Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2020
SALT LAKE CITY, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended June 30, 2020.
For the three months ended June 30, 2020, SNFC’s after-tax earnings from operations increased
Scott M. Quist, President of the Company, said, “We are pleased with the operational performance of our company for the second quarter, and year-to-date. Any time profitability is up approximately
“The majority of our income improvement came from our mortgage segment. The economic disruptions caused by the pandemic have done several things. First, interest rates decreased considerably since January 1, which not only spurred refinance volumes but also made purchase transactions more affordable. Both factors led to significantly increased origination volume. Second, because of broad pandemic related economic disruptions, the secondary markets have provided generally higher margins on the sale of loans for those institutions having the financial wherewithal to take advantage. I think it fair to say that in the first half of 2020 mortgage banks that had a strong and liquid capital base and vibrant sales force were economically rewarded.
“Our insurance segment’s operational income is considerably more nuanced. Our Kilpatrick Life Insurance Company acquisition (approximately
“Our Memorial segment delivered a very solid Q2 and YTD with operational income increasing
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2020, as compared to 2019, for each of the three business segments:
Revenues | Earnings before Taxes | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Life Insurance | $ | 37,789,000 | $ | 28,607,000 | 32.1 | % | $ | 3,670,000 | $ | 1,219,000 | 201.1 | % | |||||
Cemeteries/Mortuaries | $ | 5,306,000 | $ | 4,543,000 | 16.8 | % | $ | 1,549,000 | $ | 1,024,000 | 51.3 | % | |||||
Mortgages | $ | 75,567,000 | $ | 35,295,000 | 114.1 | % | $ | 21,975,000 | $ | 2,381,000 | 822.9 | % | |||||
Total | $ | 118,662,000 | $ | 68,445,000 | 73.4 | % | $ | 27,194,000 | $ | 4,624,000 | 488.1 | % | |||||
For the six months ended June 30, 2020: | |||||||||||||||||
Revenues | Earnings before Taxes | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Life Insurance | $ | 70,994,000 | $ | 59,112,000 | 20.1 | % | $ | 601,000 | $ | 3,304,000 | (81.8 | %) | |||||
Cemeteries/Mortuaries | $ | 9,320,000 | $ | 8,902,000 | 4.7 | % | $ | 1,653,000 | $ | 2,209,000 | (25.2 | %) | |||||
Mortgages | $ | 117,957,000 | $ | 61,925,000 | 90.5 | % | $ | 26,414,000 | $ | 1,543,000 | 1,611.9 | % | |||||
Total | $ | 198,271,000 | $ | 129,939,000 | 52.6 | % | $ | 28,668,000 | $ | 7,056,000 | 306.3 | % | |||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 18,759,149 Class A equivalent shares outstanding as of June 30, 2020.
If there are any questions, please contact Mr. Garrett S. Sill, Mr. Brian Nelsen 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