Security National Financial Corporation Reports Financial Results for the Quarter Ended September 30, 2023
- After-tax earnings increased by 272% to $4,041,000 in Q3 2023 from $2,353,000 in 2022, and by 161% to $11,634,000 for the nine months ended September 30, 2023, from $4,450,000 in 2022.
- Life Insurance Segment revenue grew by 9.5% to $47,199,000, with earnings before taxes up by 69.5% to $7,175,000 in Q3 2023 compared to 2022.
- Cemeteries/Mortuaries Segment revenue increased by 10.8% to $7,417,000, and earnings before taxes rose by 63.2% to $1,470,000 in Q3 2023 compared to 2022.
- Insurance Segment achieved its best Q3 YTD operational results ever with a 9% increase in premium revenue and stable costs against the current inflationary environment.
- Net earnings per common share increased to $.51 for the nine months ended September 30, 2023, compared to net earnings of $.19 per share for the prior year.
- Mortgage Segment revenue declined by 23.9% to $25,626,000 and earnings before taxes decreased by 58.7% to $(3,486,000) in Q3 2023 compared to 2022.
- Overall revenues for the three months ended September 30, 2023, decreased by 3.9% to $80,242,000 compared to 2022.
SALT LAKE CITY, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended September 30, 2023.
For the three months ended September 30, 2023, SNFC’s after tax earnings increase nearly
Scott M. Quist, President of the Company, said:
“I am quite pleased with our Company’s financial performance in the third quarter and year to date. To have triple digit increases over both 2022 third quarter and YTD net income is an excellent performance, especially when considered in light of our tough first quarter. Our Mortgage Segment continues to navigate a challenging environment with YTD revenues being down
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended September 30, 2023, as compared to 2022, for each of the three business segments:
| Revenues | Earnings before Taxes | |||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Life Insurance | $ | 47,199,000 | $ | 43,118,000 | 9.5 | % | $ | 7,175,000 | $ | 4,234,000 | 69.5 | % | ||||||||
| Cemeteries/Mortuaries | $ | 7,417,000 | $ | 6,692,000 | 10.8 | % | $ | 1,470,000 | $ | 901,000 | 63.2 | % | ||||||||
| Mortgages | $ | 25,626,000 | $ | 33,667,000 | (23.9 | %) | $ | (3,486,000 | ) | $ | (8,437,000 | ) | 58.7 | % | ||||||
| Total | $ | 80,242,000 | $ | 83,477,000 | (3.9 | %) | $ | 5,159,000 | $ | (3,302,000 | ) | 256.2 | % | |||||||
For the nine months ended September 30, 2023:
| Revenues | Earnings before Taxes | |||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Life Insurance | $ | 140,686,000 | $ | 125,786,000 | 11.8 | % | $ | 20,017,000 | $ | 8,982,000 | 122.9 | % | ||||||||
| Cemeteries/Mortuaries | $ | 23,427,000 | $ | 21,446,000 | 9.2 | % | $ | 6,082,000 | $ | 4,407,000 | 38.0 | % | ||||||||
| Mortgages | $ | 79,476,000 | $ | 134,238,000 | (40.8 | %) | $ | (11,206,000 | ) | $ | (7,518,000 | ) | (49.1 | %) | ||||||
| Total | $ | 243,589,000 | $ | 281,470,000 | (13.5 | %) | $ | 14,893,000 | $ | 5,871,000 | 153.7 | % | ||||||||
Net earnings per common share was $.51 for the nine months ended September 30, 2023, compared to net earnings of $.19 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 22,073,225 Class A equivalent shares outstanding as of September 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) 264-8430
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.
FAQ
What is the after-tax earnings increase for SNFC in Q3 2023?
How did the Life Insurance Segment perform in Q3 2023?
What is the net earnings per common share for the nine months ended September 30, 2023?
How did the Mortgage Segment perform in Q3 2023?
