Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2021

Rhea-AI Summary

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.

Positive

• Stockholder's Equity increased by 50%.
• Revenues from Life Insurance rose by 7.9%.
• Book value per common share improved to $14.77.

Negative

• After-tax earnings declined by 29%.
• Total revenues decreased by 2%.
• Mortgages segment revenue fell by 9.4%.
• Net earnings per share decreased from $2.81 to $1.96.

SALT LAKE CITY, April 04, 2022 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2021.

For the twelve months ended December 31, 2021, SNFC’s after-tax earnings from operations decreased 29% from $55,597,000 in 2020 to $39,519,000 in 2021, on a 2% decrease in revenues to $470,696,000.

Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “Many adjectives have been used to describe the past two years, including unprecedented, extraordinary, devastating, and unparalleled. For Security National, I would use the term “remarkable” in describing the performance of our teams. Among the most telling metrics summarizing our Company’s performance for 2020 and 2021 are that total Stockholder’s Equity increased 50% and revenues increased 66%.

There have been major economic and societal currents that have had very mixed effects over the last two years. The pandemic caused horrific increases in mortality, which did economically benefit our death care segment, but correspondingly stressed our insurance segment. Additionally, the decline in interest rates stressed our insurance segment, but correspondingly benefitted our mortgage segment. As those currents reverse themselves, as they seem to be doing, I anticipate that the corresponding economic stresses and benefits will also reverse to some degree. The speed, and sometimes even the direction of those currents, is difficult to anticipate.

During the last two years our death care segment has overcome staffing shortages due to pandemic related illnesses and restrictions, coupled with unprecedented demand. Their performance in providing care during this most difficult time has been exceptional. Our mortgage segment saw demand double in a matter of weeks as interest rates fell, while at the same time our production teams converted to working from home. Their performance in serving our customers’ financial needs has also been outstanding. Lastly, our insurance segment, while also converting to working from home, processed huge increases in death claims while remarkably maintaining our pre-pandemic levels of service for our 700,000 insurance policies. I believe we should all be justifiably proud of our Company’s performance.”

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2021, as compared to 2020, for each business segment:

	Revenues									Earnings before Taxes
	2021			2020						2021			2020
Life Insurance	$  163,014,000			$  151,041,000			7.9%			$  14,973,000			$  11,923,000			25.6%
Cemeteries/Mortuaries	$  27,264,000			$  21,047,000			29.5%			$  7,925,000			$  4,399,000			80.2%
Mortgages	$  280,418,000			$  309,375,000			(9.4%)			$  28,903,000			$  55,128,000			(47.6%)
Total	$  470,696,000			$  481,463,000			(2.2%)			$  51,801,000			$  71,450,000			(27.5%)

 

Net earnings per common share was $1.96 for the twelve months ended December 31, 2021, compared to net earnings of $2.81 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $14.77 as of December 31, 2021, compared to $13.87 as of December 31, 2020.

The Company has two classes of common stock outstanding, Class A and Class C. There were 20,292,015 Class A equivalent shares outstanding as of December 31, 2021.

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.

If there are any questions, please contact Mr. Garrett S. Sill, Mr. Brian Nelsen or Mr. Scott Quist at:

	Security National Financial Corporation
	P.O. Box 57250
	Salt Lake City, Utah 84157
	Phone (801) 264-1060
	Fax (801) 265-9882

 

FAQ

What were the earnings of SNFCA for the year ended December 31, 2021?

SNFCA reported after-tax earnings of $39.5 million for 2021, a 29% decrease from $55.6 million in 2020.

How did SNFCA's total revenues change in 2021?

Total revenues for SNFCA decreased by 2% to $470.7 million in 2021.

What was the net earnings per share for SNFCA in 2021?

Net earnings per share for SNFCA in 2021 were $1.96, down from $2.81 in 2020.

Did SNFCA experience any revenue growth in its business segments in 2021?

Yes, SNFCA's Life Insurance segment saw a revenue increase of 7.9%, while the Mortgages segment experienced a decline of 9.4%.

What was the Book value per common share for SNFCA as of December 31, 2021?

The Book value per common share for SNFCA was $14.77 as of December 31, 2021.