Business
Security National Financial Corporation Reports Financial Results For The Quarter Ended September 30, 2021
SALT LAKE CITY, Nov. 15, 2021 (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. 15, 2021 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the quarter ended September 30, 2021. For the three months ended September 30, 2021, SNFC’s after-tax earnings from operations decreased 63.2% from $29,305,000 in 2020 to $10,791,000 in 2021, on a 18.3% decrease in revenues to $119,509,000. SNFC’s after tax earnings for the nine months ended September 30, 2021, decreased 33.4% to $34,177,000 from $51,286,000 in 2020. Scott M. Quist, President of the Company, said, “Realizing our operational earnings decreased as compared to 2020, I am nevertheless very proud of the results for Quarter 3 and year-to-date 2021. I believe our financial results represent a very solid performance by our teams accomplished despite a continuingly difficult operational environment. Every business segment delivered impressive results. “A common measure of a financial firm’s profitability performance is its “return on assets”. Generally speaking, a 1.0% annualized return on total assets is considered a good, if not best in class, performance. Year to date, our ROA is 2.11%, or twice that benchmark - and that is with the 4th quarter still to go. Our return on equity for the first 9 months is 11.5% - again, a very solid performance by almost any measure. Given the extraordinary circumstances of 2021, a comparison to 2019 pre-pandemic results is instructive. At $45,175,000 our Company’s third quarter year to date 2021 pre tax earnings are 385% above Q3 2019 YTD at $11,816,000. Assets have grown 34% from $1.162 billion to $1.558 billion. “The mortgage market in 2020, following the pandemic-related government mandated forbearances on foreclosures and mortgage and rental payments, was very confused. We were able to take advantage of that confusion because of our strong capital position, and profited financially. In 2021 the markets have been much more orderly, and while we have performed at very high levels in my opinion, the extraordinary opportunities presented by last year’s confused markets simply have not been available. In a nutshell, our financial performance in 2021 has been very solid and, in many respects, the best in our Company’s history, but the extraordinary gains fueled by the 2020 markets are not being replicated. “Our insurance segment’s year...