Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2018
For the twelve months ended
“There were numerous subplots to this year’s income. The interest rate backdrop remains challenging, with rates rising enough to quell mortgage volumes industrywide, but not rising enough to increase substantially the return on our invested assets. Our mortgage segment experienced a particularly challenging year with margins compressing faster than we could reduce costs. We are just now beginning to see market conditions change to a more favorable tone, but the environment remains challenging. On the brighter side our life segment and Memorial segment revenues showed good revenue growth and excellent profitability growth.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended
Revenues | Earnings before Taxes | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Life Insurance | $ | 137,683,000 | $ | 100,713,000 | 36.7 | % | $ | 30,124,000 | $ | 4,729,000 | 537.0 | % | |||||||
Cemeteries/Mortuaries | $ | 16,440,000 | $ | 13,365,000 | 23.0 | % | $ | 3,916,000 | $ | 1,676,000 | 133.7 | % | |||||||
Mortgages | $ | 125,496,000 | $ | 162,848,000 | (22.9 | %) | $ | (7,860,000 | ) | $ | 1,127,000 | (797.4 | %) | ||||||
Total | $ | 279,619,000 | $ | 276,926,000 | 1.0 | % | $ | 26,180,000 | $ | 7,532,000 | 247.6 | % | |||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 17,195,900 Class A equivalent shares outstanding as of
If there are any questions, please contact Mr.
P.O. Box 57250
Phone (801) 264-1060
Fax (801) 265-9882
Source: Security National Financial Corporation