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Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2022
SALT LAKE CITY, May 16, 2022 (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, May 16, 2022 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the quarter ended March 31, 2022. For the three months ended March 31, 2022, SNFC’s after-tax earnings from operations decreased 73% from $12,129,000 in 2021 to $3,229,000 in 2022, on a 17% decrease in revenues to $102,426,000. Scott M. Quist, President of the Company, said: “While obviously we are well below 2021 income levels, I believe we had a very solid first quarter. Our goal is always to improve our financial performance every year, but sometimes to measure that incremental progress, it is appropriate to remove macro distortions. So, if we compare Q1 2022 to Q1 2019, trying to remove the Pandemic effects somewhat, our Q1 2022 results are 83% above our Q1 2019 results. To me, that is a solid performance. Turning to our segment analysis, for our Mortgage Segment interest rate movements by far had the greatest effect both to our Mortgage Segment specifically, and to our entire company generally. The extraordinarily low rates of 2021 triggered huge refinance transaction volumes, whereas the rising rate environment of 2022 had the equally strong effect in the opposite direction. As the refinance boom faded, both transaction volume and margins were materially decreased. In our Life Segment the story is more nuanced. Death benefits did decrease vis a vis 2021 but are not yet back to pre-Pandemic levels. In our view, death claims are still above “normal” mortality expectations. Our costs of operations increased materially both in personnel and G&A costs over 2021 levels. Our common stock portfolio had a significant tailwind as the market improved in 2021 but had the opposite in 2022 as equity markets fell. Congratulations to our life sales force, who now are materially above 2019 sales in all our marketing channels save one. In our Death Care Segment, demand has been and continues to be very high. Meeting that demand and providing the level of care and service has become more difficult and more expensive as the labor market has tightened and costs for just about all goods have increased. Congratulations to our dedicated staffs who have worked significant overtime trying to meet families needs. Despite the increased costs, operationally we had good results. We do have a financial...