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 September 30, 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  X         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                  4,284,012
-------------------------------------      ----------------------------------
         Title of Class                    Number of Shares Outstanding as of
                                                 September 30, 2003

Class C Common Stock, $.20 par value                   6,094,950
------------------------------------       ----------------------------------
         Title of Class                    Number of Shares Outstanding as of
                                                 September 30, 2003


<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                                    FORM 10-Q

                        QUARTER ENDED SEPTEMBER 30, 2003

                                TABLE OF CONTENTS


                         PART I - FINANCIAL INFORMATION



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

          Consolidated Statement of Earnings - Nine and three
          months ended September 30, 2003 and 2002 (unaudited).........3

          Consolidated Balance Sheet - September 30, 2003 (unaudited)
          and December 31, 2002 .......................................4-5

          Consolidated Statement of Cash Flows -
          Nine months ended September 30, 2003
          and 2002 (unaudited).........................................6

          Notes to Consolidated Financial Statements...................7-10


Item 2    Management's Discussion and Analysis.........................11-14
------

Item 3    Quantitative and Qualitative Disclosure of Market Risk.......14
------

Item 4    Controls and Procedures......................................15
------

                           PART II - OTHER INFORMATION

          Other Information............................................15-17

          Signature Page...............................................18

          Certifications...............................................19-21


<PAGE>
<TABLE>
<CAPTION>




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

                                                             Nine Months Ended                Three Months Ended
                                                               September 30,                     September 30,
Revenues:                                                 2003              2002             2003             2002
--------                                                  ----              ----             ----             ----
<S>                                                    <C>              <C>               <C>              <C>
Insurance premiums and other considerations            $17,342,353      $10,319,892       $5,752,258       $3,627,683
Net investment income                                   13,630,206        8,504,297        5,264,666        3,052,659
Net mortuary and cemetery sales                          8,026,021        7,954,592        2,730,776        2,717,806
Realized gains on investments and other assets              (2,207)         746,021           (2,207)          27,205
Mortgage fee income                                     76,979,168       34,828,830       24,067,019       15,988,606
Other                                                      245,893          415,292           62,468          106,325
                                                     -------------    -------------    -------------    -------------
   Total revenues                                      116,221,434       62,768,924       37,874,980       25,520,284
                                                     -------------    -------------    -------------    -------------

Benefits and expenses:
Death benefits                                           9,768,115        4,298,196        2,725,055        1,325,095
Surrenders and other policy benefits                     1,573,695        1,442,718          472,603          372,618
Increase in future policy benefits                       4,921,318        3,628,655        2,113,665        1,569,539
Amortization of deferred policy acquisition costs
   and cost of insurance acquired                        3,622,216        2,334,477        1,353,437          565,708
General and administrative expenses:
   Commissions                                          55,435,397       26,554,414       16,215,158       12,591,644
   Salaries                                             10,378,702        8,308,534        3,421,014        2,925,397
   Other 16,260,51                                      10,320,968        6,076,615        3,955,599
Interest expense                                         3,130,982        1,013,868        1,331,544          491,072
Cost of goods and services sold
  of the mortuaries and cemeteries                       1,699,005        1,515,575          575,267          535,029
                                                     -------------    -------------    -------------    -------------
   Total benefits and expenses                         106,789,942       59,417,405       34,284,358       24,331,701
                                                     -------------    -------------    -------------    -------------

Earnings before income taxes                             9,431,492        3,351,519        3,590,622        1,188,583
Income tax expense                                      (3,065,751)        (825,614)      (1,145,524)        (294,796)
Minority interest (income) loss of subsidiary               17,219           18,263           31,625            3,898
                                                     -------------    -------------    -------------    -------------
      Net earnings                                      $6,382,960       $2,544,168       $2,476,723         $897,685
                                                     =============    =============    =============    =============

Net earnings per common share                                $1.24             $.54             $.49             $.19
                                                             =====             ====             ====             ====
   Weighted average outstanding common shares            5,165,311        4,680,665        5,034,832        4,684,250
                                                     =============    =============    =============    =============

Net earnings per common share-assuming dilution              $1.19             $.51             $.47             $.18
                                                             =====            =====            =====            =====
   Weighted average outstanding common shares
      assuming-dilution                                  5,378,996        5,013,965        5,252,132        5,083,126
                                                     =============    =============    =============    =============
See accompanying notes to consolidated financial statements

