SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.

                                    FORM 10-Q

             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended March 31, 2003             Commission File Number: 0-9341
--------------------------------             ------------------------------



                     SECURITY NATIONAL FINANCIAL CORPORATION
                            Exact Name of Registrant.



                 UTAH                               87-0345941
------------------------------              -------------------------
(State or other jurisdiction                IRS Identification Number
of incorporation or organization)



5300 South 360 West, Salt Lake City, Utah            84123
-----------------------------------------        -----------
(Address of principal executive offices)          (Zip Code)



Registrant's telephone number, including Area Code     (801) 264-1060
                                                       --------------



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                              YES  XX         NO
                                  ----


Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.


Class A Common Stock, $2.00 par value                 4,705,586
-------------------------------------     ----------------------------------
         Title of Class                   Number of Shares Outstanding as of
                                                   March 31, 2003

Class C Common Stock, $.20 par value                  6,105,726
------------------------------------     ------------------------------------
         Title of Class                  Number of Shares Outstanding as of
                                                   March 31, 2003


<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                                    FORM 10-Q

                          QUARTER ENDED MARCH 31, 2003

                                TABLE OF CONTENTS


                         PART I - FINANCIAL INFORMATION



Item 1 Financial Statements                                          Page No.
------                                                               --------

         Consolidated Statement of Earnings - Three months ended
         March 31, 2003 and 2002 (unaudited).............................3

         Consolidated Balance Sheet - March 31, 2003 (unaudited)
         and December 31, 2002 ........................................4-5

         Consolidated Statement of Cash Flows -
         Three months ended March 31, 2003 and 2002 (unaudited)..........6

         Notes to Consolidated Financial Statements....................7-8


Item 2      Management's Discussion and Analysis......................9-12
------

Item 3      Quantitative and Qualitative Disclosure of Market Risk......12
------

Item 4      Controls and Procedures.....................................12
------

                           PART II - OTHER INFORMATION

            Other Information........................................12-16

            Signature Page..............................................17

            Certifications...........................................18-19


<PAGE>


                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                       CONSOLIDATED STATEMENT OF EARNINGS
                                   (Unaudited)

                                                          Three Months Ended
                                                               March 31,
Revenues:                                                2003            2002
--------                                                 ----            ----
Insurance premiums and other considerations           $5,864,427     $3,322,756
Net investment income                                  3,920,372      2,923,765
Net mortuary and cemetery sales                        2,584,856      2,728,263
Realized gains on investments and other assets                --        719,417
Mortgage fee income                                   21,755,920      9,865,991
Other                                                    124,122         41,347
                                                    ------------   ------------
   Total revenues                                     34,249,697     19,601,539

Benefits and expenses:
---------------------
Death benefits                                         3,818,319      1,668,670
Surrenders and other policy benefits                     605,156        629,911
Increase in future policy benefits                     1,416,571        747,186
Amortization of deferred policy acquisition costs
   and cost of insurance acquired                        958,895        834,527
General and administrative expenses:
   Commissions                                        15,850,637      7,031,093
   Salaries                                            3,222,391      2,608,950
   Other                                               4,620,111      3,311,341
Interest expense                                         823,468        322,353
Cost of goods and services sold
  of the mortuaries and cemeteries                       560,867        600,325
                                                    ------------   ------------
   Total benefits and expenses                        31,876,415     17,754,356
                                                    ------------   ------------

Earnings before income taxes                           2,373,282      1,847,183
Income tax expense                                      (667,542)      (456,372)
Minority interest (income) loss of subsidiary            (20,690)       (10,950)
                                                    ------------   ------------

      Net earnings                                    $1,685,050     $1,379,861
                                                    ============   ============

Net earnings per common share                               $.32          $.30
                                                            ====          ====

   Weighted average outstanding
      common shares                                    5,284,966      4,673,385
                                                    ============   ============

Net earnings per common
   share-assuming dilution                                  $.31           $.30
                                                            ====           ====

   Weighted average outstanding
      common shares assuming-dilution                  5,498,651      4,674,697
                                                    ============    ============


See accompanying notes to consolidated financial statements.


