SECURITY NATIONAL FINANCIAL CORP 10-K

Item 5. Market for the Registrant’s Common Stock, Related Stockholder Matters, and Issuer Purchases of Equity Securities The Company’s Class A common stock trades on The Nasdaq Global Select Market under the symbol “SNFCA.” As of March 27, 2023, the closing stock price of the Class A common stock was $6.09 per share. As of March 27, 2023, there were 1,801 registered stockholders of record of the Company’s Class A common stock and 44 registered stockholders of record of the Company’s Class C common stock. Because many of the Company’s shares of Class A common stock are held by brokers and other institutions on behalf of the stockholders, the Company is unable to estimate the total number of stockholders represented by these record holders. The following were the high and low market closing stock prices for the Class A common stock by quarter as reported by NASDAQ since January 1, 2021: Price Range (1) High Low Period (Calendar Year) 2021 First Quarter $ 9.56 $ 7.69 Second Quarter $ 8.69 $ 7.06 Third Quarter $ 8.86 $ 7.68 Fourth Quarter $ 9.17 $ 7.81 2022 First Quarter $ 9.86 $ 8.53 Second Quarter $ 9.87 $ 7.84 Third Quarter $ 8.61 $ 6.23 Fourth Quarter $ 7.57 $ 6.10 2023 First Quarter (through March 27, 2023) $ 7.55 $ 6.00 (1) Stock prices have been adjusted retroactively for the effect of annual stock dividends. The Class C common stock is not registered or traded on a national exchange. See Note 12 of the Notes to Consolidated Financial Statements. The Company has never paid a cash dividend on its Class A or Class C common stock. The Company currently anticipates that all of its earnings will be retained for use in the operation and expansion of its business and does not intend to pay any cash dividends on its Class A or Class C common stock in the foreseeable future. Any future determination as to cash dividends will depend upon the earnings and financial position of the Company and such other factors as the Board of Directors may deem appropriate. The Company paid a 5% stock dividend on Class A and Class C common stock each year from 1990 through 2019, a 7.5% stock dividend for year 2020, and a 5.0% stock dividend for the years 2021 and 2022. 16 On December 27, 2022, the Company executed a 10b5-1 agreement with a broker to repurchase the Company’s Class A Common Stock. Under the terms of the agreement, the broker is permitted to repurchase up to $1,000,000 of the Company’s Class A Common Stock. The agreement is subject to the daily time, price and volume conditions of Rule 10b-18. The initial term of the agreement is for one year and may be amended with written consent. The purchases under the 10b5-1 agreement are subject to the 2020 amended stock repurchase plan. The following table shows the Company’s repurchase activity of its common stock during the three months ended December 31, 2022 under its Stock Repurchase Plan. Period (a) Total Number of Class A Shares Purchased (b) Average Price Paid per Class A Share (1) (c) Total Number of Class A Shares Purchased as Part of Publicly Announced Plan or Program (d) Maximum Number of Class A Shares that May Yet Be Purchased Under the Plan or Program (2) 10/1/2022-10/31/2022 9,829 $ 6.32 - 433,349 11/1/2022-11/30/2022 10,920 $ 6.54 - 422,429 12/1/2022-12/31/2022 39,222 $ 6.47 - 383,207 Total 59,971 $ 6.45 - 383,207 (1) Includes fees and commissions paid on stock repurchases. (2) In September 2018, the Board of Directors of the Company approved a Stock Repurchase Plan that authorized the repurchase of 300,000 shares of the Company’s Class A Common Stock in the open market. The Company amended the Stock Repurchase Plan on December 4, 2020. The amendment authorized the repurchase of a total of 1,000,000 shares of the Company’s Class A Common Stock in the open market. Any repurchased shares of Class A common stock are to be held as treasury shares to be used as the Company’s employer matching contribution to the Employee 401(k) Retirement Savings Plan and for shares held in the Deferred Compensation Plan. 17 The graph below compares the cumulative total stockholder return of the Company’s Class A common stock with the cumulative total return on the Standard & Poor’s 500 Stock Index and the Standard & Poor’s Insurance Index for the period from December 31, 2018 through December 31, 2022. The graph assumes that the value of the investment in the Company’s Class A common stock and in each of the indexes was $100 at December 31, 2018 and that all dividends were reinvested. The comparisons in the graph below are based on historical data and are not intended to forecast the possible future performance of the Company’s Class A common stock. 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 SNFC 100 119 183 212 176 S & P 500 100 129 149 190 153 S & P Insurance 100 87 110 137 148 The stock performance graph set forth above is required by the Securities and Exchange Commission and shall not be deemed to be incorporated by reference by any general statement incorporating by reference this Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed soliciting material or filed under such acts. Item 6. [Reserved] As a smaller reporting company, the Company is not required to provide information typically disclosed under this item. 18