</TABLE>

<PAGE>


                     SECURITY NATIONAL FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET



                                             September 30, 2003    December 31,
                                                 (Unaudited)           2002
                                             ------------------    ------------
Assets:
-------
Insurance-related investments:
Fixed maturity securities held
   to maturity, at amortized cost              $33,509,058      $33,015,097
Fixed maturity securities available
   for sale, at market                          17,841,657       18,514,943
Equity securities available for sale,
   at market                                     3,033,204        2,642,093
Mortgage loans on real estate                   25,041,443       21,016,008
Real estate, net of accumulated
   depreciation and allowances for losses        8,863,328        9,331,248
Policy, student and other loans                 10,924,403       10,974,165
Short-term investments                           4,677,926        5,335,478
                                             -------------    -------------
      Total insurance-related
         investments                           103,891,019      100,829,032
                                             -------------    -------------
Restricted assets of cemeteries and mortuaries   5,310,865        5,332,736
                                              ------------    -------------
Cash                                            30,294,277       38,199,041
                                              ------------    -------------
Receivables:
   Trade contracts                               9,786,737       11,358,027
   Mortgage loans sold to investors            107,255,174       89,455,105
   Receivable from agents                        1,441,923        2,054,071
   Receivable from officers                         46,540           70,290
   Other                                         1,593,581        1,131,977
                                             -------------    -------------
      Total receivables                        120,123,955      104,069,470
   Allowance for doubtful accounts              (4,817,755)      (2,385,309)
                                             -------------    -------------
   Net receivables                             115,306,200      101,684,161
                                             -------------    -------------
Policyholder accounts on deposit
   with reinsurer                                6,822,334        6,955,691
Land and improvements held for sale              8,573,388        8,429,215
Accrued investment income                        1,316,052          928,287
Deferred policy and pre-need acquisition costs  16,879,934       15,917,257
Property, plant and equipment, net              11,004,751       10,921,635
Cost of insurance acquired                      15,229,005       16,330,711
Excess of cost over net assets
   of acquired subsidiaries                        683,191          683,191
Other                                              887,548          945,805
                                             -------------    -------------
      Total assets                            $316,198,564     $307,156,762
                                             =============    =============






See accompanying notes to consolidated financial statements.


<PAGE>


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


                                             September 30, 2003    December 31,
                                                (Unaudited)            2002
                                             ------------------    ------------
Liabilities:
-----------
Future life, annuity, and other
   policy benefits                              $218,603,200     $215,980,207
Unearned premium reserve                           1,945,307        1,914,700
Bank loans payable                                14,986,969       16,113,227
Notes and contracts payable                        3,430,279        3,160,009
Potential stock redemption                         1,800,000           --
Deferred pre-need cemetery and funeral
   contracts revenues and estimated future
   cost of pre-need sales                         10,559,213       10,002,396
Accounts payable                                   1,290,172        1,553,777
Funds held under reinsurance treaties              1,304,981        1,334,964
Other liabilities and accrued expenses            10,843,157       10,182,382
Income taxes                                      11,036,256        8,103,882
                                               -------------    -------------

      Total liabilities                          275,799,534      268,345,544
                                               -------------    -------------

Commitments and Contingencies                         --               --

Minority interest                                  3,963,890        4,297,807
                                               -------------    -------------

Stockholders' Equity:
Common stock:
      Class A: $2.00 par value, authorized 10,000,000
         shares, issued 5,561,233 shares in 2003
         and 5,794,492 shares in 2002             11,122,466       11,588,984
      Class C: $0.20 par value, authorized
         7,500,000 shares, issued 6,166,699
         shares in 2003 and 6,182,669
         shares in 2002                            1,233,340        1,236,533
                                               -------------    -------------
Total common stock                                12,355,806       12,825,517
Additional paid-in capital                        10,316,658       11,280,842
Accumulated other comprehensive income
      (loss) and other items, net of
      deferred taxes                                (846,100)       1,191,863
Retained earnings                                 18,134,598       11,992,542
Treasury stock at cost (1,277,221 Class A
      shares and 1,749 Class C shares in
      2003; 1,151,811 Class A shares
      and 71,749 Class C shares in 2002, held by
      affiliated companies)                        (3,525,822)      (2,777,353)
                                                -------------    -------------
Total stockholders' equity                         36,435,140       34,513,411
                                                -------------    -------------
   Total liabilities and stockholders' equity    $316,198,564     $307,156,762
                                                =============    =============



See accompanying notes to consolidated financial statements.