<PAGE>


                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET



                                                  March 31, 2003   December 31,
                                                   (Unaudited)        2002
                                                  --------------   ------------
Assets:
Insurance-related investments:
Fixed maturity securities held
   to maturity, at amortized cost                  $35,768,851      $33,015,097
Fixed maturity securities available
   for sale, at market                              17,998,141       18,514,943
Equity securities available for sale,
   at market                                         2,625,370        2,642,093
Mortgage loans on real estate                       19,505,387       21,016,008
Real estate, net of accumulated
   depreciation and allowances for losses            9,336,433        9,331,248
Policy, student and other loans                     10,918,857       10,974,165
Short-term investments                               5,575,338        5,335,478
                                                 -------------    -------------
      Total insurance-related
         investments                               101,728,377      100,829,032
Restricted assets of cemeteries and mortuaries       5,431,699        5,332,736
Cash                                                30,294,752       38,199,041
Receivables:
   Trade contracts                                  12,949,120       11,358,027
   Mortgage loans sold to investors                100,657,578       89,455,105
   Receivable from agents                            1,764,138        2,054,071
   Receivable from officers                             62,790           70,290
   Other                                             1,292,982        1,131,977
                                                 -------------    -------------
      Total receivables                            116,726,608      104,069,470
   Allowance for doubtful accounts                  (2,976,832)      (2,385,309)
                                                 -------------    -------------
   Net receivables                                 113,749,776      101,684,161
Policyholder accounts on deposit
   with reinsurer                                    6,911,310        6,955,691
Land and improvements held for sale                  8,449,302        8,429,215
Accrued investment income                            1,255,826          928,287
Deferred policy and pre-need acquisition costs      16,645,397       15,917,257
Property, plant and equipment, net                  10,792,093       10,921,635
Cost of insurance acquired                          15,817,011       16,330,711
Excess of cost over net assets
   of acquired subsidiaries                            683,191          683,191
Other                                                  998,556          945,805
                                                 -------------    -------------
      Total assets                                $312,757,290     $307,156,762
                                                 =============    =============






See accompanying notes to consolidated financial statements.


<PAGE>


                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEET (Continued)


                                              March 31, 2003     December 31,
                                                (Unaudited)         2002
                                               --------------  --------------
Liabilities:
Future life, annuity, and other
    policy benefits                          $217,568,462     $215,980,207
Unearned premium reserve                        2,039,584        1,914,700
Bank loans payable                             15,721,119       16,113,227
Notes and contracts payable                     4,956,957        3,160,009
Deferred pre-need cemetery and funeral
   contracts revenues and estimated future
   of pre-need sales                           10,187,181       10,002,396
Accounts payable                                1,693,510        1,553,777
Funds held under reinsurance treaties           1,325,386        1,334,964
Other liabilities and accrued expenses         12,167,171       10,182,382
Income taxes                                    8,755,720        8,103,882
                                             ------------    -------------

      Total liabilities                       274,415,090      268,345,544

Commitments and Contingencies                      --               --

Minority interest                               4,003,817        4,297,807

Stockholders' Equity:
--------------------
Common stock:
      Class A: $2 par value, authorized
         10,000,000 shares, issued 5,858,802
         shares in 2003 and 5,794,492 shares
         in 2002                               11,717,604       11,588,984
      Class C: $0.20 par value, authorized
         7,500,000 shares, issued 6,177,475
         shares in 2003 and 6,182,669
         shares in 2002                         1,235,494        1,236,533
                                              -----------    -------------
Total common stock                             12,953,098       12,825,517
Additional paid-in capital                     11,516,683       11,280,842
Accumulated other comprehensive income
      (loss) and other items, net
      of deferred taxes                          (793,415)       1,191,863
Retained earnings                              13,439,370       11,992,542
Treasury stock at cost (1,153,216 Class A
      shares and 71,749 Class C shares in
      2003; 1,151,811
      Class A shares and 71,749 Class C
         shares in 2002, held by affiliated
         companies)                            (2,777,353)      (2,777,353)
                                              -----------    -------------
Total stockholders' equity                     34,338,383       34,513,411
                                              -----------    -------------
   Total liabilities and stockholders'
         equity                              $312,757,290     $307,156,762
                                             ============    =============



See accompanying notes to consolidated financial statements.


<PAGE>


                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                              Three Months Ended March 31,
                                                 2003              2002
                                                 ----              ----
Cash flows from operating activities:
      Net cash provided by (used in)
        operating activities                  $(4,971,582)     $4,914,284
                                              -----------      ----------

Cash flows from investing activities:
   Securities held to maturity:
      Purchase - fixed maturity securities     (5,030,844)             --
      Calls and maturities - fixed
        maturity securities                     2,287,170       2,277,722
   Securities available for sale:
      Calls and maturities - fixed
         maturity securities                      360,000         300,000
   Purchases of short-term investments         (3,158,367)     (1,840,730)
   Sales of short-term investments              2,918,507              --
   Purchases of restricted assets                 (98,963)        (85,994)
   Mortgage, policy, and other loans made      (2,023,372)       (256,554)
   Payments received for mortgage,
      real estate, policy, and other loans      3,581,015       1,836,530
   Purchases of property, plant,
      and equipment                              (253,304)       (346,650)
   Purchases of real estate                      (313,750)       (384,876)
   Sale of real estate                            230,085              --
                                              -----------    ------------

         Net cash provided by
            (used in) investing activities     (1,501,823)      1,499,448
                                              -----------    ------------

