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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company’s investments as of March 31, 2023 are summarized as follows:

 Schedule of Investments

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses (1)				Allowance for Credit Losses				Estimated Fair Value
March 31, 2023:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies		$	95,362,166			$	305,924			$	(2,047,395	)		$	-			$	93,620,695
Obligations of states and political subdivisions			6,766,771				14,954				(337,946	)			-				6,443,779
Corporate securities including public utilities			233,143,391				3,467,771				(9,039,301	)			(179,500	)			227,392,361
Mortgage-backed securities			33,859,690				203,490				(4,209,488	)			-				29,853,692
Redeemable preferred stock			250,000				10,000				-				-				260,000
Total fixed maturity securities available for sale		$	369,382,018			$	4,002,139			$	(15,634,130	)		$	(179,500	)		$	357,570,527
Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other		$	10,356,783			$	2,741,720			$	(744,496	)						$	12,354,007
Total equity securities at estimated fair value		$	10,356,783			$	2,741,720			$	(744,496	)						$	12,354,007
Mortgage loans held for investment at amortized cost:
Residential		$	94,471,213
Residential construction			146,093,947
Commercial			50,807,452
Less: Unamortized deferred loan fees, net			(1,752,369	)
Less: Allowance for credit losses			(2,735,419	)
Less: Net discounts			(338,185	)
Total mortgage loans held for investment		$	286,546,639
Real estate held for investment - net of accumulated depreciation:
Residential		$	35,358,867
Commercial			151,718,145
Total real estate held for investment		$	187,077,012
Real estate held for sale:
Residential		$	7,238,709
Commercial			151,553
Total real estate held for sale		$	7,390,262
Other investments and policy loans at amortized cost:
Policy loans		$	13,012,347
Insurance assignments			45,573,831
Federal Home Loan Bank stock (2)			3,896,800
Other investments			9,421,702
Less: Allowance for credit losses for insurance assignments			(1,685,901	)
Total other investments and policy loans		$	70,218,779
Accrued investment income		$	9,427,239
Total investments		$	930,584,465

(1)	Gross unrealized losses are net of allowance for credit losses
(2)	Includes $978,100 of Membership stock and $2,918,700 of Activity stock due to short-term borrowings and letters of credit.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2023 (Unaudited)

3) Investments (Continued)

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

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
December 31, 2022:
Fixed maturity securities, available for sale, at estimated fair value:
U.S. Treasury securities and obligations of U.S. Government agencies		$	93,182,210			$	180,643			$	(2,685,277	)		$	90,677,576
Obligations of states and political subdivisions			6,675,071				13,869				(458,137	)			6,230,803
Corporate securities including public utilities			229,141,544				1,909,630				(11,930,773	)			219,120,401
Mortgage-backed securities			33,501,686				168,700				(4,100,674	)			29,569,712
Redeemable preferred stock			250,000				10,000				-				260,000
Total fixed maturity securities available for sale		$	362,750,511			$	2,282,842			$	(19,174,861	)		$	345,858,492
Equity securities at estimated fair value:
Common stock:
Industrial, miscellaneous and all other		$	9,942,265			$	2,688,375			$	(948,114	)		$	11,682,526
Total equity securities at estimated fair value		$	9,942,265			$	2,688,375			$	(948,114	)		$	11,682,526
Mortgage loans held for investment at amortized cost:
Residential		$	93,355,623
Residential construction			172,516,125
Commercial			46,311,955
Less: Unamortized deferred loan fees, net			(1,746,605	)
Less: Allowance for credit losses			(1,970,311	)
Less: Net discounts			(342,860	)
Total mortgage loans held for investment		$	308,123,927
Real estate held for investment - net of accumulated depreciation:
Residential		$	38,437,960
Commercial			152,890,656
Total real estate held for investment		$	191,328,616
Real estate held for sale:
Residential		$	11,010,029
Commercial			151,553
Total real estate held for sale		$	11,161,582
Other investments and policy loans at amortized cost:
Policy loans		$	13,095,473
Insurance assignments			46,942,536
Federal Home Loan Bank stock (1)			2,600,300
Other investments			9,479,798
Less: Allowance for credit losses for insurance assignments			(1,609,951	)
Total other investments and policy loans		$	70,508,156
Accrued investment income		$	10,299,826
Total investments		$	948,963,125

(1) Includes $938,500 of Membership stock and $1,661,800 of Activity stock due to short-term advances and letters of credit.