<PAGE>


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

                                               Nine Months Ended September 30,
                                               2003                   2002
                                               ----                   ----
Cash flows from operating activities:
      Net cash provided by operating
      activities                            $4,097,189            $12,523,692
                                          ------------            -----------

Cash flows from investing activities:
   Securities held to maturity:
      Purchase - fixed maturity securities  (8,080,087)     (4,062,931)
      Calls and maturities - fixed
        maturity securities                  7,607,038       7,122,717
   Securities available for sale:
      Calls and maturities - fixed
         maturity securities                   360,000       3,301,497
      Purchases of equity securities           (51,921)           (367)
   Purchases of short-term investments     (15,608,535)     (8,334,285)
   Sales of short-term investments          16,661,402       7,425,705
   Purchases of restricted assets               41,009        (147,552)
   Mortgage, policy, and other loans made  (17,258,017)     (4,707,046)
   Payments received for mortgage,
      real estate, policy, and other loans  12,861,203       4,648,685
   Purchases of property, plant,
      and equipment                         (1,215,617)     (1,160,274)
   Purchases of real estate                 (1,012,284)     (1,501,405)
   Sale of real estate                       1,230,802          --
                                          ------------    ------------

         Net cash (used in) provided by
            investing activities            (4,465,007)      2,584,744
                                          ------------    ------------

Cash flows from financing activities:
   Annuity receipts                          4,422,489       6,153,617
   Annuity withdrawals                      (8,061,431)     (8,325,543)
   Repayment of bank loans and notes and
      contracts payable                     (3,174,736)     (1,659,228)
   Stock options exercised                      25,200          --
   Proceeds from borrowings on bank loans
      and notes and contracts payable            --            186,594
   Purchase of Treasury Stock                 (748,468)         --
   Sale of Treasury Stock                        --             37,824
   Other                                         --             --
                                          ------------    ------------

      Net cash (used in) provided by
         financing activities               (7,536,946)     (3,606,736)
                                          ------------    ------------
Net change in cash                          (7,904,764)     11,501,700

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

Cash at end of period                      $30,294,277     $20,258,946
                                          ============    ============

Non cash investing and financial activities
-----------------------------------------------
During the nine months  ended  September  30, 2003,  the Company  entered into a
potential  stock  redemption  agreement  (see Note 7). As a result,  the Company
reclassified  $1,800,000  of common stock and  additional  paid-in  capital to a
liability.


See accompanying notes to consolidated financial statements.

            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                         September 30, 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 and nine months ended  September 30, 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 Annual 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 nine  months  ended  September  30, 2003 and 2002,  total  comprehensive
income amounted to $4,344,997 and $2,357,975, respectively.

For the three  months ended  September  30, 2003 and 2002,  total  comprehensive
income amounted to $2,339,192 and $807,461, 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 for three months ended  September
30,  2003,  and 2002 would not have been  effected.  Net  earnings  for the nine
months  ended  September  30,  2003 and 2002  would  have  been  reduced  by the
following:

                                              Nine Months Ended September 30,
                                             2003                       2002
                                             ----                       ----
Net earnings as reported                 $6,382,960                 $2,544,168
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                   $6,249,960                 $2,544,168
                                         ==========                 ==========

            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                         September 30, 2003 (Unaudited)

                                             Nine Months Ended September 30,
                                            2003                       2002
                                            ----                       ----
      Net earnings per common share:
        Basic - as reported                 $1.24                      $.54
        Basic - pro forma                   $1.21                      $.54
        Diluted - as reported               $1.19                      $.51
        Diluted - pro forma                 $1.16                      $.51

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

                                             Nine Months Ended September 30,
                                            2003                     2002
                                            ----                     ----
Numerator:
      Net income                        $6,382,960                $2,544,168
                                        ==========                ==========
Denominator:
      Denominator for basic earnings per share-
        weighted-average shares          5,165,311                 4,680,665
                                        ----------               -----------

      Effect of dilutive securities:
        Employee stock options             208,961                   305,041
        Stock appreciation rights            4,724                    28,259
                                      ------------              ------------
      Dilutive potential common shares     213,685                   333,300
                                        ----------               -----------
      Denominator for diluted earnings
        per share-adjusted
        weighted-average shares and
        assumed conversions             5,378,996                  5,013,965
                                      ===========                ===========

      Basic earnings per share              $1.24                       $.54
                                            =====                       ====

      Diluted earnings per share            $1.19                       $.51
                                            =====                       ====

