances		4,562,615			3,379,614
Policy fees assessed on policyholder account balances		(2,326,788	)		(2,306,993	)
Mortgage servicing rights, additions		(151,056	)		(90,370	)
Amortization of mortgage servicing rights		562,475			611,638
Stock based compensation expense		1,320,497			800,820
Benefit plans funded with treasury stock		1,459,017			1,220,564
Net change in fair value of loans held for sale		(615,973	)		(2,869,729	)
Originations of loans held for sale		(2,296,054,902	)		(2,295,830,408	)
Proceeds from sales of loans held for sale		2,323,112,059			2,338,209,587
Net gains on sales of loans held for sale		(52,436,365	)		(45,383,321	)
Change in assets and liabilities:
Land and improvements held for sale		(704,651	)		(1,430,941	)
Future policy benefits and unpaid claims		31,232,581			32,180,630
Other operating assets and liabilities		7,317,697			4,747,167
Net cash provided by operating activities		45,539,897			57,319,850
Cash flows from investing activities:
Purchases of fixed maturity securities		(68,178,727	)		(85,235,694	)
Sales, calls and maturities of fixed maturity securities		61,228,738			101,038,735
Purchase of equity securities		(5,072,820	)		(3,098,448	)
Sales of equity securities		4,545,506			2,321,623
Purchases of restricted assets		(7,620,974	)		(6,039,118	)
Sales, calls and maturities of restricted assets		4,675,141			1,579,178
Purchases of cemetery perpetual care trust investments		(1,428,243	)		(4,615,717	)
Sales, calls and maturities of cemetery perpetual care trust investments		1,972,774			2,607,608
Mortgage loans held for investment, other investments and policy loans made		(856,738,839	)		(740,739,575	)
Payments received for mortgage loans held for investment, other investments and policy loans		826,248,424			707,194,046
Purchases of property and equipment		(1,691,272	)		(2,470,032	)
Sales of property and equipment		75,722			365,697
Purchases of real estate		(63,928,088	)		(52,348,798	)
Sales of real estate		38,704,832			36,306,431
Net cash used in investing activities		(67,207,826	)		(43,134,064	)

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Continued)

	Years Ended December 31,
	2025			2024
Cash flows from financing activities:
Policyholder account balances - deposits		11,980,092			13,302,949
Policyholder account balances - withdrawals		(16,336,822	)		(15,631,260	)
Proceeds from stock options exercised		106,012			449,122
Purchase of treasury stock		(1,610,049	)		(3,053,506	)
Repayment of bank loans		(71,047,816	)		(1,929,346	)
Proceeds from bank loans		69,000,000			-
Net change in warehouse line borrowings for loans held for sale		(6,414,000	)		2,855,476
Net cash used in financing activities		(14,322,583	)		(4,006,565	)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents		(35,990,512	)		10,179,221
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		150,102,620			139,923,399
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	$	114,112,108		$	150,102,620

Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest	$	4,540,371		$	4,196,139
Federal Income taxes		6,436,909			8,070,000
State Income taxes		101,596			157,642

Non Cash Investing and Financing Activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	2,582,742		$	1,770,873
Fixed maturity securities available for sale transferred into other investments		1,185,603			-
Mortgage loans held for investment foreclosed into real estate held for sale		874,087			671,480
Loans held for sale foreclosed into real estate held for sale		380,000			858,977
Right-of-use assets obtained in exchange for finance lease liabilities		33,500			176,040
Loans held for sale foreclosed into receivables		-			382,936

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

	Years Ended December 31,
	2025		2024
Cash and cash equivalents	$	102,256,828	$	140,546,421
Restricted assets		9,919,800		8,553,803
Cemetery perpetual care trust investments		1,935,480		1,002,396
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	114,112,108	$	150,102,620
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	$	114,112,108	$	150,102,620

See accompanying notes to consolidated financial statements.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies

General Overview of Business

Security National Financial Corporation and its wholly owned subsidiaries (the “Company”) operate 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 and annuity products marketed primarily in the states located in western, mid-western and southern regions of the United States. The cemetery and mortuary segment of the Company consists of eleven mortuaries and five cemeteries in Utah, one cemetery in California, and four mortuaries and one cemetery in New Mexico. The mortgage segment is an approved government and conventional lender that originates and underwrites residential and commercial loans for new construction, existing homes, and real estate projects primarily in Arizona, California, Florida, Texas, and Utah.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Principles of Consolidation

These consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

Management of the Company has made several estimates and assumptions related to the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with GAAP. Actual results could differ from those estimates.

