Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2023
For the three months ended
“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
“Lastly, I would note that the fact we are profitable in this environment, albeit at a lower level than desired, reflects the balanced nature of our businesses. Increased interest rates have, without question, decimated our Mortgage Segment, but they have also provided an earnings boost to our Life Insurance Segment. In my opinion, despite the quarterly drop in death rates, our Memorial Segment provides a consistent growing and balancing factor in most economic environments. Thus, while I cannot say that I am pleased when our income goes down, I can say that I am very pleased with our team’s performance in some tough business environments. The increased market share in our Mortgage Segment, better than peer group performance in our Memorial Segment, and best-ever financial performance in our Life Insurance Segment are not insignificant achievements.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended
|Revenues||Earnings before Taxes|
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 21,050,778 Class A equivalent shares outstanding as of
If there are any questions, please contact Mr.
P.O. Box 57250
Phone: (801) 264-1060
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to the Company and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Source: Security National Financial Corporation