                                           Three Months Ended September 30,
                                         2003                            2002
                                         ----                            ----
Numerator:
      Net income                     $2,476,723                  $    897,685
                                     ==========                  ============
Denominator:
      Denominator for basic earnings
      per share-weighted-average
      shares                          5,034,832                     4,684,250
                                     ----------                   -----------

      Effect of dilutive securities:
        Employee stock options          212,541                       314,024
        Stock appreciation rights         4,759                        84,852
                                     ----------                    ----------
      Dilutive potential common shares  217,300                       398,876
                                   ------------                   -----------

      Denominator for diluted earnings
       per share-adjusted weighted-
       average shares and assumed
       conversions                    5,252,132                     5,083,126
                                    ===========                   ===========

      Basic earnings per share             $.49                          $.19
                                           ====                          ====

      Diluted earnings per share           $.47                          $.18
                                           ====                          ====


<PAGE>
<TABLE>
<CAPTION>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                         September 30, 2003, (Unaudited)

5.  Business Segment
                                        Life             Cemetery/                            Reconciling
                                      Insurance          Mortuary           Mortgage             Items        Consolidated
For the Nine Months Ended
September 30, 2003
--------------------------
<S>                                <C>                 <C>                 <C>                <C>           <C>
Revenues from
      external customers            $ 22,137,919       $ 8,880,150         $85,203,365$          --          $116,221,434

Intersegment revenues                  7,379,515           --                  --              (7,379,515)         --

Segment profit                         1,114,422           135,785           8,181,285           --             9,431,492

Identifiable assets                  296,676,591        43,828,908          19,512,932        (43,819,867)    316,198,564

For the Nine Months Ended
September 30, 2002
-------------------------
Revenues from
   external customers               $ 14,844,979       $ 9,454,018         $38,469,927$          --          $ 62,768,924

Intersegment revenues                  3,474,189           --                  --              (3,474,189)        --

Segment profit                           563,976         1,221,538           1,566,005           --             3,351,519

Identifiable assets                  203,071,749        41,053,996          10,180,717        (34,485,755)    219,820,707


For the Three Months Ended
September 30, 2003
--------------------------
Revenues from
   external customers               $  7,363,273       $ 3,051,572         $27,460,135$             --       $ 37,874,980

Intersegment revenues                  2,675,710           --                  --              (2,675,710)          --

Segment profit                           511,322           225,413           2,853,887              --          3,590,622

For the Three Months Ended
September 30, 2002
--------------------------
Revenues from
   external customers               $  5,083,781       $ 3,005,034         $17,431,469$            --        $ 25,520,284

Intersegment revenues                  1,186,158           --                  --              (1,186,158)        --

Segment profit                            59,282           195,121             934,180           --             1,188,583

</TABLE>

<PAGE>


            SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                         September 30, 2003, (Unaudited)

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  Life"),  in which it acquired from Acadian Life $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 Life 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.

7. Potential Stock Redemption

The Company  entered into an agreement with a stockholder in August 2003 wherein
it purchased  124,000 shares of Class A Common Stock from this  stockholder  for
$6.00 per share.  The purchase of these shares is reflected in treasury stock as
of September 30, 2003.

Also  under the terms of this  agreement,  this  stockholder  has  agreed not to
purchase or control, directly or indirectly, any additional shares of Class A or
Class C common stock through August 2007, and on August 27, 2004, 2005 and 2006,
this  stockholder may request,  but is not obligated to request,  the Company to
purchase  an  additional  100,000  shares of Class A common  stock  held by this
stockholder  for $6.00 per share.  In accordance with the Statement of Financial
Accounting  Standards ("SFAS") No. 150, the Company has recorded $1,800,000 as a
liability under the assumption that the stockholder could request the Company to
purchase these shares, and has reduced stockholders' equity for the same amount.
This amount has not been  recorded at its present  value because the discount is
not material.  The Company is not aware of the intention of the  stockholder  to
exercise  his right in the future.  In the event that the  stockholder  does not
exercise  his right,  the amount  recorded  as a  liability  will be reduced and
stockholders' equity will be increased.