Cash flows from financing activities:
   Annuity receipts                             1,454,211       2,504,928
   Annuity withdrawals                         (2,432,515)     (2,914,325)
   Repayment of bank loans and notes and
      contracts payable                          (477,780)       (101,120)
   Proceeds from borrowings on bank loans
      and notes and contracts payable               --            186,594
   Other                                           25,200          --
                                              -----------     -----------
   Net cash (used in) provided by
      financing activities                     (1,430,884)       (323,923)
                                              -----------     -----------
Net change in cash                             (7,904,289)      6,089,809

Cash at beginning of period                    38,199,041       8,757,246
                                              ----------      -----------

Cash at end of period                         $30,294,752     $14,847,055
                                              ===========     ===========


See accompanying notes to consolidated financial statements.


<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                           March 31, 2003, (Unaudited)


1.  Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America for interim  financial  information and with the instructions to Form
10-Q and Article 10 of Regulation S-X.  Accordingly,  they do not include all of
the  information  and  footnotes  required by  accounting  principles  generally
accepted in the United States of America for complete financial  statements.  In
the opinion of  management,  all  adjustments  (consisting  of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating results for the three months ended March 31, 2003, are not necessarily
indicative of the results that may be expected for the year ending  December 31,
2003. For further  information,  refer to the consolidated  financial statements
and  footnotes  thereto for the year ended  December 31,  2002,  included in the
Company's Quarterly Report on Form 10-K (file number 0-9341).

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that affect the amounts  reported in the  financial
statements  and  accompanying  notes.  Actual  results  could  differ from those
estimates.

The estimates  susceptible to  significant  change are those used in determining
the liability for future policy  benefits and claims,  those used in determining
valuation  allowances  for  mortgage  loans on real  estate,  and those  used in
determining  the  estimated  future  costs for  pre-need  sales.  Although  some
variability  is inherent in these  estimates,  management  believes  the amounts
provided are adequate.

2.   Comprehensive Income

For the three months ended March 31, 2003 and 2002, total  comprehensive  income
amounted to $1,682,392 and $1,307,811, respectively.

3.   Stock-Based Compensation

The Company  accounts for  stock-based  compensation  under the  recognition and
measurement  principles  of APB Opinion No. 25,  Accounting  for Stock Issued to
Employees,  and related  interpretations.  The Company has adopted SFAS No. 123,
"Accounting for Stock-Based Compensation".  In accordance with the provisions of
SFAS 123,  the Company has  elected to continue to apply  Accounting  Principles
Board Opinion No. 25,  "Accounting for Stock Issued to Employees"  ("APB Opinion
No. 25"), and related  interpretations in accounting for its stock option plans.
In accordance with APB Opinion No. 25, no compensation  cost has been recognized
for these plans.  Had  compensation  cost for these plans been determined  based
upon the fair value at the grant date consistent with the methodology prescribed
under SFAS No. 123, the  Company's  net earnings  would have been reduced by the
following:

                                                    Three Months Ended March 31,
                                                       2003            2002
                                                       ----            ----
Net earnings as reported                            $1,685,050     $1,379,861
Deduct:  Total stock-based employee compensation
      expense determined under fair value based
      method for all awards, net of related
      tax effects                                     (133,000)            --
                                                   -----------    -----------

Pro forma net earnings                              $1,552,050     $1,379,861
                                                   ===========    ===========




<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003
                                   (Unaudited)


Net earnings per common share:
  Basic - as reported               $0.32   $0.30
                                    =====   =====

  Basic - pro forma                 $0.29   $0.30
                                    =====   =====

  Diluted - as reported             $0.31   $0.30
                                    =====   =====

  Diluted - pro forma               $0.28   $0.30
                                    =====   =====

4.  Earnings  Per  Share
    --------------------
In  accordance  with SFAS 128, the basic and diluted  earnings per share amounts
were calculated as follows:

                                                  Three Months Ended March 31,
                                                        2003        2002
                                                        ----        ----
Numerator:
      Net income                                    $1,685,050   $1,379,861
                                                    ==========   ==========
Denominator:
      Denominator for basic earnings per share-
        weighted-average shares                      5,284,966    4,673,385
                                                    ----------   ----------

      Effect of dilutive securities:
        Employee stock options                         208,961        1,312
        Stock appreciation rights                        4,724           --
                                                    ----------   ----------

      Dilutive potential common shares                 213,685        1,312
                                                    ----------   ----------
      Denominator for diluted earnings per share-
        adjusted weighted-average shares and
        assumed conversions                          5,498,651    4,674,697
                                                    ==========   ==========

      Basic earnings per share                            $.32         $.30
                                                          ====         ====

      Diluted earnings per share                          $.31         $.30
                                                          ====         ====
<TABLE>
<CAPTION>

