SALT LAKE CITY--(BUSINESS WIRE)--
Security National Financial Corporation (SNFC) (NASDAQ: SNFCA) announced
financial results for the third quarter ended September 30, 2014.
For the three months ended September 30, 2014, SNFC's pre-tax earnings
from operations increased 72% from $1,964,000 in 2013 to $3,377,000 in
2014 on a 22% increase in revenues to $61,726,000. After tax earnings
increased 69% from $1,266,000 in 2013 to $2,138,000 in 2014.
Security National Financial Corporation also announced revenues of
$166,191,000 for the nine months ended September 30, 2014. Pre-tax
earnings from operations for the nine month period decreased from
$9,661,000 in 2013 to $7,730,000. After-tax earnings decreased from
$6,099,000 in 2013 to $4,901,000.
Scott Quist, Chairman of the Board, President and Chief Executive
Officer of the Company, said: "We are very pleased with the performance
of our Company this past quarter. In our Life Insurance Segment,
earnings before taxes for the quarter are up high double digits and are
up triple digits year to date. This is reflective of improved investment
results and improved quality of written business. In our Cemetery and
Mortuary Segment, despite a tough quarter where we saw poor preneed
sales results, earnings are still up double digits year to date.
Mortgage Segment income for the quarter is nearly twice what it was last
year. While year to date Mortgage Segment income is still significantly
less than last year, it should be remembered that the first half of 2013
included a considerable amount of refinance volume industrywide that has
been greatly reduced this year. Significantly, our mortgage volume year
to date is only down about 4% while industrywide, depending upon the
reporting source, volumes are down 30-40% year to date which we believe
has resulted in some margin pressures. Nevertheless, as noted, our
Mortgage Segment quarterly income improved 72% on a quarterly revenue
improvement of 25%. So, we are quite pleased with our progress.
SNFC has three business segments. The following table shows the revenues
and earnings before taxes for the three months ended September 30, 2014
as compared to 2013 for each of the three business segments:
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Revenues
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Earnings before Taxes
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2014
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2013
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%
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2014
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2013
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|
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%
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Life Insurance
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$
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21,553,000
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$
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17,341,000
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24.3
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%
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$
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1,987,000
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|
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$
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1,103,000
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80.1
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%
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Cemeteries/Mortuaries
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2,708,000
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2,959,000
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(8.5
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%)
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(120,000
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)
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13,000
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(1,023.1
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%)
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Mortgages
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37,465,000
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30,252,000
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23.8
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%
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1,510,000
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849,000
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77.9
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%
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Total
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$
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61,726,000
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$
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50,552,000
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22.1
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%
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$
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3,377,000
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$
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1,965,000
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71.9
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%
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For the nine months ended September 30, 2014:
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Revenues
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Earnings before Taxes
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2014
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2013
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%
|
|
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2014
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2013
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|
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%
|
|
Life Insurance
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$
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59,836,000
|
|
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$
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51,383,000
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|
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16.5
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%
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$
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4,834,000
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$
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2,358,000
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105.0
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%
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Cemeteries/Mortuaries
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9,283,000
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9,320,000
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(0.4
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%)
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232,000
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|
|
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197,000
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|
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17.8
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%
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Mortgages
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97,071,000
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106,035,000
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(8.5
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%)
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2,664,000
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|
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7,107,000
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(62.5
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%)
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Total
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$
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166,190,000
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|
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$
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166,738,000
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|
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(0.3
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%)
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$
|
7,730,000
|
|
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$
|
9,662,000
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(20.0
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%)
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The net gain per common share was $.17 for the three months ended
September 30, 2014, compared to a net gain of $.10 per share for the
same period last year as adjusted for the effect of annual stock
dividends. Book value per common share was $7.70 as of September 30,
2014, compared to $7.31 as of December 31, 2013. The Company has two
classes of common stock outstanding, Class A and Class C, and as of
September 30, 2014, there were 12,185,250 shares outstanding.
If there are any questions, please contact Mr. Scott M. Quist or Mr.
Garrett S. Sill at:
Security National Financial Corporation
P.O. Box 57250
Salt
Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882
Security National Financial Corporation
Scott M. Quist or Garrett
S. Sill, 801-264-1060
fax: 801-265-9882
Source: Security National Financial Corporation
News Provided by Acquire Media