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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis

The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet as of December 31, 2024.

 Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis

		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale		$	366,546,129			$	-			$	365,396,203			$	1,149,926
Equity securities			15,771,681				15,771,681				-				-
Loans held for sale			131,181,148				-				-				131,181,148
Restricted assets (1)			2,351,369				-				2,351,369				-
Restricted assets (2)			9,972,166				9,972,166				-				-
Cemetery perpetual care trust investments (1)			769,662				-				769,662				-
Cemetery perpetual care trust investments (2)			4,920,044				4,920,044				-				-
Derivatives - loan commitments (3)			5,348,089				-				-				5,348,089
Total assets accounted for at fair value on a recurring basis		$	536,860,288			$	30,663,891			$	368,517,234			$	137,679,163
Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)		$	(3,034,879	)		$	-			$	-			$	(3,034,879	)
Total liabilities accounted for at fair value on a recurring basis		$	(3,034,879	)		$	-			$	-			$	(3,034,879	)

(1) Fixed maturity securities available for sale

(2) Equity securities

(3) Included in other assets on the consolidated balance sheets

(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

17) Fair Value of Financial Instruments (Continued)

The following table summarizes Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the consolidated balance sheet as of December 31, 2023.

		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturity securities available for sale		$	381,535,986			$	-			$	380,297,330			$	1,238,656
Equity securities			13,636,071				13,636,071				-				-
Loans held for sale			126,549,190				-				-				126,549,190
Restricted assets (1)			1,853,860				-				1,853,860				-
Restricted assets (2)			7,385,203				7,385,203				-				-
Cemetery perpetual care trust investments (1)			641,704				-				641,704				-
Cemetery perpetual care trust investments (2)			4,327,301				4,327,301				-				-
Derivatives - loan commitments (3)			4,995,486				-				-				4,995,486
Total assets accounted for at fair value on a recurring basis		$	540,924,801			$	25,348,575			$	382,792,894			$	132,783,332
Liabilities accounted for at fair value on a  recurring basis
Derivatives - loan commitments (4)		$	(3,412,224	)		$	-			$	-			$	(3,412,224	)
Total liabilities accounted for at fair value on a recurring basis		$	(3,412,224	)		$	-			$	-			$	(3,412,224	)

(1) Fixed maturity securities available for sale

(2) Equity securities

(3) Included in other assets on the consolidated balance sheets

(4) Included in other liabilities and accrued expenses on the consolidated balance sheets

Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:

 Schedule of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

								Significant		Range of Inputs
		Fair Value at				Valuation		Unobservable		Minimum				Maximum				Weighted
		12/31/2024				Technique		Input(s)		Value				Value				Average
Loans held for sale		$	131,181,148			Market approach		Investor contract pricing as a percentage of unpaid principal balance			84.0	%			109.0	%			102.0	%
Derivatives - loan commitments (net)			2,313,210			Market approach		Pull-through rate			63.0	%			100.0	%			83.0	%
								Initial-Value			N/A				N/A				N/A
								Servicing			0 bps				242 bps				47 bps
Fixed maturity securities available for sale			1,149,926			Broker quotes		Pricing quotes		$	100.00			$	101.20			$	100.16

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

17) Fair Value of Financial Instruments (Continued)

For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

								Significant		Range of Inputs
		Fair Value at				Valuation		Unobservable		Minimum				Maximum				Weighted
		12/31/2023				Technique		Input(s)		Value				Value				Average
Loans held for sale		$	126,549,190			Market approach		Investor contract pricing as a percentage of unpaid principal balance			70.0	%			121.0	%			100.0	%
Derivatives - loan commitments (net)			1,583,262			Market approach		Pull-through rate			70.0	%			99.0	%			86.0	%
								Initial-Value			N/A				N/A				N/A
								Servicing			0 bps				119 bps				49 bps
Fixed maturity securities available for sale			1,238,656			Broker quotes		Pricing quotes		$	98.40			$	102.46			$	99.86

Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

 Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level 3 Inputs

		Net Derivatives Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - December 31, 2023		$	1,583,262			$	126,549,190			$	1,238,656
Originations/purchases			-				2,295,830,408				-
Sales, maturities and paydowns			-				(2,338,209,587	)			(92,593	)
Foreclosed into real estate held for sale			-				(858,977	)			-
Foreclosed into receivables			-				(382,936	)			-
Total gains (losses):
Included in earnings			729,948	(1)			48,253,050	(1)			-	(2)
Included in other comprehensive income			-				-				3,863
Balance - December 31, 2024		$	2,313,210			$	131,181,148			$	1,149,926

