Security National Financial Corporation Reports Financial Results for the First Quarter of 2014
For the three months ended
"Our mortgage segment is where we experienced losses for the quarter. While we do not excuse our performance by referencing difficult market conditions, nevertheless it is instructive to note that industrywide real estate purchase transactions reached a 17 year low during the first quarter. Against that environment I believe the company has performed well. Industrywide mortgage volume fell 58%, measuring first quarter 2014 against first quarter 2013. Our mortgage segment volume fell 31%, so we were 27 percentage points better than the industry. When comparing fourth quarter 2013 to first quarter 2014, industrywide volume fell by 23% while our volume fell 15%. So, we were 8 percentage points better than the industry. Moreover, market share grew. Traditionally, the first quarter is the weakest in a normal mortgage environment, but having said that we need to pay more attention to costs and rationalize them to production more quickly."
SNFC has three business segments. The following table shows the revenues
and earnings before taxes for the three months ended
|Revenues||Earnings before Taxes|
The net gain per common share was
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Phone (801) 264-1060
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