Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2022
SALT LAKE CITY, April 03, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2022.
For the twelve months ended December 31, 2022, SNFC’s after-tax earnings from operations decreased
Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “Overall, our after-tax profit of
“Despite the current environment, we remain committed to the task of growth and improved profitability. We view this current economic uncertainty as a time to expand. For example, even in this tough mortgage loan environment we have increased our number of producing loan officers. In our Insurance segment we have increased the premium rates on some of our most popular products and have seen good acceptance of the increase. In our Memorial segment we have added key personnel who we believe will drive growth and improved operations. To be sure, growth in this environment is expensive, but is nevertheless our goal.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2022, as compared to 2021, for each business segment:
Revenues | Earnings before Taxes | ||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Life Insurance | $ | 169,183,000 | $ | 163,014,000 | 3.8 | % | $ | 14,196,000 | $ | 14,973,000 | (5.2 | %) | |||||||||
Cemeteries/Mortuaries | $ | 28,948,000 | $ | 27,264,000 | 6.2 | % | $ | 6,094,000 | $ | 7,925,000 | (23.1 | %) | |||||||||
Mortgages | $ | 191,521,000 | $ | 280,418,000 | (31.7 | %) | $ | 14,087,000 | $ | 28,903,000 | (51.3 | %) | |||||||||
Total | $ | 389,652,000 | $ | 470,696,000 | (17.2 | %) | $ | 34,377,000 | $ | 51,801,000 | (33.6 | %) | |||||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 21,088,004 Class A equivalent shares outstanding as of December 31, 2022.
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott Quist at:
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882