Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2018
For the three months ended
“Our
“Our Mortgage segment continues to navigate in a particularly challenged industry. Recent industry data report that mortgage loan applications decreased 17% year-over-year. Our own experience has been a 15% decrease in application volume for the 2nd 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 by 23% for the same period. In this environment, somewhat counterintuitively, we are stepping up our recruiting activities believing that, over time, we can take advantage of the industry difficulties. I am particularly proud of all the work and efforts of our management and staff in accomplishing the efficiency progress we have made and fully recognize that we have not yet met our goals.
“Again, given the challenges we have had, 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 | $ | 29,370,000 | $ | 25,870,000 | 13.5% | $ | 2,937,000 | $ | 2,799,000 | 4.9% | ||||||
Cemeteries/Mortuaries | $ | 5,281,000 | $ | 3,309,000 | 59.6% | $ | 2,072,000 | $ | 325,000 | 537.5% | ||||||
Mortgages | $ | 34,214,000 | $ | 44,134,000 | (22.5%) | $ | (847,000 | ) | $ | 870,000 | (197.4%) | |||||
Total | $ | 68,865,000 | $ | 73,313,000 | (6.1%) | $ | 4,162,000 | $ | 3,994,000 | 4.2% | ||||||
For the six months ended
Revenues | Earnings before Taxes | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Life Insurance | $ | 80,236,000 | $ | 52,034,000 | 54.2% | $ | 26,649,000 | $ | 4,283,000 | 522.2% | ||||||
Cemeteries/Mortuaries | $ | 9,051,000 | $ | 6,908,000 | 31.0% | $ | 2,932,000 | $ | 1,084,000 | 170.5% | ||||||
Mortgages | $ | 61,653,000 | $ | 85,200,000 | (27.6%) | $ | (4,232,000 | ) | $ | 1,525,000 | (377.5%) | |||||
Total | $ | 150,940,000 | $ | 144,142,000 | 4.7% | $ | 25,349,000 | $ | 6,892,000 | 267.8% | ||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 16,261,671 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