Security National Financial Corporation Reports Financial Results for the Quarter Ended September 30, 2023
15 November 2023 - 3:30AM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the quarter ended
September 30, 2023.
For the three months ended September 30, 2023,
SNFC’s after tax earnings increase nearly 272% from a loss of
$2,353,000 in 2022 to a gain of $4,041,000 in 2023. For the nine
months ended September 30, 2023, after tax earnings increased 161%
to $11,634,000 from $4,450,000 in 2022.
Scott M. Quist, President of the Company,
said:
“I am quite pleased with our Company’s financial
performance in the third quarter and year to date. To have triple
digit increases over both 2022 third quarter and YTD net income is
an excellent performance, especially when considered in light of
our tough first quarter. Our Mortgage Segment continues to navigate
a challenging environment with YTD revenues being down 41% from
2022, which is in addition to the 38% decline we experienced in
2022 vs. 2021. However, we continue to believe that we have
maintained, if not gained, market share. Growth is expensive in
this environment but is nevertheless our goal. Suffice it to say
that while market share is difficult to measure, we are sure we
have more producing loan officers this year than we did last year
at this time. Our Memorial Segment, as death counts have
stabilized, has been focused on improving operating performance and
is now 38% ahead of 2022. Our Insurance Segment is having its best
Q3 YTD operational results ever on a 9% increase in premium revenue
while maintaining stable costs against the current inflationary
environment. I can say that all of our segments have worked
diligently to rationalize their costs of operations and have done
so with considerable success. Overall investment returns have
improved in this higher interest rate environment, which
improvement has been another significant factor leading to our
improvement in profitability. I believe Q3 again demonstrates the
financially balanced nature of our Company and, of course, the
excellent quality of our teams, which enable us to thrive in a
variety of economic climates.”
SNFC has three business segments. The following
table shows the revenues and earnings before taxes for the three
months ended September 30, 2023, as compared to 2022, for each of
the three business segments:
|
|
Revenues |
|
Earnings before Taxes |
|
|
2023 |
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Life Insurance |
$ |
47,199,000 |
|
$ |
43,118,000 |
|
9.5 |
% |
|
$ |
7,175,000 |
|
|
$ |
4,234,000 |
|
|
69.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
7,417,000 |
|
$ |
6,692,000 |
|
10.8 |
% |
|
$ |
1,470,000 |
|
|
$ |
901,000 |
|
|
63.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
25,626,000 |
|
$ |
33,667,000 |
|
(23.9 |
%) |
|
$ |
(3,486,000 |
) |
|
$ |
(8,437,000 |
) |
|
58.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
80,242,000 |
|
$ |
83,477,000 |
|
(3.9 |
%) |
|
$ |
5,159,000 |
|
|
$ |
(3,302,000 |
) |
|
256.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30,
2023:
| |
Revenues |
|
Earnings before Taxes |
| |
|
2023 |
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Life Insurance |
$ |
140,686,000 |
|
$ |
125,786,000 |
|
11.8 |
% |
|
$ |
20,017,000 |
|
|
$ |
8,982,000 |
|
|
122.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
23,427,000 |
|
$ |
21,446,000 |
|
9.2 |
% |
|
$ |
6,082,000 |
|
|
$ |
4,407,000 |
|
|
38.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
79,476,000 |
|
$ |
134,238,000 |
|
(40.8 |
%) |
|
$ |
(11,206,000 |
) |
$ |
(7,518,000 |
) |
|
(49.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
243,589,000 |
|
$ |
281,470,000 |
|
(13.5 |
%) |
|
$ |
14,893,000 |
|
|
$ |
5,871,000 |
|
|
153.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $.51 for the
nine months ended September 30, 2023, compared to net earnings of
$.19 per share for the prior year, as adjusted for the effect of
annual stock dividends. Book value per common share was $13.50 as
of September 30, 2023, compared to $13.88 as of December 31,
2022.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 22,073,225 Class A
equivalent shares outstanding as of September 30, 2023.
If there are any questions, please contact Mr.
Garrett S. Sill or Mr. Scott Quist at:
Security National
Financial CorporationP.O. Box 57250Salt Lake City, Utah 84157Phone
(801) 264-1060Fax (801) 264-8430
This press release contains statements that, if
not verifiable historical fact, may be viewed as forward-looking
statements that could predict future events or outcomes with
respect to Security National Financial Corporation and its
business. The predictions in the statements will involve risk and
uncertainties and, accordingly, actual results may differ
significantly from the results discussed or implied in such
forward-looking statements.
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