Security National Financial Corporation Reports Financial Results For the Quarter Ended September 30, 2019
For the three months ended
“In some respects, our compare to last year is easier given the poor 2018 results we experienced in our Mortgage Segment. In that regard, I would say that our much-improved Mortgage Segment results this year are not merely a function of the market, although market forces have been favorable. During the first 9 months of 2019 our Mortgage Segment replaced about half of its Regional Managers and added significant executive level production talent. Those management changes led to our significantly improved performance. I believe that we have much room and great expectations for further growth and improvement. For example, we have earned this year (ytd) almost exactly what we lost last year (ytd). We have accomplished a great turn around. But, excluding 2018, our 5-year average Mortgage Segment income (ytd) is about
“While our Mortgage Segment has the most dramatic year over year results, our Insurance and Memorial Segments continue to achieve very solid progress. Our year to date Insurance Segment operational income is up about 10% over 2018, and our year to date Memorial Segment operational income is up about 11%. In my view, those results are enviable in our marketplaces. Lastly, it should not go without saying that obtaining the necessary yields within acceptable risk tolerances for our Insurance Segment continues to be difficult in this low interest rate environment.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended
Revenues | Earnings before Taxes | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Life Insurance | $ | 29,825,000 | $ | 28,962,000 | 3.0 | % | $ | 1,264,000 | $ | 2,192,000 | (42.3 | %) | |||||||||
Cemeteries/Mortuaries | $ | 3,570,000 | $ | 4,009,000 | (11.0 | %) | $ | 213,000 | $ | 782,000 | (72.8 | %) | |||||||||
Mortgages | $ | 41,985,000 | $ | 34,252,000 | 22.6 | % | $ | 3,283,000 | $ | (762,000 | ) | 530.8 | % | ||||||||
Total | $ | 75,380,000 | $ | 67,223,000 | 12.1 | % | $ | 4,760,000 | $ | 2,212,000 | 115.2 | % |
For the nine months ended
Revenues | Earnings before Taxes | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Life Insurance | $ | 88,937,000 | $ | 109,199,000 | (18.6 | %) | $ | 4,568,000 | $ | 28,841,000 | (84.2 | %) | ||||||
Cemeteries/Mortuaries | $ | 12,473,000 | $ | 13,060,000 | (4.5 | %) | $ | 2,422,000 | $ | 3,714,000 | (34.8 | %) | ||||||
Mortgages | $ | 103,909,000 | $ | 95,905,000 | 8.3 | % | $ | 4,826,000 | $ | (4,994,000 | ) | 196.6 | % | |||||
Total | $ | 205,319,000 | $ | 218,164,000 | (5.9 | %) | $ | 11,816,000 | $ | 27,561,000 | (57.1 | %) | ||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 17,196,141 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