Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2024
2024年8月15日 - 3:00AM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the quarter ended June 30,
2024.
For the three months ended June 30, 2024, SNFC’s
after tax earnings increase nearly 15% from $6,353,000 in 2023 to
$7,272,000 in 2024. For the six months ended June 30, 2024, after
tax earnings increased 94% to $14,746,000 from $7,593,000 in
2023.
Scott M. Quist, President of the Company,
said:
“I am quite pleased with our Company’s financial
performance in the first half of 2024. To have a 95% increase in
pretax income over 2023 is an excellent performance. In my view our
operational income was even better. Because we have substantial
real estate investments, sometimes the associated investment income
can be a little “lumpy”, just given its nature. This lumpiness
occurred, especially in our Life Insurance and Memorial segments,
comparing 2024 to 2023. From an operational perspective our
Memorial Team achieved an admirable 20% plus improvement in the
first half of the year in both mortuary and cemetery operations.
Our Insurance Team continued to hold costs steady in the
inflationary environment and improved our premium rates
significantly. The improved premium rates will not show up in the
financial statement for a while since they apply only to new
business, but they nevertheless represent significant effort and
achievement in understanding and adapting to our changing markets.
Our Mortgage Segment, through extraordinary continuous effort,
achieved the first quarter of profitability in the last nine
quarters. As an instructional backdrop, the Mortgage Bankers
Association reports an unprecedented 8 consecutive quarters of
industry-wide negative production profit. Previously the MBA had
never reported 2 consecutive quarters of negative production profit
and only 3 total quarters going back to Q3 2008. To say that the
mortgage market has been challenged over the last two years is an
understatement. Our Mortgage Team continues to tackle costs which
are still arguably high, but coming down, and have attracted new
top-notch talent in both production and back-office roles. To have
achieved a $4,000,000 improvement in income on essentially the same
loan volume is noteworthy. I believe 2024 again demonstrates the
financially balanced nature of our Company and the excellent and
continuously improving 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 June 30, 2024, as compared to 2023, for each of the
three business segments:
|
|
|
|
|
Revenues |
|
Earnings before Taxes |
|
|
2024 |
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Life Insurance |
$ |
47,237,000 |
|
$ |
48,071,000 |
|
(1.7%) |
|
$ |
7,165,000 |
|
|
$ |
9,158,000 |
|
|
(21.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
8,278,000 |
|
$ |
8,812,000 |
|
(6.1%) |
|
$ |
2,091,000 |
|
|
$ |
2,828,000 |
|
|
(26.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
30,276,000 |
|
$ |
26,963,000 |
|
12.3% |
|
$ |
134,000 |
|
|
$ |
(3,837,000 |
) |
|
103.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
85,791,000 |
|
$ |
83,846,000 |
|
2.3% |
|
$ |
9,390,000 |
|
|
$ |
8,149,000 |
|
|
15.2% |
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2024: |
|
Revenues |
|
Earnings before Taxes |
|
|
2024 |
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Life
Insurance |
$ |
97,208,000 |
|
$ |
93,486,000 |
|
4.0% |
|
$ |
15,694,000 |
|
|
$ |
12,842,000 |
|
|
22.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
17,066,000 |
|
$ |
16,011,000 |
|
6.6% |
|
$ |
5,144,000 |
|
|
$ |
4,613,000 |
|
|
11.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
52,706,000 |
|
$ |
53,850,000 |
|
(2.1%) |
|
$ |
(1,829,000 |
) |
|
$ |
(7,721,000 |
) |
|
(76.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
166,980,000 |
|
$ |
163,347,000 |
|
2.2% |
|
$ |
19,009,000 |
|
|
$ |
9,734,000 |
|
|
95.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $.62 for the
six months ended June 30, 2024, compared to net earnings of $.32
per share for the prior year, as adjusted for the effect of annual
stock dividends. Book value per common share was $13.91 as of June
30, 2024, compared to $14.11 as of December 31, 2023.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 23,413,999 Class A
equivalent shares outstanding as of June 30, 2024.
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)
265-9882
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.
Security National Financ... (NASDAQ:SNFCA)
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