5.  Business Segment

                                       Life          Cemetery/                       Reconciling
                                     Insurance       Mortuary         Mortgage         Items        Consolidated
                                     ---------       ---------        --------       ------------   ------------
For the Three Months Ended
March 31, 2003
<S>                                 <C>             <C>             <C>             <C>             <C>
   Revenues from
      external customers            $7,436,122      $2,840,813      $23,972,762     $     --        $34,249,697

   Intersegment revenues             2,815,728            --            --           (2,815,728)        --

   Segment profit (loss)              (112,461)        (97,279)       2,583,022           --           2,373,282

   Identifiable assets             296,535,351      42,785,025       18,071,543     (44,634,629)     312,757,290

</TABLE>

<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>

For the Three Months Ended
March 31, 2002
                                         Life          Cemetery/                           Reconciling
                                       Insurance       Mortuary            Mortgage            Items        Consolidated
                                       ---------       ---------           --------         ------------   ------------

<S>                                   <C>               <C>                <C>             <C>                <C>
   Revenues from
      external customers              $4,873,742        $3,688,908         $11,038,889     $      --          $19,601,539

   Intersegment revenues               1,206,072         --                  --                (1,206,072)        --

   Segment profit                        335,851           970,842             540,490             --           1,847,183

   Identifiable assets               201,181,785        39,813,986           5,774,218        (32,523,293)    214,246,696
</TABLE>

6. Recent Acquisition

On December 23, 2002, the Company  completed an asset purchase  transaction with
Acadian Life Insurance  Company,  a Louisiana  domiciled life insurance  company
("Acadian"),  in which it  acquired  from  Acadian  $75,000,000  in  assets  and
$75,000,000 in insurance reserves through its wholly owned subsidiary,  Security
National Life Insurance Company,  a Utah domiciled life insurance  company.  The
acquired assets consist  primarily of  approximately  275,000 funeral  insurance
policies  in force in the  state of  Mississippi.  The  assets  were  originally
acquired by Acadian from Gulf National Life Insurance  Company ("GNLIC") on June
6, 2001,  consisting of all of GNLIC's insurance policies in force and in effect
on June 1, 2001.

Item 2.  Management's Discussion and Analysis

Overview

The Company's  operations  over the last several years  generally  reflect three
trends or events which the Company expects to continue:  (i) increased attention
to "niche" insurance  products,  such as the Company's funeral plan policies and
traditional  whole-life  products;   (ii)  emphasis  on  cemetery  and  mortuary
business;  and (iii)  capitalizing  on lower interest  rates by originating  and
refinancing mortgage loans.

During the three months ended March 31, 2003, Security National Mortgage Company
("SNMC")  experienced  increases  in revenue and expenses due to the increase in
loan volume of its operations.  SNMC is a mortgage lender incorporated under the
laws of the State of Utah. SNMC is approved and regulated by the Federal Housing
Administration  (FHA), a department of the U.S.  Department of Housing and Urban
Development  (HUD),  to originate  mortgage  loans that  qualify for  government
insurance in the event of default by the borrower.  SNMC obtains loans primarily
from independent brokers and correspondents.  SNMC funds the loans from internal
cash flows and lines of credit from financial  institutions.  SNMC receives fees
from the  borrowers  and other  secondary  fees from third party  investors  who
purchase  the loans  from  SNMC.  SNMC  sells  all of its  loans to third  party
investors  and does not retain  servicing to these loans.  SNMC pays the brokers
and  correspondents  a commission for loans that are brokered through SNMC. SNMC
originated  and  sold  4,126   ($599,517,000)  and  2,194  ($311,000,000)  loans
respectively for the three months ended March 31, 2003 and 2002.


<PAGE>



On December 23, 2002, the Company  completed an asset purchase  transaction with
Acadian Life Insurance  Company,  a Louisiana  domiciled life insurance  company
("Acadian"),  in which it  acquired  from  Acadian  $75,000,000  in  assets  and
$75,000,000 in insurance reserves through its wholly owned subsidiary,  Security
National Life Insurance Company,  a Utah domiciled life insurance  company.  The
acquired assets consist  primarily of  approximately  275,000 funeral  insurance
policies  in force in the  state of  Mississippi.  The  assets  were  originally
acquired by Acadian from Gulf National Life Insurance  Company ("GNLIC") on June
6, 2001,  consisting of all of GNLIC's insurance policies in force and in effect
on June 1, 2001.

Results of Operations

Three Months Ended March 31, 2003 Compared to Three Months Ended March 31, 2002

Total revenues increased by $14,648,000,  or 74.7%, to $34,250,000 for the three
months ended March 31, 2003,  from  $19,602,000 for the three months ended March
31, 2002.  Contributing  to this increase in total  revenues was an  $11,890,000
increase in mortgage fee income, a $2,541,000 increase in insurance premiums and
other considerations, and a $996,000 increase in net investment income.

