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Security National Financial Corp operates in three main business segments: life insurance, cemetery and mortuary, and mortgage loans. Each segment contributes to the overall profitability of the company. The life insurance segment sells and services life insurance, annuity products, and accident and health insurance. The cemetery and mortuary segment includes mortuaries and cemeteries in Utah and California. The mortgage loan segment originates and underwrites residential and commercial loans. The company actively seeks growth through acquisitions and expanding its mortgage operations.
Security National Financial Corporation (SNFC) reported a 35% decrease in after-tax earnings for the year ending December 31, 2022, totaling $25.7 million versus $39.5 million in 2021. Revenue declined by 17% to $389.7 million. The operating environment was challenging, driven by rising interest rates, leading to unrealized losses of $4 million from securities and $6 million from loans. Mortgage loan revenue declined 32% year-over-year, with December seeing a staggering 67% drop compared to the prior year. Despite these challenges, SNFC aims for growth by expanding its workforce and adjusting product rates.
Security National Financial Corporation (SNFCA) reported significant financial challenges for Q3 2022, ending with an after-tax loss of ($2.35 million), a 121% decrease from $10.79 million in 2021. Year-to-date, losses reached $4.45 million, down 87% from the previous year. The company attributed these declines to 40% fewer mortgage purchases and an 80% drop in refinances, alongside substantial operational and unrealized stock losses. Selling Mortgage Servicing Rights (MSRs) for $90 million is a strategic move aimed at improving returns, marking a positive outlook despite current hurdles.
Security National Financial Corporation (NASDAQ-SNFCA) announced the sale of its mortgage servicing rights (MSRs) to PNC Bank for approximately $89.7 million. The agreement, executed on October 31, 2022, involves MSRs related to mortgages totaling $7.05 billion in unpaid principal balance. CEO Scott Quist highlighted the decision as a strategic investment to improve profitability and achieve higher returns. The sale enhances liquidity for capitalizing on market opportunities amid rising interest rates, with potential for future retention of servicing rights.
Security National Life Insurance Company, a subsidiary of Security National Financial Corporation (NASDAQ-SNFCA), is enhancing its Corporate Social Responsibility by focusing on water conservation in response to regional drought conditions. The company implemented a low water landscape plan, removing 12,000 square feet of grass, projecting to save hundreds of thousands of gallons of water annually. CEO Scott Quist emphasized the importance of environmental stewardship, despite substantial costs to the company. This initiative aligns with the company's commitment to sustainable practices and community support.
Security National Life Insurance Company has partnered with Live Oak Bank to enhance financing options for funeral home businesses across the nation. This collaboration involves participation in Live Oak's SBA Loan Referral Program and Conventional Loan Program, aiming to support refinancing and acquisition needs. Scott Quist, CEO of Security National, emphasized the importance of this partnership in providing tailored financing solutions for funeral home owners. Live Oak Bank's strengths in the sector will further assist businesses seeking loans ranging from $5 million to over $20 million.
Security National Financial Corporation (SNFCA) reported a significant decline in its financial performance for Q2 2022, with pretax earnings dropping 68% from $14.7 million in 2021 to $4.7 million. For the first half of 2022, the decline was 70%, totaling $9.2 million. The mortgage segment experienced a staggering 95% earnings decrease due to rising interest rates, coupled with an 80% drop in refinance volumes. Conversely, both the Life Insurance and Cemetery/Mortuary segments saw improved earnings compared to the prior year.
Security National Financial Corporation (NASDAQ: SNFCA) declared a 5% stock dividend for stockholders of record on July 1, 2022, to be issued on July 8, 2022. This marks the company’s 34th consecutive year of issuing a stock dividend, highlighting its commitment to shareholder returns. CEO Scott Quist noted that shareholders appreciate the dividend for its potential in long-term appreciation or cash flow options. This announcement emphasizes the company’s stable financial management and ongoing dedication to its investors.
Security National Financial Corporation (SNFCA) reported a significant decline in Q1 2022 financial results, with after-tax earnings dropping 73% to $3.2 million from $12.1 million in Q1 2021. Revenue decreased by 17% to $102.4 million. Despite these numbers, the company noted an 83% increase in earnings compared to Q1 2019. Challenges stemmed from rising interest rates affecting the Mortgage Segment, while the Life Segment experienced increased operational costs despite high mortality claims. Book value per share decreased to $14.29 from $14.77.
Security National Financial Corporation (SNFCA) reported a 29% drop in after-tax earnings for the year ended December 31, 2021, totaling $39.5 million, compared to $55.6 million in 2020. Revenues decreased by 2% to $470.7 million. The company noted a significant increase in Stockholder’s Equity by 50% and a revenue growth of 66% over the two-year span. Life Insurance revenue rose by 7.9%, while revenues from the Mortgages segment fell by 9.4%. Net earnings per share decreased to $1.96 from $2.81 in the previous year, with Book value per share improving to $14.77.
Security National Financial Corporation (NASDAQ: SNFCA) has successfully completed the acquisition of Holbrook Mortuary, a prominent funeral service provider in Salt Lake City, serving around 200 families annually. This strategic move enhances Security National's operational footprint in the Salt Lake Valley and aligns with its ongoing growth strategy through acquisitions. The company reported solid financial performance with assets of $1.56 billion and gross revenue of $358.9 million as of September 30, 2021. This acquisition marks the third in the death care sector for SNFCA within three years.
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