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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

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

The following tables summarize Level 1, 2 and 3 financial assets and financial liabilities measured at fair value on a recurring basis by their classification in the condensed consolidated balance sheet as of June 30, 2025:

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		$	390,441,720			$	-			$	389,291,982			$	1,149,738
Equity securities			16,556,531				16,556,531				-				-
Loans held for sale			165,876,119				-				-				165,876,119
Restricted assets (1)			2,451,338				-				2,451,338				-
Restricted assets (2)			11,327,440				11,327,440				-				-
Cemetery perpetual care trust investments (1)			770,339								770,339				-
Cemetery perpetual care trust investments (2)			5,273,613				5,273,613				-				-
Derivatives - loan commitments (3)			3,677,291				-				-				3,677,291
Total assets accounted for at fair value on a recurring basis		$	596,374,391			$	33,157,584			$	392,513,659			$	170,703,148
Liabilities accounted for at fair value on a recurring basis
Derivatives - loan commitments (4)			(757,137	)			-				-				(757,137	)
Total liabilities accounted for at fair value on a recurring basis		$	(757,137	)		$	-			$	-			$	(757,137	)

(1)	Fixed maturity securities available for sale
(2)	Equity securities
(3)	Included in other assets on the condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

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

		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 condensed consolidated balance sheets
(4)	Included in other liabilities and accrued expenses on the condensed 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 June 30, 2025, 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
		June 30, 2025				Technique		Input(s)		Value				Value				Average
Loans held for sale		$	165,876,119			Market approach		Investor contract pricing as a percentage of unpaid principal balance			84.0	%			109.0	%			102.0	%
Derivatives - loan commitments (net)			2,920,154			Market approach		Pull-through rate			68.0	%			99.0	%			89.0	%
								Initial-Value			N/A				N/A				N/A
								Servicing			0 bps				259 bps				53 bps
Fixed maturity securities available for sale			1,149,738			Broker quotes		Pricing quotes		$	100.00			$	101.07			$	100.36

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:

								Significant		Range of Inputs
		Fair Value at				Valuation		Unobservable		Minimum				Maximum				Weighted
		December 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

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 condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended June 30, 2025:

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

		Net Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - March 31, 2025		$	2,787,750			$	139,834,226			$	1,150,304
Originations and purchases			-				616,896,709				-
Sales, maturities and paydowns			-				(603,595,597	)			-
Transter to mortgage loans held for investment							(828,063	)
Loans held for sale foreclosed into real estate held for sale							(380,000	)
Total gains (losses):
Included in earnings			132,404	(1)			13,948,844	(1)			-	(2)
Included in other comprehensive income			-				-				(566	)
Balance - June 30, 2025		$	2,920,154			$	165,876,119			$	1,149,738

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the three month period ended June 30, 2024:

		Net Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - March 31, 2024		$	2,145,040			$	112,678,958			$	1,232,187
Originations and purchases			-				624,218,401				-
Sales, maturities and paydowns			-				(599,685,654	)			-
Total gains (losses):
Included in earnings			429,823	(1)			12,984,711	(1)			-	(2)
Included in other comprehensive income			-				-				5,282
Balance - June 30, 2024		$	2,574,863			$	150,196,416			$	1,237,469

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

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

8) Fair Value of Financial Instruments (Continued)

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six month period ended June 30, 2025:

		Net Loan Commitments				Loans Held for Sale				Fixed Maturity Securities Available for Sale
Balance - December 31, 2024		$	2,313,210			$	131,181,148			$	1,149,926
Originations and purchases			-				1,134,783,086				-
Sales, maturities and paydowns			-				(1,124,978,173	)			-
Transfer to mortgage loans held for investment			-				(828,063	)			-
Loans held for sale foreclosed into real estate held for sale							(380,000	)
Total gains (losses):
Included in earnings			606,944	(1)			26,098,121	(1)			-	(2)
Included in other comprehensive income			-				-				(188	)
Balance - June 30, 2025		$	2,920,154			$	165,876,119			$	1,149,738

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed consolidated statements of earnings

The following table is a summary of changes in the condensed consolidated balance sheet line items measured using level 3 inputs for the six month period ended June 30, 2024:

		Net 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 and purchases			-				1,089,823,515				-
Sales, maturities and paydowns			-				(1,085,736,592	)			-
Transfer to mortgage loans held for investment			-				(1,867,552	)			-
Foreclosed into real estate held for sale			-				(858,977	)			-
Total gains (losses):
Included in earnings			991,601	(1)			22,286,832	(1)			-	(2)
Included in other comprehensive income			-				-				(1,187	)
Balance - June 30, 2024		$	2,574,863			$	150,196,416			$	1,237,469

(1)	As a component of Mortgage fee income on the condensed consolidated statements of earnings
(2)	As a component of Net investment income on the condensed 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 June 30, 2025:

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		$	90,130,844			$	-			$	-			$	91,001,081			$	91,001,081
Residential construction			164,679,678				-				-				164,679,678				164,679,678
Commercial			69,593,474				-				-				71,148,434				71,148,434
Mortgage loans held for investment, net		$	324,403,996			$	-			$	-			$	326,829,193			$	326,829,193
Policy loans			14,208,030				-				-				14,208,030				14,208,030
Insurance assignments, net (1)			43,680,960				-				-				43,680,960				43,680,960
Restricted assets (2)			1,143,987				-				-				1,143,987				1,143,987
Cemetery perpetual care trust investments (2)			1,723,637				-				-				1,723,637				1,723,637
Mortgage servicing rights, net			2,714,310				-				-				4,160,130				4,160,130
Liabilities
Bank and other loans payable		$	(122,931,941	)		$	-			$	-			$	(109,365,273	)		$	(109,365,273	)
Policyholder account balances (3)			(36,350,373	)			-				-				(36,396,788	)			(36,396,788	)
Future policy benefits - annuities (3)			(105,422,065	)			-				-				(104,473,330	)			(104,473,330	)

(1)	Included in other investments and policy loans on the condensed consolidated balance sheets
(2)	Mortgage loans held for investment
(3)	Included in future policy benefits and unpaid claims on the condensed consolidated balance sheets

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2025 (Unaudited)

8) 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, 2024:

		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

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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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- Definition

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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