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current-period presentation.

Investments

The Company’s management determines the appropriate classifications of investments in fixed maturity securities and equity securities at the acquisition date and re-evaluates the classifications at each balance sheet date.

Fixed maturity securities available for sale are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded in accumulated other comprehensive income (loss).

Equity securities are carried at estimated fair value. Changes in fair values are reported as unrealized gains or losses and are recorded through net earnings as a component of gains (losses) on investments and other assets.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Mortgage loans held for investment are carried at their unpaid principal balances adjusted for net deferred fees, charge-offs, premiums, discounts, and the related allowance for credit losses. Interest income is included in net investment income on the consolidated statements of earnings and is recognized when earned. The Company defers related material loan origination fees, net of related direct loan origination costs, and amortizes the net fees over the term of the loans. Origination fees are included in net investment income on the consolidated statements of earnings. Mortgage loans are secured by the underlying property and require an appraisal at the time of underwriting and funding. Generally, the Company requires that loans not exceed 80% of the fair market value of the respective loan collateral. For loans of more than 80% of the fair market value of the respective loan collateral, additional collateral or mortgage insurance by an approved third-party insurer is required.

Real estate held for investment is carried at cost, less accumulated depreciation provided on a straight-line basis over the estimated useful lives of the properties or is adjusted to a new basis for impairment in value, if any. Included, if any, are foreclosed properties. These properties are recorded at the lower of cost or fair value upon foreclosure. Also, included is residential subdivision land development which is carried at cost.

Real estate held for sale is carried at lower of cost or fair value, less estimated costs to sell. Included, if any, are foreclosed properties. These properties are recorded at the lower of cost or fair value upon foreclosure. Depreciation is not recognized on real estate classified as held for sale.

Other investments and policy loans are carried at the aggregate unpaid balances, less allowances for credit losses.

Accrued investment income refers to the income earned from investments that has not yet been received by the Company.

Gains (losses) on investments (except for equity securities carried at fair value through net earnings) arise when investments are sold and are recorded on the trade date and the cost of the securities sold is determined using the specific identification method. The provision (release) for credit losses for fixed maturity securities available for sale are also included in gains (losses) on investments. See Note 2 for more information regarding the Company’s evaluation of credit losses.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

Loans Held for Sale

Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments”, allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Company elected the fair value option for loans held for sale. The Company believes the fair value option most closely aligns the timing of the recognition of gains and costs. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Electing fair value also reduces certain timing differences and better matches changes in the fair value of these assets with changes in the fair value of the related derivatives used for these assets.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

The Company, through its mortgage subsidiary, sells mortgage loans to third-party investors without recourse unless defects are identified in the representations and warranties made at loan sale. It may be required, however, to repurchase a loan or pay a fee instead of repurchasing under certain events, which include the following:

	●	Failure to deliver original documents specified by the investor,
	●	The existence of misrepresentation or fraud in the origination of the loan,
	●	The loan becomes delinquent due to nonpayment during the first several months after it is sold,
	●	Early pay-off of a loan, as defined by the agreements,
	●	Excessive time to settle a loan,
	●	Investor declines purchase, and
	●	Discontinued product and expired commitment.

Loan purchase commitments generally specify a date 30 to 45 days after delivery upon which the underlying loans should be settled. Depending on market conditions, these commitment settlement dates can be extended at a cost to the Company.