Schedule of Fair Value of Fixed Maturity Securities

 Schedule of Fair Value of Fixed Maturity Securities

		Unrealized Losses for Less than Twelve Months				Fair Value				Unrealized Losses for More than Twelve Months				Fair Value				Total Unrealized Loss				Combined Fair Value
At March 31, 2023
U.S. Treasury Securities And Obligations of U.S. Government Agencies		$	644,240			$	53,196,137			$	1,403,155			$	29,019,470			$	2,047,395			$	82,215,607
Obligations of States and Political Subdivisions			204,976				4,644,270				132,970				1,213,482				337,946				5,857,752
Corporate Securities			5,315,889				123,534,510				3,723,412				26,399,408				9,039,301				149,933,918
Mortgage and other asset-backed securities			586,825				6,984,005				3,622,663				19,465,113				4,209,488				26,449,118
Totals		$	6,751,930			$	188,358,922			$	8,882,200			$	76,097,473			$	15,634,130			$	264,456,395
At December 31, 2022
U.S. Treasury Securities And Obligations of U.S. Government Agencies		$	2,685,277			$	79,400,753			$	-			$	-			$	2,685,277			$	79,400,753
Obligations of States and Political Subdivisions			378,067				5,467,910				80,070				429,020				458,137				5,896,930
Corporate Securities			10,935,114				162,995,969				995,659				5,781,822				11,930,773				168,777,791
Mortgage and other asset-backed securities			2,884,731				19,909,907				1,215,943				6,978,745				4,100,674				26,888,652
Totals		$	16,883,189			$	267,774,539			$	2,291,672			$	13,189,587			$	19,174,861			$	280,964,126

Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

The following table presents a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale:

 Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale

		Three Months Ended March 31, 2023
		U.S. Treasury Securities And Obligations of U.S. Government Agencies				Obligations of states and political subdivisions				Corporate securities				Mortgage-backed securities				Total
Beginning balance		$	-			$	-			$	-			$	-			$	-
Additions for credit losses not previously recorded			-				-				179,500				-				179,500
Change in allowance on securities with previous allowance			-				-				-				-				-
Reductions for securities sold during the period			-				-				-				-				-
Reductions for securities with credit losses due to intent to sell			-				-				-				-				-
Write-offs charged against the allowance			-				-				-				-				-
Recoveries of amounts previously written off			-				-				-				-				-
Ending Balance		$	-			$	-			$	179,500			$	-			$	179,500

Schedule of Earnings on Fixed Maturity Securities

The following table presents a roll forward of the Company’s cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale which was required to be presented prior to the adoption of ASU 2016-13.

 Schedule of Earnings on Fixed Maturity Securities

		2022
Balance of credit-related OTTI at January 1		$	264,977
Additions for credit impairments recognized on:
Securities not previously impaired			-
Securities previously impaired			-
Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period (realized)			(39,502	)
Securities due to an increase in expected cash flows			-
Balance of credit-related OTTI at March 31		$	225,475

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and the estimated fair value of fixed maturity securities available for sale at March 31, 2023, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 Schedule of Investments Classified by Contractual Maturity Date

		Amortized Cost				Estimated Fair Value
Due in 1 year		$	18,103,991			$	18,032,556
Due in 2-5 years			149,458,111				145,781,675
Due in 5-10 years			81,699,121				80,082,902
Due in more than 10 years			86,011,105				83,559,702
Mortgage-backed securities			33,859,690				29,853,692
Redeemable preferred stock			250,000				260,000
Total		$	369,382,018			$	357,570,527

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

The following table summarizes the credit quality, as determined by NAIC designation, of the Company’s fixed maturity securities available for sale, excluding redeemable preferred stock.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2023 (Unaudited)

3) Investments (Continued)

 Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

			March 31, 2023								December 31, 2022
NAIC Designation			Amortized Cost				Estimated Fair Value				Amortized Cost				Estimated Fair Value
1			$	202,589,256			$	197,298,515			$	197,753,818			$	189,691,540
2				159,006,458				153,332,558				156,261,804				148,073,873
3				6,036,229				5,540,009				7,080,305				6,635,786
4				1,472,550				1,098,745				1,377,541				1,157,454
5				26,236				40,316				25,736				39,155
6				1,289				384				1,307				684
Total			$	369,132,018			$	357,310,527			$	362,500,511			$	345,598,492

Schedule of Major Categories of Net Investment Income

Information regarding sales of fixed maturity securities available for sale is presented as follows.

