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 26, 2024, the closing stock price of the Class A common stock was $7.62 per share. As of March 26, 2024, there were 1,747 registered stockholders of record of the Company’s Class A common stock and 42 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, 2022: Price Range (1) High Low Period (Calendar Year) 2022 First Quarter $ 9.39 $ 8.13 Second Quarter $ 9.40 $ 7.46 Third Quarter $ 8.20 $ 5.93 Fourth Quarter $ 7.21 $ 5.81 2023 First Quarter $ 7.19 $ 5.71 Second Quarter $ 8.45 $ 6.03 Third Quarter $ 8.83 $ 7.58 Fourth Quarter $ 9.60 $ 6.89 2024 First Quarter (through March 26, 2024) $ 9.04 $ 7.62 (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 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 the year 2020, and a 5.0% stock dividend for the years 2021 through 2023. 16 On December 27, 2022, the Company executed a 10b5-1 agreement with a broker to repurchase shares of the Company’s Class A Common Stock. Under the terms of the agreement, the broker is permitted to repurchase up to 1,000,000 shares 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 agreement expired December 31, 2023. The following table shows the Company’s repurchase activity of its common stock during the three-month period ended December 31, 2023 under the 10b5-1 agreement. 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) 10/1/2023-10/31/2023 - $ - - 318,043 11/1/2023-11/30/2023 - $ - - 318,043 12/1/2023-12/31/2023 - $ - - 318,043 Total - $ - - 318,043 (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, 2019 through December 31, 2023. 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 as of December 31, 2019 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. 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 SNFC 100 153 177 148 191 S & P 500 100 116 148 119 148 S & P Insurance 100 126 158 171 183 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