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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment

 Schedule of Revenues and Expenses by Reportable Segment

		For the Three Months Ended June 30, 2025
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	30,185,854			$	7,257,717			$	29,485,104			$	66,928,675
Net investment income			19,999,873				465,425				115,690				20,580,988
Gains (losses) on investments and other assets			873,261				271,176				(1,730	)			1,142,707
Other revenues			465,668				146,243				276,868				888,779
Intersegment revenues			1,828,343				84,767				74,557				1,987,667
Total segment revenues			53,352,999				8,225,328				29,950,489				91,528,816
Elimination of intersegment revenues															(1,987,667	)
Total consolidated revenues															89,541,149
Less:
Death benefits			15,021,638				-				-
Surrenders and other policy benefits			1,231,654				-				-
Increase in future policy benefits			8,800,130				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			5,584,263				153,412				-
Selling, general and administrative expenses:
Commissions			1,076,858				580,026				11,808,454
Personnel			8,397,298				2,673,778				11,100,269
Advertising			126,294				142,609				671,545
Rent and rent related			78,960				35,956				822,223
Depreciation on property and equipment			219,873				223,184				155,961
Cost related to funding mortgage loans			-				-				1,891,789
Data processing and IT related (1)			312,143				74,406				899,009
Premium taxes on insurance premiums and other considerations (1)			734,203				-				-
Other segment items (1)(2)			2,402,646				1,303,824				2,229,404
Intersegment expenses (3)			159,256				84,485				1,743,926
Interest expense			993,830				147				299,461
Costs of goods and services sold-mortuaries and cemeteries			-				1,159,283				-
Income tax expense (benefit)			1,811,081				429,866				(410,683	)
Segment net earnings (loss)			6,402,872				1,364,352				(1,260,869	)			6,506,355
Net earnings														$	6,506,355

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

7) Business Segment Information (Continued)

		For the Three Months Ended June 30, 2024
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	29,960,558			$	7,768,947			$	29,619,516			$	67,349,021
Net investment income			17,184,071				574,957				285,780				18,044,808
Gains (losses) on investments and other assets			(210,594	)			(202,810	)			36,165				(377,239	)
Other revenues			303,280				136,774				334,692				774,746
Intersegment revenues			1,905,973				84,767				144,989				2,135,729
Total segment revenues			49,143,288				8,362,635				30,421,142				87,927,065
Elimination of intersegment revenues															(2,135,729	)
Total consolidated revenues															85,791,336
Less:
Death benefits			14,070,165				-				-
Surrenders and other policy benefits			1,042,940				-				-
Increase in future policy benefits			9,212,937				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			4,105,564				195,825				-
Selling, general and administrative expenses:
Commissions			1,457,231				546,821				11,448,789
Personnel			7,285,612				2,553,252				10,963,712
Advertising			115,381				150,937				519,899
Rent and rent related			123,067				39,148				1,135,024
Depreciation on property and equipment			225,182				208,727				158,990
Cost related to funding mortgage loans			-				-				1,533,881
Data processing and IT related (1)			216,829				54,186				852,711
Premium taxes on insurance premiums and other considerations (1)			759,265				-				-
Other segment items (1)(2)			2,208,425				1,195,248				1,712,720
Intersegment expenses (3)			228,864				92,296				1,814,569
Interest expense			927,112				216				146,488
Costs of goods and services sold-mortuaries and cemeteries			-				1,235,459				-
Income tax expense (benefit)			1,548,019				522,022				48,003
Segment net earnings			5,616,695				1,568,498				86,356				7,271,549
Net earnings														$	7,271,549

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

7) Business Segment Information (Continued)