It is the Company’s policy to cure any documentation problems regarding such loans at a minimal cost for up to a six-month period and to pursue efforts to enforce loan purchase commitments from third-party investors concerning the loans. The Company believes that six months allows adequate time to remedy any documentation issues, to enforce purchase commitments, and to exhaust other alternatives. Remedial methods include the following:

	●	Research reasons for rejection,
	●	Provide additional documents,
	●	Request investor exceptions,
	●	Appeal rejection decision to purchase committee, and
	●	Commit to secondary investors.

Once purchase commitments have expired and other alternatives to remedy are exhausted, which could be earlier than the six-month period, the loans are referred to as scratch and dent, within the loans held for sale portfolio. Any previously recognized gain-on-sale or mortgage fee income related to the loan is reversed through earnings. Scratch and dent loans are recorded at fair value. The Company may reclassify a scratch and dent loan to mortgage loans held for investment. At that time, the Company establishes an allowance for credit losses in accordance with the current expected credit loss (“CECL”) model over the contractual term of the loan. The allowance is updated each reporting period based on changes in credit quality, including delinquency status.

Determining Fair Value

The cost for loans held for sale is equal to the amount paid to the warehouse bank and the amount originally funded by the Company. Fair value is often difficult to determine and may contain significant unobservable inputs, but is based on the following guidelines:

	●	For loans that are committed, the Company uses the commitment price.
	●	For loans that are non-committed that have an active market, the Company uses the market price.
	●	For loans that are non-committed where there is no market but there is a similar product, the Company uses the fair value for the similar product.
	●	For loans that are non-committed where no active market exists, the Company determines that the unpaid principal balance best approximates the fair value, after considering the fair value of the underlying real estate collateral, estimated future cash flows, and the loan interest rate.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

The appraised value of the real estate underlying the original mortgage loan adds support to the Company’s determination of fair value because if the loan becomes delinquent the Company has sufficient value to collect the unpaid principal balance or the carrying value of the loan, thus minimizing credit losses. Most loans originated are sold to third-party investors. The amounts expected to be sold to investors are shown on the consolidated balance sheets as loans held for sale.

Mortgage Fee Income

Mortgage fee income consists of origination fees, processing fees, interest income and other income related to the origination and sale of mortgage loans held for sale. All revenues and costs are recognized when the mortgage loan is funded and any changes in fair value are shown as a component of mortgage fee income.

See Note 3 and Note 21 for additional disclosures regarding loans held for sale and mortgage fee income.

Loan Loss Reserve

The loan loss reserve, included in other liabilities and accrued expenses on the consolidated balance sheets, is an estimate of probable losses at the balance sheet date that the Company will realize in the future on loans sold to third-party investors classified as loans held for sale on the consolidated balance sheets. The Company may be required to reimburse third-party investors for costs associated with early payoff of loans within six months of origination of such loans and to repurchase loans where there is a default, in any, of the first four monthly payments to the investors or, in lieu of repurchase, to pay a negotiated fee to the investors. The Company’s estimates are based upon historical loss experience and the best estimate of the probable loan loss liabilities.

Upon completion of a transfer that satisfies the conditions to be accounted for as a sale, the Company initially measures at fair value liabilities incurred in a sale relating to any guarantee or recourse provisions in the event of defects in the representation and warranties made at loan sale. The Company accrues a monthly allowance for indemnification losses to investors based on total production. This estimate is based on the Company’s historical experience and is included as a component of mortgage fee income. Subsequent updates to the recorded liability from changes in assumptions are recorded in selling, general and administrative expenses as a component of provision for loan loss reserve. The estimated liability for indemnification losses is included in other liabilities and accrued expenses.

The loan loss reserve analysis involves mortgage loans that have been sold to third-party investors, which were believed to have met investor underwriting guidelines at the time of sale, where the Company has received a demand from the investor. There are generally three types of demands: make whole, repurchase, or indemnification. These types of demands are further described as follows:

Make whole demand — A make whole demand occurs when an investor forecloses on a property and then sells the property. The make whole amount is calculated as the difference between the original unpaid principal balance, payments received, accrued interest and fees, less the sale proceeds.

Repurchase demand — A repurchase demand usually occurs when there is a significant payment default, error in underwriting or detected loan fraud.