Schedule of Major Categories of Net Investment Income 

		2023				2022
		Three Months Ended March 31
		2023				2022
Proceeds from sales		$	1,209,844			$	455,651
Gross realized gains			15,490				2,354
Gross realized losses			(54,104	)			(20	)

Major categories of net investment income were as follows:

		2023				2022
		Three Months Ended March 31
		2023				2022
Fixed maturity securities available for sale		$	4,012,732			$	2,636,216
Equity securities			140,507				123,037
Mortgage loans held for investment			8,487,656				7,960,178
Real estate held for investment and sale			3,364,924				3,040,033
Policy loans			200,213				306,282
Insurance assignments			4,768,203				5,396,987
Other investments			129,056				70,645
Cash and cash equivalents			787,762				75,301
Gross investment income			21,891,053				19,608,679
Investment expenses			(4,116,170	)			(4,414,373	)
Net investment income		$	17,774,883			$	15,194,306

 

Schedule of Commercial Real Estate Investment

The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated:

 Schedule of Commercial Real Estate Investment

		Net Book Value								Total Square Footage
		March 31 2023				December 31 2022				March 31 2023				December 31 2022
Utah (1)		$	146,397,779			$	147,627,946				625,920				625,920
Louisiana			2,369,405				2,380,847				31,778				31,778
Mississippi			2,950,961				2,881,863				19,694				19,694
		$	151,718,145			$	152,890,656				677,392				677,392

(1) Includes Center53 phase 1 and phase 2

The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:

		Net Book Value
		March 31 2023				December 31 2022
Mississippi (1)		$	151,553			$	151,553
		$	151,553			$	151,553

(1) Consists of approximately 93 acres of undeveloped land

Schedule of Residential Real Estate Investment

The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated:

 Schedule of Residential Real Estate Investment

		Net Book Value
		March 31 2023				December 31 2022
Utah (1)		$	35,358,867			$	38,437,960
		$	35,358,867			$	38,437,960

(1) Includes subdivision land developments

The following table presents additional information regarding the Company’s subdivision land developments in Utah.

		March 31 2023				December 31 2022
Lots developed			67				80
Lots to be developed			1,123				1,131
Book Value		$	34,825,972			$	38,241,705

The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:

		Net Book Value
		March 31 2023				December 31 2022
Utah		$	7,238,709			$	11,010,029
		$	7,238,709			$	11,010,029

Schedule of Real Estate Owned and Occupied by the Company

The primary business units of the Company occupy a portion of the real estate owned by the Company. As of March 31, 2023, real estate owned and occupied by the Company is summarized as follows:

Schedule of Real Estate Owned and Occupied by the Company

Location		Business Segment		Approximate Square Footage				Square Footage Occupied by the Company
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1)		Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales			221,000				50	%
1044 River Oaks Dr., Flowood, MS (1)		Life Insurance Operations			19,694				28	%
1818 Marshall Street, Shreveport, LA (2)		Life Insurance Operations			12,274				100	%
909 Foisy Street, Alexandria, LA (2)		Life Insurance Sales			8,059				100	%
812 Sheppard Street, Minden, LA (2)		Life Insurance Sales			1,560				100	%
1550 N 3rd Street, Jena, LA (2)		Life Insurance Sales			1,737				100	%

(1)	Included in real estate held for investment on the condensed consolidated balance sheets
(2)	Included in property and equipment on the condensed consolidated balance sheets

Schedule of Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses as of the dates indicated.