Insurance premiums and other considerations  increased by $2,541,000,  or 76.5%,
to $5,864,000 for the three months ended March 31, 2003, from $3,323,000 for the
comparable  period in 2002.  This increase was  primarily due to the  additional
insurance premiums from the policies acquired in the asset purchase  transaction
with Acadian Life.

Net investment  income  increased by $996,000,  or 34.1%,  to $3,920,000 for the
three months ended March 31, 2003, from $2,924,000 for the comparable  period in
2002.  This increase was primarily  attributable  to the  additional  investment
income from the assets acquired in the asset purchase  transaction  with Acadian
Life.

Net mortuary and cemetery  sales  decreased by $143,000,  or 5.3%, to $2,585,000
for the three months ended March 31, 2003,  from  $2,728,000  for the comparable
period in 2002. This decrease was primarily due to fewer at-need mortuary sales.

Realized gains on investments and other assets  decreased by $719,000 or 100.0%,
to $-0- for the  three  months  ended  March 31,  2003,  from  $719,000  for the
comparable period in 2002. This decrease was the result of gains on sale of real
estate in 2002.

Mortgage fee income  increased by $11,890,000 or 120.5%,  to $21,756,000 for the
three months ended March 31, 2003, from $9,866,000 for the comparable  period in
2002.  This  increase was  primarily  attributable  to a greater  number of loan
originations  during  the  three  months  of 2003  due to lower  interest  rates
resulting in more borrowers refinancing their mortgage loans.

Total benefits and expenses were  $31,876,000,  or 93.1%,  of total revenues for
the three months ended March 31, 2003, as compared to $17,754,000,  or 90.6%, of
total revenues for the comparable period in 2002.

Death  benefits,  surrenders and other policy  benefits,  and increase in future
policy benefits increased by an aggregate of $2,794,000, or 91.7%, to $5,840,000
for the three months ended March 31, 2003,  from  $3,046,000  for the comparable
period  in  2002.  This  increase  was  primarily  due to the  additional  death
benefits, surrenders and other policy benefits from the policies acquired in the
asset purchase transaction with Acadian Life.

Amortization of deferred policy acquisition costs and cost of insurance acquired
increased  by $124,000,  or 14.9%,  to $959,000 for the three months ended March
31, 2003,  from $835,000 for the  comparable  period in 2002.  This increase was
primarily due to the  additional  amortization  of deferred  policy  acquisition
costs and cost of insurance  acquired from the additional  policies  acquired in
the asset purchase transaction with Acadian Life.


<PAGE>



General and  administrative  expenses  increased  by  $10,742,000  or 82.9%,  to
$23,693,000 for the three months ended March 31, 2003, from  $12,951,000 for the
comparable period in 2002. This increase  primarily resulted from an increase in
commissions  and other  expenses due to additional  mortgage  loan  originations
having been made by the Company's mortgage subsidiary during the three months of
2003.

Interest  expense  increased  by  $501,000,  or 155.5% to $823,000 for the three
months ended March 31, 2003,  from $322,000 for the  comparable  period in 2002.
This increase was primarily due to additional warehouse lines of credit required
for  the  additional  mortgage  loan  originations  by  the  Company's  mortgage
subsidiary.

Cost of goods and services sold of the mortuaries  and  cemeteries  decreased by
$39,000,  or 6.6%,  to $561,000 for the three months ended March 31, 2003,  from
$600,000 for the comparable  period in 2002.  This decrease was primarily due to
fewer at-need mortuary sales.

Liquidity and Capital Resources

The Company's life insurance subsidiaries and cemetery and mortuary subsidiaries
realize  cash flow  from  premiums,  contract  payments  and  sales on  personal
services  rendered  for  cemetery  and  mortuary  business,  from  interest  and
dividends  on  invested  assets,  and from the  proceeds  from the  maturity  of
held-to-maturity  investments,  or  sale  of  other  investments.  The  mortgage
subsidiary realizes cash flow from fees generated by originating and refinancing
mortgage loans and interest  earned on mortgages sold to investors.  The Company
considers these sources of cash flow to be adequate to fund future  policyholder
and  cemetery and mortuary  liabilities,  which  generally  are  long-term,  and
adequate to pay current policyholder claims,  annuity payments,  expenses on the
issuance of new policies,  the maintenance of existing  policies,  debt service,
and operating expenses.