8.  Recent Accounting Pronouncements

In April  2003,  the FASB issued SFAS No. 149,  Amendment  of  Statement  133 on
Derivative Instruments and Hedging Activities. SFAS No. 149 amends and clarifies
financial accounting and reporting for derivative instruments, including certain
derivative instruments embedded in other contracts  (collectively referred to as
derivatives)  and for  hedging  activities  under SFAS No. 133,  Accounting  for
Derivative  Instruments and Hedging Activities.  This Statement is effective for
contracts entered into or modified after June 30, 2003, with certain exceptions,
and for hedging  relationships  designated  after  September  30,  2003.  We are
currently  evaluating  the effect that the adoption of SFAS No. 149 will have on
our results of operations and financial position.

In January  2003,  the FASB  issued  SFAS No.  46,  "Consolidation  of  Variable
Interest  Entities."  SFAS No. 46 is currently  effective for periods  beginning
after  December 15, 2003.  SFAS No. 46 clarifies the  application  of Accounting
Research  Bulletin  No.  51,  "Consolidated  Financial  Statements,"  to certain
entities  in  which  equity  investors  do not  have  the  characteristics  of a
controlling  financial interest or do not have sufficient equity at risk for the
entity to finance  its  activities  without  additional  subordinated  financial
support from a separate  enterprise.  Such  entities are  identified as Variable
Interest  Entities.  The  objective  of  SFAS  No.  46 is to  improve  financial
reporting  by  those  separate   enterprises  involved  with  variable  interest
entities. If those separate enterprises have a controlling financial interest in
a  variable  interest  entity,  the  assets,  liabilities,  and  results  of the
activities of the variable  interest  entity should be included in the financial
statements  with those of the business  enterprise.  Management does not believe
the  adoption  of SFAS No.  46 will  have a  material  effect  on the  Company's
financial  position or results of operations.  SFAS No. 46 further  requires the
disclosure of certain information related to variable interest entities in which
the Company holds a significant variable interest.  The Company does not believe
that it owns any such interests that require disclosure at this time.


<PAGE>



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 nine months ended  September  30, 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   14,487   ($2,125,995,000)   and   7,403
($1,075,229,000) loans respectively for the nine months ended September 30, 2003
and 2002.

On December 23, 2002, the Company  completed an asset purchase  transaction with
Acadian Life Insurance Company, a Louisiana domiciled life insurance company, in
which it acquired from Acadian Life  $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 Life
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

Nine Months Ended September 30, 2003 Compared to Nine Months Ended September 30,
2002

Total revenues increased by $53,452,000,  or 85.2%, to $116,221,000 for the nine
months ended  September  30, 2003,  from  $62,769,000  for the nine months ended
September  30,  2002.  Contributing  to this  increase in total  revenues  was a
$42,150,000  increase in mortgage fee income, a $7,022,000 increase in insurance
premiums and other  considerations,  and a $5,126,000 increase in net investment
income.

Insurance premiums and other considerations  increased by $7,022,000,  or 68.0%,
to $17,342,000 for the nine months ended  September 30, 2003,  from  $10,320,000
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 $5,126,000,  or 60.3%, to $13,630,000 for the
nine months ended September 30, 2003, from $8,504,000 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 increased by $71,000, or 0.9%, to $8,026,000 for
the nine months ended  September 30, 2003,  from  $7,955,000  for the comparable
period in 2002.  This increase was primarily due to increased  sales of cemetery
properties.


<PAGE>


Realized gains on investments and other assets  decreased by $748,000 or 100.3%,
to $(2,000) for the nine months ended  September 30, 2003, from $746,000 for the
comparable period in 2002. The realized gains on investments and other assets in
2002 were from the sale of property at Lake Hills Cemetery.

Mortgage fee income increased by $42,150,000,  or 121.0%, to $76,979,000 for the
nine months ended September 30, 2003, from $34,829,000 for the comparable period
in 2002.  This increase was primarily  attributable  to a greater number of loan
originations  during  the  nine  months  of 2003  due to  lower  interest  rates
resulting in more borrowers refinancing their mortgage loans.

Total benefits and expenses were  $106,790,000,  or 91.9%, of total revenues for
the nine months ended September 30, 2003, as compared to $59,417,000,  or 94.7%,
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  $6,893,000,   or  73.6%,  to
$16,263,000  for the nine months ended  September 30, 2003,  from $9,370,000 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  $1,288,000,  or 55.2%,  to  $3,622,000  for the nine months ended
September 30, 2003,  from  $2,334,000  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.

General and  administrative  expenses  increased by  $36,891,000,  or 81.6%,  to
$82,075,000 for the nine months ended  September 30, 2003, from  $45,184,000 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 nine months of
2003.