Indemnification demand — On certain loans the Company has negotiated a set fee that is to be paid in lieu of repurchase. The fee varies by investor and by loan product type.

The Company believes the loan loss reserve represents probable loan losses incurred as of the balance sheet date.

Additional information related to the Loan Loss Reserve is included in Note 3.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Restricted Assets

Restricted assets are assets held in a trust account for future mortuary services and merchandise. Restricted assets also include escrows held for borrowers and investors under servicing and appraisal agreements relating to mortgage loans, funds held by warehouse banks in accordance with loan purchase agreements and funds held in escrow for certain real estate construction development projects. Additionally, the Company funded its medical benefit safe-harbor limit based on the qualified direct costs and has included this amount as a component of restricted cash. Additional information related to restricted assets is included in Notes 2 and 5.

Cemetery Perpetual Care Trust Investments

Cemetery endowment care trusts have been set up for five of the seven cemeteries owned by the Company. Under endowment care arrangements a portion of the price for each lot sold is withheld and invested in a portfolio of investments like those described in the prior paragraph. The earnings stream from the investments is designed to fund future maintenance and upkeep of the cemetery. Additional information related to cemetery perpetual care trust investments is included in Notes 2 and 6.

Cemetery Land and Improvements

The development of a cemetery involves not only the initial acquisition of raw land but also the installation of roads, water lines, landscaping, and other costs to establish a marketable cemetery lot. The costs of developing the cemetery are shown as an asset on the balance sheet. The amount on the balance sheet is reduced by the total cost assigned to the development of a particular lot when the criterion for recognizing a sale of that lot is met.

Mortgage Servicing Rights

Mortgage Servicing Rights (“MSR”) arise from contractual agreements between the Company and third-party investors (or their agents) when mortgage loans are sold. Under these contracts, the Company retains and provides loan servicing functions on loans sold, in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition of real estate owned and property dispositions.

The total residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans. The value of MSRs is derived from the net cash flows associated with the servicing contracts. The Company receives a servicing fee of generally about 0.25% annually on the remaining outstanding principal balances of the loans. Based on the result of the cash flow analysis, an asset or liability is recorded for mortgage servicing rights. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges, and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax, and insurance payments. Contractual servicing fees and late fees are included in other revenues on the consolidated statements of earnings.

The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with an initial term of 30 years and MSRs backed by mortgage loans with an initial term of 15 years. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in the market. After being initially recorded at fair value, MSRs backed by mortgage loans are accounted for using the amortization method. Amortization expense is included in other expenses on the consolidated statements of earnings. MSR amortization is determined by amortizing the MSR balance in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

Interest rate risk, prepayment risk, and default risk are inherent risks in MSR valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as rates decline. A significant decrease in rates beyond expectation could cause a decline in the value of the MSR. On the contrary, if rates increase borrowers are less likely to refinance or prepay their mortgage, which extends the duration of the loan and MSR values are likely to rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value.

The Company periodically assesses MSRs for impairment. Impairment occurs when the current fair value of the MSR falls below the carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current period earnings and the carrying value of the MSRs is adjusted through a valuation allowance.

The Company periodically reviews the various loan strata to determine whether the value of the MSRs in each stratum is impaired and likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

Additional information related to MSRs is included in Note 7.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method over the estimated useful lives of the assets which range from 3 three to forty years. Leasehold improvements paid for by the Company as a lessee are amortized over the lesser of the useful life or remaining lease terms. Additional information related to property and equipment is included in Note 8.

Long-lived Assets

Long-lived assets to be held and used, including property and equipment and real estate held for investment, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset, and long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Additional information related to long-lived assets is included in Notes 2 and 8.

Deferred Policy Acquisition Costs and Value of Business Acquired

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

When accounting for DAC, the Company considers internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights, or coverage that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to contract, or by the election of a feature or coverage within a contract. Modifications that result in a replacement contract that is substantially changed from the replaced contract are accounted for as an extinguishment of the replaced contract. Unamortized DAC and unearned revenue liabilities from the replaced contract are written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

Value of business acquired (“VOBA”) is the present value of estimated future profits of the acquired business and is amortized in the same way as DAC.