The  Company  attempts  to  match  the  duration  of  invested  assets  with its
policyholder  and  cemetery  and  mortuary  liabilities.  The  Company  may sell
investments other than those  held-to-maturity  in the portfolio to help in this
timing;  however,  to date, that has not been necessary.  The Company  purchases
short-term  investments  on a  temporary  basis  to  meet  the  expectations  of
short-term  requirements  of the Company's  products.  The Company's  investment
philosophy is intended to provide a rate of return which will persist during the
expected  duration  of  policyholder  and  cemetery  and  mortuary   liabilities
regardless of future interest rate movements.

The Company's  investment  policy is to invest  predominantly  in fixed maturity
securities,  mortgage loans, and warehouse  mortgage loans on a short-term basis
before selling the loans to investors in accordance  with the  requirements  and
laws  governing  the  life  insurance  subsidiaries.  Bonds  owned  by the  life
insurance subsidiaries amounted to $53,767,000 as of March 31, 2003, compared to
$51,530,000  as of December 31, 2002.  This  represents 53% and 51% of the total
insurance-related  investments  as of March 31,  2003,  and  December  31, 2002,
respectively.  Generally, all bonds owned by the life insurance subsidiaries are
rated by the National Association of Insurance Commissioners.  Under this rating
system,  there are nine  categories used for rating bonds. At March 31, 2003 and
December 31, 2002, 4% ($1,903,000)  of the Company's  total  investment in bonds
were  invested  in bonds in rating  categories  three  through  nine,  which are
considered non-investment grade.

The Company has  classified  certain of its fixed income  securities,  including
high-yield  securities,  in its  portfolio  as  available  for  sale,  with  the
remainder  classified as held to maturity.  However,  in accordance with Company
policy,  any such securities  purchased in the future will be classified as held
to maturity.  Business conditions,  however, may develop in the future which may
indicate a need for a higher level of liquidity in the investment portfolio.  In
that event the  Company  believes  it could  sell  short-term  investment  grade
securities before liquidating higher-yielding longer-term securities.



<PAGE>



The Company is subject to risk based capital guidelines established by statutory
regulators  requiring  minimum  capital  levels based on the  perceived  risk of
assets,  liabilities,  disintermediation,  and business risk. At March 31, 2003,
and December 31, 2002,  the life  insurance  subsidiary  exceeded the regulatory
criteria.

The Company's total  capitalization  of  stockholders'  equity and bank debt and
notes payable was  $55,116,000  as of March 31, 2003, as compared to $53,787,000
as of December 31,  2002.  Stockholders'  equity as a percent of  capitalization
increased to 66% as of March 31, 2003, from 64% as of December 31, 2002.

Lapse  rates  measure the amount of  insurance  terminated  during a  particular
period.  The  Company's  lapse  rate for  life  insurance  in 2002 was  10.7% as
compared to a rate of 13.2% for 2001. The 2003 lapse rate is  approximately  the
same as 2002.

At March 31,  2003,  $21,829,000  of the  Company's  consolidated  stockholders'
equity  represents  the statutory  stockholders'  equity of the  Company's  life
insurance subsidiaries. The life insurance subsidiaries cannot pay a dividend to
its parent company without the approval of insurance regulatory authorities.

Item 3.  Quantitative and Qualitative Disclosure of Market Risk

There have been no  significant  changes  since the  quarterly  report Form 10-K
filed for the year ended December 31, 2002.

Item 4.   Controls and Procedures

The  Company's  Chief  Executive  Officer and its Chief  Financial  Officer (the
"Certifying  Officers"),   are  responsible  for  establishing  and  maintaining
disclosure controls and procedures for the Company. The Certifying Officers have
concluded  (based on their  evaluation of these  controls and procedures as of a
date within 90 days of the filing of this report) that the design and  operation
of the  Company's  disclosure  controls  and  procedures  (as  defined  in  Rule
13a-14(c)  under  the  Securities  Exchange  Act  of  1934)  are  effective.  No
significant  changes were made in the  Company's  internal  controls or in other
factors that could significantly affect those controls subsequent to the date of
the  evaluation,  including any  corrective  actions with regard to  significant
deficiencies and material weaknesses.

                           Part II Other Information:

Item 1.        Legal Proceedings

An action was brought against Southern  Security Life Insurance  Company in July
1999 by Dorothy Ruth Campbell in the Circuit Court of Escambia County,  Alabama.
The action arose out of a denial of coverage under a $10,000  insurance  policy.
The   claims   were  for   breach  of   contract,   bad  faith  and   fraudulent
misrepresentation.  In the action,  Campbell  sought  compensatory  and punitive
damages plus  interest.  The case was dismissed by order of summary  judgment on
January 21, 2003. The appeal time, if appeal is taken, is 42 days.

