Business
Security National Financial Corporation Reports Financial Results for the Quarter Ended September 30, 2020
SALT LAKE CITY, Nov. 16, 2020 (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, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the quarter ended September 30, 2020.\n For the three months ended September 30, 2020, SNFC’s after-tax earnings from operations increased 710.2% from $3,617,000 in 2019 to $29,305,000 in 2020, on a 94.0% increase in revenues to $146,205,000. SNFC’s after tax earnings for the nine months ended September 30, 2020 increased 468.1% to $51,286,000 from $9,028,000 in 2019. Scott M. Quist, President of the Company, said, “For the quarter, revenues increased 94%, profitability increased 700%, and YTD we have a 26% return on equity. I believe our third quarter is the best operational third quarter ever for each of our business segments. Those are spectacular results that have been delivered in difficult circumstances. I applaud the efforts of all our teams in their considerable accomplishment. Every business segment delivered impressive results. “Our mortgage segment has taken great advantage of the circumstances presented this year. The pandemic-created interest rate decline spurred refinance volumes, made purchase transactions more affordable, and provided generally higher margins on the sale of loans for those institutions having the sales, operational, and financial wherewithal to take advantage. Our hardworking staff met the challenge of the more than doubled volumes by increasing efficiency in a very difficult workplace environment, such that costs only increased about 60% - an enviable accomplishment. “Our insurance segment’s operational income reflects similar accomplishment. Our Kilpatrick Life Insurance Company acquisition, which closed last December, has been integrated. Much of that work was accomplished in difficult COVID-related circumstances. While Kilpatrick experienced losses during the first four months of 2020, as was anticipated, it is now profitable and contributing beyond expectations. COVID-related death claims have become more pronounced with death claims increasing about 20% YTD, and for September increasing approximately 65% over September 2019. I don’t know if the 65% number is a fair predictor of the future, but obviously COVID-19 claims are having, and will continue to have, an impact. Lastly, obtaining necessary investment yields within acceptable risk to...