Additional information related to DAC and VOBA is included in Note 9.

Goodwill and Other Intangible Assets

Previous acquisitions have been accounted for as purchases under which assets acquired, and liabilities assumed were recorded at their fair values with the excess purchase price recognized as goodwill. The Company evaluates annually or when changes in circumstances warrant the recoverability of goodwill and if there is a decrease in value, the related impairment is recognized as a charge against income.

Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. The Company engages a third-party valuation firm to analyze the value of the intangible assets that result from significant acquisitions. The value of the intangible assets that result from these acquisitions are included in Other Assets and are determined using the income approach, relying on a relief from the royalty method.

Additional information related to goodwill and other intangible assets is included in Note 10.

Derivative Instruments

Mortgage Banking Derivatives

Loan Commitments

The Company is exposed to price risk due to the potential impact of changes in interest rates on the values of loan commitments from the time a loan commitment is made to an applicant to the time the loan that would result from the exercise of that loan commitment is funded. Managing price risk is complicated by the fact that the ultimate percentage of loan commitments that will be exercised (i.e., the number of loans that will be funded) fluctuates. The probability that a loan will not be funded, or the loan application is denied or withdrawn within the terms of the commitment is driven by several factors, particularly the change, if any, in mortgage rates following the issuance of the loan commitment.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

1)	Significant Accounting Policies (Continued)

In general, the probability of funding increases if mortgage rates rise and decreases if mortgage rates fall. This is due primarily to the relative attractiveness of current mortgage rates compared to the applicant’s committed rate. The probability that a loan will not be funded within the terms of the mortgage loan commitment also is influenced by the source of the applications (retail, broker, or correspondent channels), proximity to rate lock expiration, purpose for the loan (purchase or refinance), product type and the application approval status. The Company has developed fallout estimates using historical data that consider all the variables, as well as renegotiations of rate and point commitments that tend to occur when mortgage rates fall. These fallout estimates are used to estimate the number of loans that the Company expects to be funded within the terms of the loan commitments and are updated periodically to reflect the most current data.

The Company estimates the fair value of a loan commitment based on the change in estimated fair value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices, estimates of the fair value of mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the commitment net of estimated commission expense. The change in fair value of the underlying mortgage loan is measured from the date the loan commitment is issued and is shown net of related expenses. Following issuance, the value of a loan commitment can be either positive or negative depending upon the change in value of the underlying mortgage loans. Fallout rates and other factors from the Company’s recent historical data are used to estimate the quantity and value of mortgage loans that will fund within the terms of the commitments.

Forward Sale Commitments

The Company utilizes forward commitments to economically hedge the price risk associated with its outstanding mortgage loan commitments. A forward commitment protects the Company from losses on sales of the loans arising from the exercise of the loan commitments. Management expects these types of commitments will experience changes in fair value in contrast to changes in fair value of the loan commitments, thereby reducing earnings volatility related to the recognition in earnings of changes in the values of the commitments.

The net changes in fair value of loan commitments and forward sale commitments are shown in current earnings as a component of mortgage fee income on the consolidated statements of earnings. Mortgage banking derivatives are shown in other assets and other liabilities and accrued expenses on the consolidated balance sheets.

Additional information related to derivative instruments is included in Note 11.

Allowances for Credit Losses

The Company records allowances for current expected credit losses from fixed maturity securities available for sale, mortgage loans held for investment, other investments, and receivables in accordance with GAAP. The allowances for credit losses are valuation accounts that are reported as a reduction of the financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The Company estimates allowances for credit losses using relevant available information from both internal and external sources. The Company considers its historical loss experience, analyzes current market conditions and forecasts and uses third-party assistance to arrive at current expected credit losses. Amounts are written off against the allowance for credit losses when determined to be uncollectible. See Notes 2 and 4 regarding the Company’s evaluation of allowances for credit losses.

SECURITY NATIONAL FINANCIAL CORPORATION
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Years Ended December 31, 2025 and 2024

SECURITY NATIONAL FINANCIAL CORP 10-K