November 16, 2015

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

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

For the three months ended September 30, 2015, SNFC's pre-tax earnings from operations increased nearly 131% from $3,377,000 in 2014 to $7,794,000 in 2015, on a 22% increase in revenues to $75,495,000. After tax earnings increased 129% from $2,138,000 in 2014 to $4,890,000 in 2015.

Scott Quist, Chairman of the Board, President and Chief Executive Officer of the Company, said: "In our Life Insurance segment, earnings improved 84% on a revenue improvement of 7% reflecting the results of our continued emphasis on modal pay premiums, persistency, and mortality. First year premium growth remained strong through the third quarter, increasing 33% on a policy count basis and 18% 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 50% to $973,000. 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 47% over the prior year to date. We continue to believe our purchase and builder related business to be strong. That year to date volume increase led to a 45% improvement in revenue and a 239% improvement in pre-tax profitability.

"On a combined corporate basis, focusing on our balance sheet, our assets increased 12% year to date to $749,000,000 and owners equity increased 13% to $109,000,000. Correspondingly, that means our return on equity for the 9 month period is also 13%. We have a book value per share of $8.34 which compares very favorably to our current stock price which is in the low $6.00 range."

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

   
Revenues Earnings before Taxes
2015   2014   % 2015   2014   %
Life Insurance $ 23,148,000 $ 21,553,000 7.4 % $ 3,656,000 $ 1,987,000 84.0 %
 
Cemeteries/Mortuaries 3,123,000 2,708,000 15.3 % 250,000 (120,000 ) 308.3 %
 
Mortgages   49,224,000   37,465,000 31.4 %   3,888,000   1,510,000   157.5 %
 
Total $ 75,495,000 $ 61,726,000 22.3 % $ 7,794,000 $ 3,377,000   130.8 %
 
 

For the nine months ended September 30, 2015:

 

 
Revenues Earnings before Taxes
2015 2014 % 2015 2014 %
Life Insurance $ 65,611,000 $ 59,836,000 9.7 % $ 7,175,000 $ 4,834,000 48.4 %
 
Cemeteries/Mortuaries 9,436,000 9,283,000 1.6 % 811,000 232,000 249.6 %
 
Mortgages   140,538,000   97,072,000 44.8 %   9,039,000   2,664,000   239.3 %
 
Total $ 215,585,000 $ 166,191,000 29.7 %

$

17,025,000

$ 7,730,000   120.2 %
 

The net gain per common share was $.37 for the three months ended September 30, 2015, compared to a net gain of $.17 per share for the same period last year, as adjusted for the effect of annual stock dividends. Book value per common share was $8.34 as of September 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 September 30, 2015, there were 13,104,129 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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