An action was brought  against the Company in May 2001,  by Glenna  Brown Thomas
individually  and as personal  representative  of the Estate of Lynn W. Brown in
the Third  Judicial  Court,  Salt Lake  County,  Utah.  The action  asserts that
Memorial Estates delivered to Lynn W. Brown six stock certificates  representing
2,000 shares in 1970 and 1971.  Mr. Brown died in 1972.  It is asserted  that at
the time the 2,000 shares were issued and  outstanding,  such  represented  a 2%
ownership  of  Memorial  Estates.  It is  alleged  Mr.  Brown  was  entitled  to
preemptive  rights and that after the  issuance of the stock to Mr.  Brown there
were further issuances of stock without providing written notice to Mr. Brown or
his estate with respect to an opportunity to purchase more

<PAGE>


stock.  It is asserted among other things that the plaintiff "has the right to a
transfer of Brown's shares to Thomas on  defendants'  (which  includes  Security
National Financial  Corporation as well as Memorial Estates,  Inc.) books and to
restoration of Brown's  proportion of share ownership in Memorial at the time of
his death by issuance and delivery to Thomas of sufficient shares of defendant's
publicly  traded and  unrestricted  stock in  exchange  for the 2,000  shares of
Memorial stock and payment of all dividends from the date of Thomas's demand, as
required  by  Article XV of the  Articles  of  Incorporation."  Based on present
information,  the Company intends to vigorously defend the matter,  including an
assertion that the statute of limitations bars the claims.

An action was  brought  against  Southern  Security  Life  Insurance  Company by
National Group Underwriters,  Inc. ("NGU") in state court in the State of Texas.
The case was removed by the Company to the United States  District Court for the
Northern District of Texas, Fort Worth Division,  with Civil No.  4:01-CV-403-E.
An Amended  Complaint was filed on or about July 18, 2001. The Amended Complaint
asserts  that NGU had a  contract  with the  Company  wherein  NGU would  submit
applications for certain  policies of insurance to be issued by the Company.  It
is alleged that disputes have arisen  between NGU and the Company with regard to
the calculation and payment of certain  advanced  commissions as well as certain
production bonuses.

NGU  alleged  that it has been  damaged  far in  excess of the  $75,000  minimum
jurisdictional limits of this Court. NGU also seeks attorney's fees and costs as
well as prejudgment and postjudgment  interest. A second amended complaint and a
third amended  complaint  which  included a fraud claim were filed. A motion was
filed by the Company to dismiss the third amended complaint, including the fraud
claim. The court denied the motion.  The Company has  counterclaimed for what it
claims to be a debit  balance owing to it pursuant to the  relationship  between
the parties with said  counterclaim  seeking a substantial  amount from NGU (the
amount  subject to  reduction  as premiums  are  received).  The Company is also
seeking to recover  attorney's  fees and costs,  as well as punitive  damages on
three of its causes of action.  The change of venue  motion of the  Company  was
denied.  Certain  discovery has taken place.  The federal case was dismissed per
stipulation.  The matter was refiled in Texas state court,  Tarrant County, Case
No. 348 195490 02. The claims of the respective parties are essentially the same
as set forth  above  which  claims  include  fraudulent  inducement  relative to
entering  into a contract,  fraud,  breach of  contract,  breach of duty of good
faith and fair dealing, attorneys' fees and exemplary damages. Further discovery
involving the parties is anticipated.  The Company intends to vigorously  defend
the matter as well as prosecute its counterclaim.

An action  was  brought  by  Bernice  Johnson  against  Southern  Security  Life
Insurance  Company  in May,  2002 in the  Circuit  Court  of  Jefferson  County,
Alabama,  Civil  Action No. CV02 2963.  The face  amount of  coverage  under the
policy  is  $15,000.  The  insured  died in  July  2001.  Claims  are  made  for
non-payment   of  the   policy   amount.   The   claims   for   relief   include
misrepresentation, mental anguish and emotional distress, fraud, intentional and
bad faith non  payment  of the  benefit,  intentional  and bad faith  failure to
investigate  the claim for  benefits,  reckless and  negligent and wanton action
relative to  misrepresentation  and/or concealment of facts,  negligence and the
wanton  hiring,  training and  supervision of agent.  Compensatory  and punitive
damages are sought along with  interest  and costs.  An answer has been filed by
the Company and discovery is in process. A trial has been set in June, 2003.

The Company is not a party to any other legal  proceedings  outside the ordinary
course of the Company's  business or to any other legal  proceedings  which,  if
adversely determined, would have a material adverse effect on the Company or its
business.


