Welcome to our dedicated page for Security Natl news (Ticker: SNFCA), a resource for investors and traders seeking the latest updates and insights on Security Natl stock.
Security National Financial Corporation (SNFCA) operates through three integrated segments: life insurance, cemetery/mortuary services, and mortgage loans. This page provides investors and stakeholders with timely updates across all business units, demonstrating how SNFCA's horizontal integration model drives stability in financial services sector.
Access official press releases, earnings announcements, and strategic partnership updates in one centralized location. Our curated collection includes regulatory filings, leadership changes, and operational developments affecting SNFCA's insurance products, funeral services, and real estate financing operations.
Key updates cover:
• Life insurance product enhancements
• Mortuary service expansions
• Mortgage loan portfolio performance
• Cross-segment strategic initiatives
Bookmark this page for streamlined access to SNFCA's latest corporate communications. For historical context, combine these updates with our detailed company profile analyzing SNFCA's unique integrated business model.
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.
