Security National Financial Corporation Reports Financial Results for the Quarter Ended September 30, 2018
For the three months ended
“Our
“Our Mortgage segment continues to navigate in a particularly challenged industry. Consistent with the industry we are experiencing lower volumes and margin compression. Our own experience has been a 10% decrease in funded volume for the 3rd quarter as compared to the prior year. Our team has worked very hard on efficiencies and decreased costs over 20% for the same period. But margin compression, caused by increased competitive pressures due to the decrease in industry volume, decreased revenue 22% for the same period.
“Nevertheless, given the challenges we continue to face, we are pleased to report the improvement in total profitability.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended
Revenues | Earnings before Taxes | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Life Insurance | $ | 28,962,000 | $ | 25,078,000 | 15.5 | % | $ | 2,192,000 | $ | 497,000 | 341.0 | % | |||||||
Cemeteries/Mortuaries | $ | 4,009,000 | $ | 2,999,000 | 33.7 | % | $ | 782,000 | $ | 248,000 | 215.3 | % | |||||||
Mortgages | $ | 34,252,000 | $ | 43,754,000 | (21.7 | %) | $ | (762,000 | ) | $ | 393,000 | (293.9 | %) | ||||||
Total | $ | 67,223,000 | $ | 71,831,000 | (6.4 | %) | $ | 2,212,000 | $ | 1,138,000 | 94.4 | % | |||||||
For the nine months ended
Revenues | Earnings before Taxes | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Life Insurance | $ | 109,199,000 | $ | 77,112,000 | 41.6 | % | $ | 28,841,000 | $ | 4,780,000 | 503.4 | % | |||||||
Cemeteries/Mortuaries | $ | 13,060,000 | $ | 9,907,000 | 31.8 | % | $ | 3,714,000 | $ | 1,332,000 | 178.8 | % | |||||||
Mortgages | $ | 95,905,000 | $ | 128,954,000 | (25.6 | %) | $ | (4,994,000 | ) | $ | 1,918,000 | (360.4 | %) | ||||||
Total | $ | 218,164,000 | $ | 215,973,000 | 1.0 | % | $ | 27,561,000 | $ | 8,030,000 | 243.2 | % | |||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 16,334,192 Class A equivalent shares outstanding as of
If there are any questions, please contact Mr.
Security National Financial Corporation
P.O. Box 57250
Phone: (801) 264-1060
Fax: (801) 265-9882
Source: Security National Financial Corporation