Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2018
April 01 2019 - 9:30AM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the year ended December
31, 2018.
For the twelve months ended December 31, 2018,
SNFC’s after-tax earnings from operations increased 53.7% from
$14,113,000 in 2017 to $21,686,000 in 2018, on a 1.0% increase in
revenues to $279,619,000.
Scott Quist, Chairman of the Board, President
and Chief Executive Officer of SNFC, said, “We are particularly
pleased with our financial performance in 2018. We
accomplished earnings per share of $1.25 which is a 52% improvement
over 2017. Our after-tax earnings rose to $21.7 million
dollars, the best in our company’s 53-year history.
Shareholders equity grew 15.6%. It is interesting to note
that over the last 5 years, or since 2014, shareholders equity has
grown 96% or an average of 14.4% per year on a compound interest
basis.
“There were numerous subplots to this year’s
income. The interest rate backdrop remains challenging, with
rates rising enough to quell mortgage volumes industrywide, but not
rising enough to increase substantially the return on our invested
assets. Our mortgage segment experienced a particularly challenging
year with margins compressing faster than we could reduce
costs. We are just now beginning to see market conditions
change to a more favorable tone, but the environment remains
challenging. On the brighter side our life segment and
Memorial segment revenues showed good revenue growth and excellent
profitability growth.”
SNFC has three business segments. The
following table shows the revenues and earnings before taxes for
the twelve months ended December 31, 2018, as compared to 2017, for
each of the three business segments:
|
Revenues |
|
Earnings before Taxes |
|
|
|
|
2018 |
|
|
2017 |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
Life
Insurance |
$ |
137,683,000 |
|
$ |
100,713,000 |
|
36.7 |
% |
|
$ |
30,124,000 |
|
|
$ |
4,729,000 |
|
|
537.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
16,440,000 |
|
$ |
13,365,000 |
|
23.0 |
% |
|
$ |
3,916,000 |
|
|
$ |
1,676,000 |
|
|
133.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
125,496,000 |
|
$ |
162,848,000 |
|
(22.9 |
%) |
|
$ |
(7,860,000 |
) |
|
$ |
1,127,000 |
|
|
(797.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
279,619,000 |
|
$ |
276,926,000 |
|
1.0 |
% |
|
$ |
26,180,000 |
|
|
$ |
7,532,000 |
|
|
247.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $1.25 for the twelve months
ended December 31, 2018, compared to net earnings of $.82 per share
for the prior year, as adjusted for the effect of annual stock
dividends. Book value per common share was $9.99 as of
December 31, 2018, compared to $9.23 as of December 31,
2017.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 17,195,900 Class A
equivalent shares outstanding as of December 31, 2018.
If there are any questions, please contact Mr.
Garrett S. Sill, Mr. Brian Nelsen or Mr. Scott Quist at:
Security National Financial CorporationP.O. Box
57250Salt Lake City, Utah 84157Phone (801) 264-1060Fax (801)
265-9882
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