Security National Financial Corporation reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $89.3 million for the quarter, a slight increase of 1.2% from $88.3 million in the same period last year. For the nine-month period, total revenues rose to $261.6 million, up 2.5% from $255.3 million in 2024. The company’s net earnings for the third quarter were $7.8 million, down from $11.8 million in the prior year, while net earnings for the nine months decreased to $18.7 million from $26.6 million in 2024. The decline in profitability was attributed to increased selling, general, and administrative expenses, which rose by $5.99 million, primarily due to higher personnel costs and increased amortization of deferred policy acquisition costs.
In terms of operational metrics, the company reported a decrease in mortgage fee income, which fell to $29.1 million for the third quarter, down from $30.2 million in 2024. This decline was primarily driven by a decrease in the fair value of loans held for sale. However, net investment income increased by 13% to $20.1 million, reflecting a rise in mortgage loan interest and fixed maturity securities income. The company also noted a 4.8% increase in net mortuary and cemetery sales, totaling $7.1 million for the quarter, supported by higher at-need sales.
Security National Financial Corporation's total assets increased to $1.56 billion as of September 30, 2025, compared to $1.49 billion at the end of 2024. The company’s investments grew to $1.05 billion, up from $966.4 million, with significant increases in fixed maturity securities and mortgage loans held for investment. The company’s cash and cash equivalents decreased to $100.4 million from $140.5 million, reflecting changes in operational cash flow and investment activities.
The company continues to focus on strategic initiatives, including enhancing its niche insurance products and expanding its cemetery and mortuary operations. As part of its growth strategy, Security National Financial is also capitalizing on the improving housing market through its mortgage lending activities. The company is currently negotiating additional warehouse lines of credit to support its mortgage operations, although it reported non-compliance with certain covenants related to its existing credit facilities. Despite this, management expressed confidence in the company’s liquidity and ability to meet its obligations.
Looking ahead, Security National Financial Corporation anticipates continued growth in its insurance and mortgage segments, although it remains cautious about market conditions that could impact loan originations and investment performance. The company is also preparing for the implementation of new accounting standards that may affect its financial reporting in the future.
About SECURITY NATIONAL FINANCIAL CORP
Security National Financial Corporation operates in life insurance, cemetery and mortuary services, and mortgage lending. It offers funeral and life insurance products, manages cemeteries and funeral homes, and originates residential and commercial real estate loans. Serving primarily U.S. markets, the company emphasizes niche insurance, integrated death care services, and real estate development, leveraging diversified investments and strategic acquisitions to sustain its business model.
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