Interest expense increased by $2,117,000,  or 208.8%, to $3,131,000 for the nine
months ended September 30, 2003,  from  $1,014,000 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  increased by
$184,000,  or 12.1%, to $1,699,000 for the nine months ended September 30, 2003,
from  $1,515,000 for the comparable  period in 2002. This increase was primarily
due to increased costs of funeral products.

Third Quarter of 2003 Compared to Third Quarter of 2002

Total revenues  increased by  $12,355,000,  to $37,875,000  for the three months
ended September 30, 2003, from  $25,520,000 for the three months ended September
30,  2002.  Contributing  to this  increase in total  revenues  was a $8,078,000
increase in mortgage fee income, a $2,124,000 increase in insurance premiums and
other considerations, and a $2,212,000 increase in net investment income.

Insurance premiums and other considerations  increased by $2,124,000,  or 58.6%,
to $5,752,000 for the three months ended September 30, 2003, from $3,628,000 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 $2,212,000,  or 72.5%, to $5,265,000 for the
three months ended September 30, 2003, from $3,053,000 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.


<PAGE>


Net mortuary and cemetery sales increased by $13,000,  or .5%, to $2,731,000 for
the three months ended  September 30, 2003,  from  $2,718,000 for the comparable
period in 2002.  This increase was primarily due to increased  sales of cemetery
properties.

Mortgage fee income  increased by $8,078,000,  or 50.5 %, to $24,067,000 for the
three months ended September 30, 2003, from $15,989,00 for the comparable period
in 2002.  This increase was primarily  attributable  to a greater number of loan
originations  during the third  quarter  of 2003,  due to lower  interest  rates
resulting in more borrowers refinancing their mortgage loans.

Total benefits and expenses were  $34,284,000,  or 90.5%,  of total revenues for
the three months ended September 30 2003, as compared to $24,332,000,  or 95.3%,
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 $2,044,000, or 62.6%, to $5,311,000
for  the  three  months  ended  September  30,  2003,  from  $3,267,000  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 $787,000  or 139.2%,  to  $1,353,000  for the three  months  ended
September  30, 2003,  from  $566,000  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.

General and  administrative  expenses  increased  by  $6,240,000,  or 32.0%,  to
$25,713,000 for the three months ended September 30, 2003, from  $19,473,000 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 second quarter
of 2003.

Interest expense  increased by $840,000,  or 171.2%, to $1,332,000 for the three
months ended  September  30, 2003,  from $491,000 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  increased by
$40,000,  or 7.5%,  to $575,000 for the three months ended  September  30, 2003,
from $535,000 for the comparable period in 2002. This increase was primarily due
to the increase in the cost of merchandise of funeral products.

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

<PAGE>


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  $51,351,000  as of  September  30,  2003,
compared to $51,530,000 as of December 31, 2002.  This represents 49% and 51% of
the total  insurance-related  investments as of September 30, 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 six categories  used for rating bonds.  At
September 30, 2003 and December 31, 2002, 3% ($1,785,000) and 4% ($1,903,000) of
the  Company's  total  investment  in bonds  were  invested  in bonds in  rating
categories three through six, 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.

The Company has a substantial portion of its assets invested in cash, short-term
investments and mortgage loans sold to investors.  If market  conditions were to
change  so that  rates  for  these  investments  were  to  decline  or if  these
investments and higher yielding  long-term  investments were not available,  the
Company's interest rate spread (excess interest earned over interest credited to
policyholders)  would be  adversely  affected  and could  result in  significant
decreases in the Company's overall profitability or losses.

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 September 30,
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  $54,852,000  as of  September  30,  2003,  as  compared  to
$53,787,000  as of  December  31,  2002.  Stockholders'  equity as a percent  of
capitalization  increased  to 66%  as of  September  30,  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 has been approximately
the same as 2002.

At September 30, 2003, $23,355,000 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 annual report Form 10-K filed
for the year ended December 31, 2002.


<PAGE>


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 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 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."  The formal  discovery  cutoff is
January  15,  2004.  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
asserted  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
alleged that disputes had 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 had been  damaged  far in  excess of the  $75,000  minimum
jurisdictional  limits of the Federal Court. NGU also sought 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
counterclaimed for what it claimed to be a debit balance owing to it pursuant to
the relationship  between the parties with said  counterclaim  seeking such from
NGU (the amount subject to reduction as premiums are received). The Company also
sought to recover  attorney's  fees and costs,  as well as  punitive  damages on
three of its causes of action.  Certain  discovery took 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 against Southern Security
Life Insurance Company 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.  Certain  depositions have been
taken  since  the  filing  again  in  state  court  and  further   discovery  is
anticipated.  The  Company  intends to  vigorously  defend the matter as well as
prosecute its counterclaim. A trial is presently set for July, 2004.