 Schedule of Allowance for Loan Losses

		Commercial				Residential				Residential Construction				Total
March 31, 2023
Allowance for credit losses:
Beginning balance - January 1, 2023		$	187,129			$	1,739,980			$	43,202			$	1,970,311
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-13)			555,807				(192,607	)			301,830				665,030	(1)
Change in provision for credit losses			15,195				137,727				(52,844	)			100,078	(2)
Charge-offs			-				-				-				-
Ending balance - March 31, 2023		$	758,131			$	1,685,100			$	292,188			$	2,735,419
December 31, 2022
Allowance for credit losses:
Beginning balance - January 1, 2022		$	187,129			$	1,469,571			$	43,202			$	1,699,902
Change in provision for credit losses			-				270,409				-				270,409	(2)
Charge-offs			-				-				-				-
Ending balance - December 31, 2022		$	187,129			$	1,739,980			$	43,202			$	1,970,311

(1)	See Note 2 of the notes to the condensed consolidated financial statements
(2)	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Aging of Mortgage Loans

The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated.

 Schedule of Aging of Mortgage Loans

		Commercial				Residential				Residential Construction				Total
March 31, 2023
30-59 days past due		$	3,221,608			$	5,807,400			$	1,205,232			$	10,234,240
60-89 days past due			-				-				-				-
Over 90 days past due (1)			405,000				2,224,933				-				2,629,933
In process of foreclosure (1)			-				713,552				-				713,552
Total past due			3,626,608				8,745,885				1,205,232				13,577,725
Current			47,180,844				85,725,328				144,888,715				277,794,887
Total mortgage loans			50,807,452				94,471,213				146,093,947				291,372,612
Allowance for credit losses			(758,131	)			(1,685,100	)			(292,188	)			(2,735,419	)
Unamortized deferred loan fees, net			(224,118	)			(1,258,174	)			(270,077	)			(1,752,369	)
Unamortized discounts, net			(227,417	)			(110,768	)			-				(338,185	)
Net mortgage loans		$	49,597,786			$	91,417,171			$	145,531,682			$	286,546,639
December 31, 2022
30-59 days past due		$	1,000,000			$	3,553,390			$	-			$	4,553,390
60-89 days past due			-				814,184				-				814,184
Over 90 days past due (1)			-				1,286,211				-				1,286,211
In process of foreclosure (1)			405,000				876,174				-				1,281,174
Total past due			1,405,000				6,529,959				-				7,934,959
Current			44,906,955				86,825,664				172,516,125				304,248,744
Total mortgage loans			46,311,955				93,355,623				172,516,125				312,183,703
Allowance for credit losses			(187,129	)			(1,739,980	)			(43,202	)			(1,970,311	)
Unamortized deferred loan fees, net			(199,765	)			(1,212,994	)			(333,846	)			(1,746,605	)
Unamortized discounts, net			(230,987	)			(111,873	)			-				(342,860	)
Net mortgage loans		$	45,694,074			$	90,290,776			$	172,139,077			$	308,123,927

(1) Interest income is not recognized on loans past due greater than 90 days or in foreclosure.

Schedule of Commercial Mortgage Loans By Credit Quality Indicator

The unpaid principal balance of commercial mortgage loans by credit quality indicator and vintage year was as follows as of March 31, 2023:

 Schedule of Commercial Mortgage Loans By Credit Quality Indicator

			2023				2022				2021				2020				2019				Prior				Total				% of Total
Credit Quality Indicator		2023				2022				2021				2020				2019				Prior				Total				% of Total
LTV:
Less than 65%		$	8,525,000			$	14,383,954			$	3,842,851			$	-			$	3,025,549			$	7,009,216			$	36,786,570				72.40	%
65% to 80%			-				6,073,044				2,100,000				4,913,313				-				-				13,086,357				25.76	%
Greater than 80%			-				529,525				405,000				-				-				-				934,525				1.84	%
Total		$	8,525,000			$	20,986,523			$	6,347,851			$	4,913,313			$	3,025,549			$	7,009,216			$	50,807,452				100.00	%
DSCR
>1.20x		$	5,725,000			$	1,000,000			$	2,800,000			$	4,913,313			$	3,025,549			$	1,507,378			$	18,971,240				37.34	%
1.00x - 1.20x			2,800,000				11,425,114				3,547,851				-				-				5,501,838				23,274,803				45.81	%
<1.00x			-				8,561,409	(1)			-				-				-				-				8,561,409				16.85	%
Total		$	8,525,000			$	20,986,523			$	6,347,851			$	4,913,313			$	3,025,549			$	7,009,216			$	50,807,452				100.00	%

(1) Commercial construction loan

The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing loan performance. The Company defines non-performing mortgage loans as loans 90 days or greater delinquent and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment.

