Welcome to our dedicated page for Security Natl news (Ticker: SNFCA), a resource for investors and traders seeking the latest updates and insights on Security Natl stock.
Security National Financial Corporation (NASDAQ: SNFCA) is a U.S.-based financial services company with three reportable segments: life insurance, cemeteries and mortuaries, and mortgages. This news page aggregates press releases and announcements that describe how these segments perform over time and how management responds to changing conditions in insurance, death care services, and mortgage lending.
News for Security National Financial Corporation often centers on quarterly and year-to-date financial results, where the company reports after-tax earnings, segment revenues, and earnings before taxes. Management commentary in these releases discusses factors such as investment income related to real estate activities and equity markets, personnel costs, accounting standards like CECL and LDTI, and operating trends in each segment.
Another key category of updates involves the cemetery and mortuary operations, including developments at properties such as Singing Hills Memorial Park in El Cajon, California. Announcements may describe expansions like the Mountain Vistas Mausoleum, predevelopment offerings, and the park’s role within Security National’s Funeral Homes & Cemeteries division.
The company also issues news about its mortgage and real estate-related activities, such as lending transactions for residential developments. For example, Security National has reported on acquisition and development loans that generate interest, origination fees, and profit-split income, and that can position its residential mortgage segment to provide long-term financing to homebuyers.
Additional items covered in SNFCA news include stock dividends on Class A and Class C common stock, inclusion in the Russell 3000 Index, and announcements of earnings calls where management reviews results and provides segment updates. Investors and observers can use this news stream to follow how the company’s three segments evolve, how capital allocation decisions are made, and how corporate actions such as stock dividends and index membership are communicated.
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Security National Financial Corporation (SNFC) reported a 35% decrease in after-tax earnings for the year ending December 31, 2022, totaling $25.7 million versus $39.5 million in 2021. Revenue declined by 17% to $389.7 million. The operating environment was challenging, driven by rising interest rates, leading to unrealized losses of $4 million from securities and $6 million from loans. Mortgage loan revenue declined 32% year-over-year, with December seeing a staggering 67% drop compared to the prior year. Despite these challenges, SNFC aims for growth by expanding its workforce and adjusting product rates.
Security National Financial Corporation (SNFCA) reported significant financial challenges for Q3 2022, ending with an after-tax loss of ($2.35 million), a 121% decrease from $10.79 million in 2021. Year-to-date, losses reached $4.45 million, down 87% from the previous year. The company attributed these declines to 40% fewer mortgage purchases and an 80% drop in refinances, alongside substantial operational and unrealized stock losses. Selling Mortgage Servicing Rights (MSRs) for $90 million is a strategic move aimed at improving returns, marking a positive outlook despite current hurdles.
Security National Financial Corporation (NASDAQ-SNFCA) announced the sale of its mortgage servicing rights (MSRs) to PNC Bank for approximately $89.7 million. The agreement, executed on October 31, 2022, involves MSRs related to mortgages totaling $7.05 billion in unpaid principal balance. CEO Scott Quist highlighted the decision as a strategic investment to improve profitability and achieve higher returns. The sale enhances liquidity for capitalizing on market opportunities amid rising interest rates, with potential for future retention of servicing rights.
Security National Life Insurance Company, a subsidiary of Security National Financial Corporation (NASDAQ-SNFCA), is enhancing its Corporate Social Responsibility by focusing on water conservation in response to regional drought conditions. The company implemented a low water landscape plan, removing 12,000 square feet of grass, projecting to save hundreds of thousands of gallons of water annually. CEO Scott Quist emphasized the importance of environmental stewardship, despite substantial costs to the company. This initiative aligns with the company's commitment to sustainable practices and community support.
Security National Life Insurance Company has partnered with Live Oak Bank to enhance financing options for funeral home businesses across the nation. This collaboration involves participation in Live Oak's SBA Loan Referral Program and Conventional Loan Program, aiming to support refinancing and acquisition needs. Scott Quist, CEO of Security National, emphasized the importance of this partnership in providing tailored financing solutions for funeral home owners. Live Oak Bank's strengths in the sector will further assist businesses seeking loans ranging from $5 million to over $20 million.
Security National Financial Corporation (SNFCA) reported a significant decline in its financial performance for Q2 2022, with pretax earnings dropping 68% from $14.7 million in 2021 to $4.7 million. For the first half of 2022, the decline was 70%, totaling $9.2 million. The mortgage segment experienced a staggering 95% earnings decrease due to rising interest rates, coupled with an 80% drop in refinance volumes. Conversely, both the Life Insurance and Cemetery/Mortuary segments saw improved earnings compared to the prior year.
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