<PAGE>


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.

Item 2.        Changes in Securities

               NONE

Item 3.        Defaults Upon Senior Securities

               NONE

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

               At the annual  stockholders  meeting held on July 11,  2003,  the
               following matters were acted upon: (i) seven directors consisting
               of George R.  Quist,  J. Lynn  Beckstead,  Jr.,  Scott M.  Quist,
               Charles L. Crittenden,  Dr. Robert G. Hunter,  H. Craig Moody and
               Norman G.  Wilbur  were  elected to serve  until the next  annual
               stockholders  meeting or until their  respective  successors  are
               elected and qualified  (for George R. Quist,  Class A and Class C
               shares,  9,065,935 votes were cast in favor of election, no votes
               were cast against election and there were 13,542 abstentions; for
               J. Lynn Beckstead, Jr., Class A shares only, 3,594,399 votes were
               cast in favor of election,  no votes were cast  against  election
               and there were 87,757  abstentions;  for Scott M. Quist,  Class A
               and  Class C  shares,  9,066,826  votes  were  cast in  favor  of
               election,  no votes  were cast  against  election  and there were
               12,651  abstentions;  for Charles L.  Crittenden,  Class A shares
               only, 3,675,477 votes were cast in favor of election and no votes
               were cast against election and there were 6,552 abstentions;  for
               Dr. Robert G. Hunter, Class A and Class C shares, 9,067,239 votes
               were cast in favor of election,  no votes cast  against  election
               and there were 12,238  abstentions;  for H. Craig Moody,  Class A
               and C shares,  9,067,174 votes were cast in favor of election, no
               votes cast against  election  and there were 12,303  abstentions;
               for Norman G. Wilbur, Class A and Class C shares, 9,067,239 votes
               were  cast in  favor of  election,  no votes  were  cast  against
               election and there were 12,238 abstentions;  (ii) the appointment
               of Tanner + Co., as the Company's independent accountants for the
               fiscal year ended December 31, 2003, was ratified (with 9,039,595
               votes cast for appointment,  9,173 votes against  appointment and
               24,207 abstentions);  and (iii) adoption of the 2003 Stock Option
               Plan and the  reservation  of  500,000  shares  of Class A Common
               Stock and  1,000,000  shares of Class C Common Stock was ratified
               (with  7,772,537  votes  cast for  adoption,  300,330  votes cast
               against adoption and 15,071 abstentions).

Item 5.        Other Information

               NONE

Item 6.        Exhibits and Reports on Form 8-K

 (a)     Exhibits:
      3.1. Articles of Restatement of Articles of Incorporation (8)
      3.2. Amended Bylaws
      4.1. Specimen Class A Stock Certificate (1) 4.2. Specimen Class C Stock
           Certificate (1)
      4.3  Specimen Preferred Stock Certificate and Certificate of Designation
           of Preferred Stock (1)
      10.1 Restated and Amended Employee Stock Ownership Plan and  Trust
           Agreement (1)
      10.2 1993 Stock Option Plan (3)
      10.3 2000 Director Stock Option Plan (5)


<PAGE>



      10.4    2003 Stock Option Plan (10)
      10.5    Deferred Compensation Agreement with George R. Quist (2)
      10.6    Employment Agreement with Scott M. Quist. (4)
      10.7    Promissory Note with George R. Quist (6)
      10.8    Deferred Compensation Plan (7)
      10.9    Coinsurance Agreement between Security National Life and
              Acadian (8)
      10.10   Assumption Agreement among Acadian, Acadian Financial Group,
              Inc., Security National Life and the Company (8)
      10.11   Asset Purchase Agreement between Acadian, Acadian Financial
              Group, Inc., Security National Life and the Company (8)
      10.12   Promissory Note with Key Bank of Utah (9)
      10.13   Loan and Security Agreement with Key Bank of Utah (9)
      10.14   Stock Purchase and Sale Agreement with Ault Glazer & Co.
              Investment Management LLC
       31.1   Certification pursuant to 18 U.S.C. Section 1350 as enacted by
              Section 302 of the Sarbanes-Oxley Act of 2002.
       31.2   Certification pursuant to 18 U.S.C. Section 1350 as enacted by
              Section 302 of the Sarbanes-Oxley Act of 2002.
       32.1   Certification pursuant to 18 U.S.C. Section 1350, as adopted
              pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
       32.2   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 Annual Report on Form 10-K, as
                  filed on March 31, 1989.
              (3) Incorporated by reference from Annual Report on Form 10-K, as
                  filed on March 31, 1994.
              (4) Incorporated by reference from Annual 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 Annual Meeting of Shareholders.
              (6) Incorporated by reference from Annual Report on Form 10-K,
                  as filed on April 16, 2001.
              (7) Incorporated by reference from Annual 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 Annual Report on Form 10-K, as
                  filed on April 15, 2003.
             (10) Incorporated  by reference from Schedule 14A Definitive
                  Proxy  Statement, Filed on June 5, 2003, relating to the
                  Company's Annual Meeting of Shareholders.

