August 17, 2015

Security National Financial Corporation Reports Financial Results for the Second Quarter of 2015

SALT LAKE CITY--(BUSINESS WIRE)-- Security National Financial Corporation (SNFC) (NASDAQ: SNFCA) announced financial results for the quarter ended June 30, 2015.

For the three months ended June 30, 2015, SNFC's pre-tax earnings from operations increased nearly 49% from $4,187,000 in 2014 to $6,232,000 in 2015, on a 28% increase in revenues to $76,041,000. After tax earnings increased 48% from $2,624,000 in 2014 to $3,852,000 in 2015.

Scott Quist, Chairman of the Board, President and Chief Executive Officer of the Company, said: "We are pleased with the performance of our Company this past quarter. Second quarter 2015 marks the best second quarter in our Company's 50 year history. In our Life Insurance segment, earnings improved 40% on a revenue improvement of 8%, reflecting the results of our continued emphasis on modal pay premiums. First year premium growth remained strong through the second quarter, increasing 19% on a policy count basis and 13% on a premium basis over prior year to date.

"In our Cemetery and Mortuary segment, year to date Ongoing Operational Income, which includes depreciation (excluding depreciation on REO assets), amortization and interest expense, improved 10% to $729,000. While our efforts at reorganizing the sales process have not yet yielded top line revenue growth, we are optimistic that improvements will be accomplished in that area.

"In our Mortgage segment, origination volume increased 55% over the prior year to date and 42% for the second quarter. Since there was significant refinance volume in the first quarter, based on the strong second quarter volume increase that occurred without significant refinance effects, we continue to believe our purchase and builder related business to be strong. That second quarter volume increase led to a 42% improvement in revenue and a 58% improvement in pre-tax profitability."

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2015, as compared to 2014 for each of the segments:

  Revenues   Earnings before Taxes
2015   2014   % 2015   2014   %
Life Insurance $ 21,477,000 $ 19,811,000 8.4 % $ 2,115,000 $ 1,515,000 39.6 %
 
Cemeteries/Mortuaries 3,215,000 3,535,000 (9.1 %) 152,000 169,000 (10.1 %)
 
Mortgages   51,349,000   36,066,000 42.4 %   3,965,000   2,503,000 58.4 %
 
Total $ 76,041,000 $ 59,412,000 28.0 % $ 6,232,000 $ 4,187,000 48.8 %
 

For the six months ended June 30, 2015:

  Revenues   Earnings before Taxes
2015   2014   % 2015   2014   %
Life Insurance $ 42,463,000 $ 38,283,000 10.9 % $ 3,519,000 $ 2,847,000 23.6 %
 
Cemeteries/Mortuaries 6,313,000 6,576,000 (4.0 %) 561,000 352,000 59.4 %
 
Mortgages   91,314,000   59,606,000 53.2 %   5,150,000   1,154,000 346.3 %
 
Total $ 140,090,000 $ 104,465,000 34.1 % $ 9,230,000 $ 4,353,000 112.0 %

The net gain per common share was $.30 for the three months ended June 30, 2015, compared to a net gain of $.21 per share for the same period last year, as adjusted for the effect of annual stock dividends. Book value per common share was $8.08 as of June 30, 2015, compared to $7.55 as of December 31, 2014. The Company has two classes of common stock outstanding, Class A and Class C. As of June 30, 2015, there were 13,981,147 shares outstanding.

If there are any questions, please contact Mr. Scott M. Quist or Mr. Garrett S. Sill at:

Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882

Security National Financial Corporation
Scott M. Quist or Garrett S. Sill, 801-264-1060
fax: 801-265-9882

Source: Security National Financial Corporation

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