The unpaid principal balance of residential mortgage loans by credit quality indicator and vintage year was as follows as of March 31, 2023:

Credit Quality Indicator		2023				2022				2021				2020				2019				Prior				Total				% of Total
Performance Indicators:
Performing		$	5,386,918			$	53,760,980			$	6,923,101			$	8,466,520			$	3,264,494			$	13,730,714			$	91,532,727				96.89	%
Non-performing (1)			-				1,104,327				366,646				-				353,092				1,114,421				2,938,486				3.11	%
Total		$	5,386,918			$	54,865,307			$	7,289,747			$	8,466,520			$	3,617,586			$	14,845,135			$	94,471,213				100.00	%

(1) Includes residential mortgage loans in the process of foreclosure of $713,552 at March 31, 2023

Schedule of Residential Construction Mortgage Loans

The unpaid principal balance of residential construction mortgage loans by credit quality indicator and vintage year was as follows as of March 31, 2023:

 Schedule of Residential Construction Mortgage Loans

Credit Quality Indicator		2023				2022				2021				Total				% of Total
Performance Indicators:
Performing		$	12,541,324			$	87,110,137			$	46,442,486			$	146,093,947				100.00	%
Non-performing			-				-				-				-				0.00	%
Total		$	12,541,324			$	87,110,137			$	46,442,486			$	146,093,947				100.00	%
LTV:
Less than 65%		$	9,072,543			$	51,392,028			$	8,626,153			$	69,090,724				47.29	%
65% to 80%			3,468,781				33,790,358				21,588,236				58,847,375				40.28	%
Greater than 80%			-				1,927,751				16,228,097				18,155,848				12.43	%
Total		$	12,541,324			$	87,110,137			$	46,442,486			$	146,093,947				100.00	%

Schedule of Aging of Insurance Assignments

The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets.

 Schedule of Aging of Insurance Assignments

		As of March 31 2023				As of December 31 2022
30-59 days past due		$	9,554,122			$	10,621,443
60-89 days past due			4,043,444				3,997,484
Over 90 days past due			5,791,483				5,813,013
Total past due			19,389,049				20,431,941
Current			26,184,781				26,510,594
Total insurance assignments			45,573,831				46,942,536
Allowance for credit losses			(1,685,901	)			(1,609,951	)
Net insurance assignments		$	43,887,930			$	45,332,585

Schedule of Allowance for Credit Losses

The following table presents a roll forward of the allowance for credit losses as a contra-asset account for insurance assignments.

Schedule of Allowance for Credit Losses 

		Allowance
Beginning balance - January 1, 2023		$	1,609,951
Change in provision for credit losses			233,113	(1)
Charge-offs			(157,163	)
Ending balance - March 31, 2023		$	1,685,901
Beginning balance - January 1, 2022		$	1,686,218
Change in provision for credit losses			889,480	(1)
Charge-offs			(965,747	)
Ending balance - December 31, 2022		$	1,609,951

(1) Included in other expenses on the condensed consolidated statements of earnings

Schedule of Gain (Loss) on Investments

The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets.

 Schedule of Gain (Loss) on Investments

		2023				2022
		Three Months Ended March 31
		2023				2022
Fixed maturity securities:
Gross realized gains		$	15,491			$	46,123
Gross realized losses			(54,891	)			(930	)
Net credit loss (provision) release			(179,500	)			-
Equity securities:
Gains (losses) on securities sold			(52,315	)			(10,279	)
Unrealized gains and (losses) on securities held at the end of the period			331,430				(607,047	)
Real estate held for investment and sale:
Gross realized gains			-				385,366
Gross realized losses			-				(94,400	)
Other assets, including call and put option derivatives:
Gross realized gains			50,939				453,142
Gross realized losses			-				-
Total		$	111,154			$	171,975

Schedule of Accrued Investment Income

Accrued investment income consists of the following:

 Schedule of Accrued Investment Income

		As of March 31 2023				As of December 31 2022
Fixed maturity securities available for sale		$	3,841,931			$	3,563,767
Equity securities			18,362				14,496
Mortgage loans held for investment			2,710,149				3,220,709
Real estate held for investment			2,809,671				3,455,305
Policy Loans			45,221				37,951
Cash and cash equivalents			1,905				7,598
Total accrued investment income		$	9,427,239			$	10,299,826

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