		For the Six Months Ended June 30, 2025
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	59,965,379			$	14,557,938			$	54,294,345			$	128,817,662
Net investment income			38,630,818				886,678				266,116				39,783,612
Gains on investments and other assets			1,163,795				481,146				83,787				1,728,728
Other revenues			1,051,266				334,093				565,511				1,950,870
Intersegment revenues			3,148,266				168,603				196,425				3,513,294
Total segment revenues			103,959,524				16,428,458				55,406,184				175,794,166
Elimination of intersegment revenues															(3,513,294	)
Total consolidated revenues															172,280,872
Less:
Death benefits			31,067,103				-				-
Surrenders and other policy benefits			2,433,209				-				-
Increase in future policy benefits			17,788,187				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			10,106,833				327,377				-
Selling, general and administrative expenses:
Commissions			1,939,201				788,446				21,176,072
Personnel			16,923,486				5,211,804				22,218,463
Advertising			226,270				294,218				1,243,905
Rent and rent related			178,750				73,994				1,673,006
Depreciation on property and equipment			462,685				435,545				315,923
Cost related to funding mortgage loans			-				-				3,307,041
Data processing and IT related (1)			547,931				144,932				1,777,119
Premium taxes on insurance premiums and other considerations (1)			1,452,274				-				-
Other segment items (1)(2)			5,027,184				2,535,034				3,871,848
Intersegment expenses (3)			364,814				171,926				2,976,554
Interest expense			1,900,277				310				512,379
Costs of goods and services sold-mortuaries and cemeteries			-				2,412,553				-
Income tax expense (benefit)			2,992,292				964,710				(894,136	)
Segment net earnings (loss)			10,549,028				3,067,609				(2,771,990	)			10,844,647
Net earnings														$	10,844,647
Segment assets		$	1,382,976,345			$	101,407,961			$	86,674,977			$	1,571,059,283
Elimination of intersegment assets															(27,081,176	)
Total consolidated assets														$	1,543,978,107
Expenditures for long-lived assets		$	38,588,008			$	535,256			$	253,231			$	39,376,495

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

7) Business Segment Information (Continued)

		For the Six Months Ended June 30, 2024
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	59,812,651			$	14,717,438			$	51,451,186			$	125,981,275
Net investment income			35,796,434				1,659,149				535,793				37,991,376
Gains on investments and other assets			877,899				379,352				34,936				1,292,187
Other revenues			720,966				309,507				684,223				1,714,696
Intersegment revenues			3,285,548				169,535				291,595				3,746,678
Total segment revenues			100,493,498				17,234,981				52,997,733				170,726,212
Elimination of intersegment revenues															(3,746,678	)
Total consolidated revenues															166,979,534
Less:
Death benefits			29,783,918				-				-
Surrenders and other policy benefits			2,258,733				-				-
Increase in future policy benefits			18,558,824				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			8,614,996				430,306				-
Selling, general and administrative expenses:
Commissions			1,863,729				778,606				18,791,723
Personnel			14,516,920				4,862,978				21,277,813
Advertising			222,877				278,614				972,381
Rent and rent related			229,627				79,429				2,389,660
Depreciation on property and equipment			449,259				415,332				315,757
Cost related to funding mortgage loans			-				-				2,982,976
Data processing and IT related (1)			423,128				120,986				1,804,933
Premium taxes on insurance premiums and other considerations (1)			1,520,224				-				-
Other segment items (1)(2)			4,038,531				2,428,425				2,949,067
Intersegment expenses (3)			460,238				186,320				3,100,120
Interest expense			1,858,271				456				242,563
Costs of goods and services sold-mortuaries and cemeteries			-				2,509,588				-
Income tax expense (benefit)			3,365,088				1,308,876				(411,131	)
Segment net earnings (loss)			12,329,135				3,835,065				(1,418,129	)			14,746,071
Net earnings														$	14,746,071
Segment assets		$	1,302,401,062			$	91,353,123			$	96,262,785			$	1,490,016,970
Elimination of intersegment assets															(29,292,449	)
Total consolidated assets														$	1,460,724,521
Expenditures for long-lived assets		$	27,906,115			$	254,644			$	85,411			$	28,246,170

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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X

- References

No definition available.

+ Details

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