UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in this Charter)
| (State
or other jurisdiction of incorporation) |
(Commission File Number) |
IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s
Telephone Number, Including Area Code:
Does Not Apply
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||
| The
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events
Sale of Mortgage Servicing Rights
On October 31, 2022, Security National Financial Corporation, through its wholly owned subsidiary, SecurityNational Mortgage Company (“Security Mortgage”) sold certain of its mortgage loan servicing rights (“MSRs”) to PNC Bank, NA (“PNC”) for aggregate gross consideration of approximately $89.7 million. The MSRs related to mortgage loans previously originated by Security Mortgage in aggregate unpaid principal amount of approximately $7.05 billion. Substantially all of the consideration has been received by Security Mortgage, with the remainder subject to certain holdbacks during transfer of the MSRs.
| -2- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SECURITY NATIONAL FINANCIAL CORPORATION | ||
| (Registrant) | ||
| Date: November 3, 2022 | By: | /s/ Scott M. Quist |
Scott M. Quist, Chairman, President | ||
| and Chief Executive Officer | ||
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Cover |
Oct. 31, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 31, 2022 |
| Entity File Number | 000-09341 |
| Entity Registrant Name | SECURITY NATIONAL FINANCIAL CORPORATION |
| Entity Central Index Key | 0000318673 |
| Entity Tax Identification Number | 87-0345941 |
| Entity Incorporation, State or Country Code | UT |
| Entity Address, Address Line One | 433 Ascension Way |
| Entity Address, Address Line Two | 6th Floor |
| Entity Address, City or Town | Salt Lake City |
| Entity Address, State or Province | UT |
| Entity Address, Postal Zip Code | 84123 |
| City Area Code | (801) |
| Local Phone Number | 264-1060 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Class A Common Stock |
| Trading Symbol | SNFCA |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |