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Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2023
SALT LAKE CITY, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the
About this update from Security National Financial Corporation
[{"type":"text","content":"SALT LAKE CITY, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the quarter ended June 30, 2023. For the three months ended June 30, 2023, SNFC’s after tax earnings increase nearly 78% from $3,574,000 in 2022 to $6,353,000 in 2023. For the six months ended June 30, 2023, after tax earnings increased 12% to $7,593,000 from $6,803,000 in 2022. Scott M. Quist, President of the Company, said: “I can say that I am quite pleased with our financial performance in the second quarter. To have a 78% increase over 2022 Q2 and a 12% increase in YTD after tax income is an excellent performance, especially when considered in light of our tough first quarter. Our Mortgage Segment continues to navigate a challenging environment with YTD revenues being down 43% from 2022, which is in addition to the 32% decline we experienced in 2022 vs. 2021. However, we continue to believe that we have gained market share. Our Memorial Segment continues to stabilize as death counts have stabilized. Our Insurance Segment has seen an increase in premium writings and has maintained very stable costs against the current inflationary environment. Overall investment returns in all of our business segments have improved in this higher interest rate environment, which improvement has been a primary factor leading to our improvement in profitability. I believe Q2 again demonstrates the financially balanced nature of our Company and, of course, the excellent quality of our teams, which enable us to thrive in a variety of economic climates.” SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2023, as compared to 2022, for each of the three business segments: Revenues Earnings before Taxes 2023 2022 2023 2022 Life Insurance$48,071,000 $41,166,000 16.8% $9,158,000 $3,932,000 132.9% Cemeteries/Mortuaries$8,812,000 $7,291,000 20.9% $2,828,000 $1,486,000 90.3% Mortgages$26,963,000 $47,110,000 (42.8%) $(3,837,000) $(688,000) (457.7%) Total$83,846,000 $95,567,000 (12.3%) $8,149,000 $4,730,000 72.3% For the six months ended June 30, 2023: Revenues Earnings before Taxes 2023 2022 2023 2022 Life Insurance$93,486,000 $82,668,000 13.1% $12,842,000 $4,748,000 170.5% Cemeteries/Mortuaries$16,011,000 $14,754,000 8...