<PAGE>



Item 2.        Changes in Securities

               NONE

Item 3.        Defaults Upon Senior Securities

               NONE

Item 4.        Submission of Matters to a Vote of Security Holders

               NONE

Item 5.        Other Information

               NONE

Item 6.        Exhibits and Reports on Form 8-K

 (a)(3)  Exhibits:
    3.A. Articles of Restatement of Articles of Incorporation (8)

B.       Bylaws (1)

    4.A. Specimen Class A Stock Certificate (1)

      B. Specimen Class C Stock Certificate (1)

     C. Specimen  Preferred Stock  Certificate and Certificate of Designation of
        Preferred Stock (1)

10.A.    Restated and Amended Employee Stock Ownership Plan and
         Trust Agreement (1)

    B.   Deferred Compensation Agreement with George R. Quist (2)

    C.   1993 Stock Option Plan (3)

    D.   2000 Director Stock Option Plan (5)

    E.   Deferred Compensation Agreement with William C. Sargent (4)

    F.   Employment Agreement with Scott M. Quist. (4)

    G.   Promissory Note with George R. Quist (6)

    H.   Deferred Compensation Plan (7)

    I.   Coinsurance Agreement between Security National Life and Acadian (8)

    J.   Assumption Agreement among Acadian, Acadian Financial Group, Inc.,
         Security National Life and the Company (8)


<PAGE>



    K.   Asset Purchase Agreement between Acadian, Acadian Financial Group,
         Inc., Security National Life and the Company (8)

    L.   Promissory Note with Key Bank of Utah (9)

    M.   Loan and Security Agreement with Key Bank of Utah (9)

     99.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002.

     99.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002.

          (1) Incorporated by reference from Registration Statement on Form
              S-1, as filed on June 29, 1987.

          (2) Incorporated by reference from Quarterly Report on Form 10-K, as
              filed on March 31, 1989.

          (3) Incorporated by reference from Quarterly Report on Form 10-K, as
              filed on March 31, 1994.

          (4) Incorporated by reference from Quarterly Report on Form 10-K, as
              filed on March 31, 1998.

          (5) Incorporated by reference from Schedule 14A Definitive Proxy
              Statement, filed August 29, 2000, relating to the Company's
              Quarterly Meeting of Shareholders.

          (6) Incorporated by reference from Report on Form 10-K, as filed on
              April 16, 2001.

          (7) Incorporated by reference from Report on Form 10-K, as filed on
              April 3, 2002.

          (8) Incorporated by reference from Report on Form 8-K-A as filed on
              January 8, 2003.

          (9) Incorporated by reference from Report on Form 10-K, as filed on
              April 15, 2003.

Subsidiaries of the Registrant

    (b)  Reports on Form 8-K:

          Report on Form 8-K,  as filed on January 7, 2003 Report on Form 8-K/A,
          as filed on January 8, 2003 Report on Form 8-K /A-2, as filed on March
          10, 2003


<PAGE>


                                   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 thereunto duly authorized.


                                   REGISTRANT

                     SECURITY NATIONAL FINANCIAL CORPORATION
                                   Registrant



DATED: May 20, 2003                  By:    George R. Quist,
                                            ----------------
                                            Chairman of the Board and Chief
                                            Executive Officer (Principal
                                            Executive Officer)


DATED: May 20, 2003                  By:    Stephen M. Sill
                                            ---------------
                                            Vice President, Treasurer and
                                            Chief Financial Officer
                                            (Principal Financial and
                                             Accounting Officer)


<PAGE>


                                 CERTIFICATIONS


I, George R. Quist, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Security  National
     Financial Corporation.

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     (b)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     (a)  All  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: May 20, 2003

                                        By:      George R. Quist
                                                 Chairman of the Board and
                                                 Chief Executive Officer


<PAGE>



                                 CERTIFICATIONS

I, Stephen M. Sill, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Security  National
     Financial Corporation.

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     (b)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  Presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     (a)  All  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:  May 20, 2003

                                         By:      Stephen M. Sill
                                                  Vice President, Treasurer and
                                                  Chief Financial Officer


<PAGE>


                                  EXHIBIT 99.1
                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In  connection  with  the  Quarterly  Report  of  Security  National   Financial
Corporation (the "Company") on Form 10K for the period ending December 31, 2002,
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"), I, George R. Quist, Chief Executive Officer of the Company,  certify,
pursuant  to 18 U.S.C.  ss.  1350,  as adopted  pursuant  to Section  906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

     (1)  the Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  the  information  contained  in the  Report  fairly  presents,  in all
          material respects, the financial condition and result of operations of
          the Company.

George R. Quist
Chief Executive Officer
May 20, 2003

                                  EXHIBIT 99.2
                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In  connection  with  the  Quarterly  Report  of  Security  National   Financial
Corporation (the "Company") on Form 10K for the period ending December 31, 2002,
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"), I, Stephen M. Sill, Chief Financial Officer of the Company,  certify,
pursuant  to 18 U.S.C.  ss.  1350,  as adopted  pursuant  to Section  906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

     (1)  the Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  the  information  contained  in the  Report  fairly  presents,  in all
          material respects, the financial condition and result of operations of
          the Company.

Stephen M. Sill
Chief Financial Officer
May 20, 2003