(1) As a component of mortgage fee income on the consolidated statements of earnings

(2) As a component of net investment income on the consolidated statements of earnings

The following table is a summary of changes in the consolidated balance sheet line items measured using level 3 inputs:

		Net Derivatives Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - December 31, 2022		$	2,706,877			$	141,179,620			$	1,435,519
Originations/purchases			-				2,173,080,584				-
Sales, maturities and paydowns			-				(2,224,454,040	)			(129,521	)
Transfer to mortgage loans held for investment			-				(3,017,626	)			-
Total gains (losses):
Included in earnings			(1,123,615	) (1)			39,760,652	(1)			(108	) (2)
Included in other comprehensive income			-				-				(67,234	)
Balance - December 31, 2023		$	1,583,262			$	126,549,190			$	1,238,656

(1) As a component of mortgage fee income on the consolidated statements of earnings

(2) As a component of net investment income on the consolidated statements of earnings

Schedule of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2024:

 Schedule of Financial Instruments Carried at Other Than Fair Value

		Carrying Value				Level 1				Level 2				Level 3				Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential		$	89,780,350			$	-			$	-			$	90,168,328			$	90,168,328
Residential construction			150,211,240				-				-				150,211,240				150,211,240
Commercial			61,755,768				-				-				60,864,775				60,864,775
Mortgage loans held for investment, net		$	301,747,358			$	-			$	-			$	301,244,343			$	301,244,343
Policy loans			14,019,248				-				-				14,019,248				14,019,248
Insurance assignments, net (1)			46,956,932				-				-				46,956,932				46,956,932
Restricted assets (2)			983,834				-				-				983,834				983,834
Cemetery perpetual care trust investments (2)			2,141,464				-				-				2,141,464				2,141,464
Mortgage servicing rights, net			2,939,878				-				-				4,552,316				4,552,316
Liabilities
Bank and other loans payable		$	(106,740,104	)		$	-			$	-			$	(90,455,678	)		$	(90,455,678	)
Policyholder account balances (3)			(37,066,043	)			-				-				(37,626,593	)			(37,626,593	)
Future policy benefits - annuities (3)			(105,716,087	)			-				-				(104,611,544	)			(104,611,544	)

(1) Included in other investments and policy loans on the consolidated balance sheets

(2) Mortgage loans held for investment

(3) Included in future policy benefits and unpaid claims on the consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

17) Fair Value of Financial Instruments (Continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2023:

		Carrying Value				Level 1				Level 2				Level 3				Total Estimated Fair Value
Assets
Mortgage loans held for investment
Residential		$	99,519,750			$	-			$	-			$	96,998,106			$	96,998,106
Residential construction			103,529,896				-				-				103,529,896				103,529,896
Commercial			72,567,191				-				-				72,149,530				72,149,530
Mortgage loans held for investment, net		$	275,616,837			$	-			$	-			$	272,677,532			$	272,677,532
Policy loans			13,264,183				-				-				13,264,183				13,264,183
Insurance assignments, net (1)			44,051,486				-				-				44,051,486				44,051,486
Restricted assets (2)			675,219				-				-				675,219				675,219
Cemetery perpetual care trust investments (2)			246,865				-				-				246,865				246,865
Mortgage servicing rights, net			3,461,146				-				-				4,543,657				4,543,657
Liabilities
Bank and other loans payable		$	(105,555,137	)		$	-			$	-			$	(105,555,137	)		$	(105,555,137	)
Policyholder account balances (3)			(39,245,123	)			-				-				(48,920,691	)			(48,920,691	)
Future policy benefits - annuities (3)			(106,285,010	)			-				-				(102,177,585	)			(102,177,585	)

(1) Included in other investments and policy loans on the consolidated balance sheets

(2) Mortgage loans held for investment

(3) Included in future policy benefits and unpaid claims on the consolidated balance sheets

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Schedule of Changes in the Consolidated Balance Sheet Line Items Measured Using Level3 Inputs [Table Text Block]

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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