Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2023
SALT LAKE CITY, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended June 30, 2023.
For the three months ended June 30, 2023, SNFC’s after tax earnings increase nearly
Scott M. Quist, President of the Company, said:
“I can say that I am quite pleased with our financial performance in the second quarter. To have a
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2023, as compared to 2022, for each of the three business segments:
Revenues | Earnings before Taxes | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Life Insurance | $ | 48,071,000 | $ | 41,166,000 | $ | 9,158,000 | $ | 3,932,000 | |||||||||
Cemeteries/Mortuaries | $ | 8,812,000 | $ | 7,291,000 | $ | 2,828,000 | $ | 1,486,000 | |||||||||
Mortgages | $ | 26,963,000 | $ | 47,110,000 | ( | $ | (3,837,000 | ) | $ | (688,000 | ) | ( | |||||
Total | $ | 83,846,000 | $ | 95,567,000 | ( | $ | 8,149,000 | $ | 4,730,000 | ||||||||
For the six months ended June 30, 2023: | |||||||||||||||||
Revenues | Earnings before Taxes | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Life Insurance | $ | 93,486,000 | $ | 82,668,000 | $ | 12,842,000 | $ | 4,748,000 | |||||||||
Cemeteries/Mortuaries | $ | 16,011,000 | $ | 14,754,000 | $ | 4,613,000 | $ | 3,506,000 | |||||||||
Mortgages | $ | 53,850,000 | $ | 100,571,000 | ( | $ | (7,721,000 | ) | $ | 919,000 | ( | ||||||
Total | $ | 163,347,000 | $ | 197,993,000 | ( | $ | 9,734,000 | $ | 9,173,000 | ||||||||
Net earnings per common share was $.34 for the six months ended June 30, 2023, compared to net earnings of $.29 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 21,982,530 Class A equivalent shares outstanding as of June 30, 2023.
If there are any questions, please contact Mr. Garrett S. Sill 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 | ||
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.