Subsidiaries of the Registrant
      (b) Reports on Form 8-K:
          No Current Report on Form 8-K was filed by the Company during the
          quarter ended September 30, 2003.

                                   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: November 14, 2003              By:    George R. Quist,
                                             ----------------
                                             Chairman of the Board and
                                             Chief Executive Officer
                                             (Principal Executive Officer)


DATED: November 14, 2003              By:    Stephen M. Sill
                                             ---------------
                                             Vice President, Treasurer and
                                             Chief Financial Officer
                                             (Principal Financial and
                                             Accounting Officer)


<PAGE>


                                  EXHIBIT 31.1
                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                          AS ENACTED BY SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002

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,  or caused such
disclosure  controls and  procedures to be designed  under our  supervision,  to
ensure  that  material  information  relating  to  the  small  business  issuer,
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 and presented in this report our conclusions  about the effectiveness
of the disclosure  controls and procedures,  as of the end of the period covered
by this report based on such evaluation; and

     (c)  Disclosed  in this  report  any  change in the  registrant's  internal
control over financial  reporting  that occurred  during the  registrant's  most
recent fiscal quarter (the registrant's  fourth fiscal quarter in the case of an
annual  report)  that  has  materially  affected,  or is  reasonably  likely  to
materially affect, the registrant's  internal control over financial  reporting;
and

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

     (a) All significant  deficiencies and material  weaknesses in the design or
operation of internal  controls over  financial  reporting  which are reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize and report financial information; and

     (b) Any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's  internal control over
financial reporting.


Date: November 14, 2003                 By:      George R. Quist
                                                 Chairman of the Board and
                                                 Chief Executive Officer
                                                 (Principal Executive Officer)


<PAGE>


                                  EXHIBIT 31.2
                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                          AS ENACTED BY SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002


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,  or caused such
disclosure  controls and  procedures to be designed  under our  supervision,  to
ensure  that  material  information  relating  to  the  small  business  issuer,
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 and presented in this report our conclusions  about the effectiveness
of the disclosure  controls and procedures,  as of the end of the period covered
by this report based on such evaluation; and

     (c)  Disclosed  in this  report  any  change in the  registrant's  internal
control over financial  reporting  that occurred  during the  registrant's  most
recent fiscal quarter (the registrant's  fourth fiscal quarter in the case of an
annual  report)  that  has  materially  affected,  or is  reasonably  likely  to
materially affect, the registrant's  internal control over financial  reporting;
and

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

     (a) All significant  deficiencies and material  weaknesses in the design or
operation of internal  controls over  financial  reporting  which are reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize and report financial information; and

     (b) Any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's  internal control over
financial reporting.


Date:  November 14, 2003              By:      Stephen M. Sill
                                               Vice President, Treasurer and
                                               Chief Financial Officer
                                               (Principal Financial and
                                                Accounting Officer)


                                  EXHIBIT 32.1
                            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 10Q for the period  ending  September 30,
2003, 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
November 14, 2003

A signed  original of this written  statement  required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the  electronic  version of this written  statement
required by Section 906, has been provided to Security  National Life  Insurance
Company and will be retained by Security  National  Life  Insurance  Company and
furnished to the Securities and Exchange Commission or its staff upon request.


                                  EXHIBIT 32.2
                            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 10Q for the period  ending  September 30,
2003, 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
November 14, 2003

A signed  original of this written  statement  required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the  electronic  version of this written  statement
required by Section 906, has been provided to Security  National Life  Insurance
Company and will be retained by Security  National  Life  Insurance  Company and
furnished to the Securities and Exchange Commission or its staff upon request.