Business
Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2023
SALT LAKE CITY, May 15, 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, May 15, 2023 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the quarter ended March 31, 2023. For the three months ended March 31, 2023, SNFC’s after-tax earnings from operations decreased 61% from $3,229,000 in 2022 to $1,240,000 in 2023, on a 22% decrease in revenues to $79,501,000. Scott M. Quist, President of the Company, said: “While we are never pleased with quarterly decreases in income, I think that a deeper analysis of our business segment performance is warranted. For our Life Insurance Segment this is the best Q1 performance in our history. That excellent performance is based upon two factors; increased investment income and improved efficiency. The increased investment income is due to both the much-publicized increase in interest rates and good execution of our longer-term investment strategies, such as our construction lending and portfolio lending products. The improved efficiency is evidenced by our good cost containment in an inflationary environment. “In our Memorial Segment, we simply experienced a drop in case count as compared to 2022, which decline we believe is consistent with death rate declines in our market areas. So, we believe we have maintained market share. Our 12% drop in earnings is significantly less than our publicly-traded peers to which we have available comparable financial results. Depending upon which publicly-traded company we are comparing, we are from 22 to 35 percentage points better, as measured by changes in earnings before taxes. “Our Mortgage Segment business continues to be negatively affected by the increase in interest rates. Compared to Q1 2022 our loan origination volume declined 50%. Having noted that decline, we nevertheless believe that we have gained market share as we compare ourselves to national data from the Mortgage Bankers Association and to other small to mid-sized independent mortgage banks. Consistent with that conclusion, we ended Q1 2023 with more producing loan officers than we had in Q1 2022. So, we believe our value propositions have gained traction on the loan production side of the profit equation. Our cost structure is still relatively high vis-a-vis our competitive peer group. However, some of those higher costs are related to the higher levels of services we deli...