Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2022
16 Maio 2022 - 2:38PM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the quarter ended March
31, 2022.
For the three months ended March 31, 2022,
SNFC’s after-tax earnings from operations decreased 73% from
$12,129,000 in 2021 to $3,229,000 in 2022, on a 17% decrease in
revenues to $102,426,000.
Scott M. Quist, President of the Company, said:
“While obviously we are well below 2021 income levels, I believe we
had a very solid first quarter. Our goal is always to improve our
financial performance every year, but sometimes to measure that
incremental progress, it is appropriate to remove macro
distortions. So, if we compare Q1 2022 to Q1 2019, trying to remove
the Pandemic effects somewhat, our Q1 2022 results are 83% above
our Q1 2019 results. To me, that is a solid performance.
Turning to our segment analysis, for our
Mortgage Segment interest rate movements by far had the greatest
effect both to our Mortgage Segment specifically, and to our entire
company generally. The extraordinarily low rates of 2021 triggered
huge refinance transaction volumes, whereas the rising rate
environment of 2022 had the equally strong effect in the opposite
direction. As the refinance boom faded, both transaction volume and
margins were materially decreased.
In our Life Segment the story is more nuanced.
Death benefits did decrease vis a vis 2021 but are not yet back to
pre-Pandemic levels. In our view, death claims are still above
“normal” mortality expectations. Our costs of operations increased
materially both in personnel and G&A costs over 2021 levels.
Our common stock portfolio had a significant tailwind as the market
improved in 2021 but had the opposite in 2022 as equity markets
fell. Congratulations to our life sales force, who now are
materially above 2019 sales in all our marketing channels save
one.
In our Death Care Segment, demand has been and
continues to be very high. Meeting that demand and providing the
level of care and service has become more difficult and more
expensive as the labor market has tightened and costs for just
about all goods have increased. Congratulations to our dedicated
staffs who have worked significant overtime trying to meet families
needs. Despite the increased costs, operationally we had good
results. We do have a financial drag which camouflages our good
operational results. In our pre-need area, we have significant
common stock holdings which form part of the funding for our future
pre-need needs. Those common stock portfolios had significant
tailwinds in 2021, but as with our Life Segment portfolios, had
significant headwinds in 2022. Without the common stock effects,
our financial performance would have been materially better. All
things considered I believe we should have justifiable pride in our
operational performance.”
SNFC has three business segments. The following
table shows the revenues and earnings before taxes for the three
months ended March 31, 2022, as compared to 2021, for each of the
three business segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
Earnings before Taxes |
|
|
2022 |
|
|
2021 |
|
|
|
|
2022 |
|
|
2021 |
|
|
Life Insurance |
$ |
41,502,000 |
|
$ |
38,944,000 |
|
6.6 |
% |
|
$ |
817,000 |
|
$ |
2,695,000 |
|
(69.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
7,463,000 |
|
$ |
6,999,000 |
|
6.6 |
% |
|
$ |
2,020,000 |
|
$ |
2,701,000 |
|
(25.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
53,461,000 |
|
$ |
76,716,000 |
|
(30.3 |
%) |
|
$ |
1,607,000 |
|
$ |
10,959,000 |
|
(85.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
102,426,000 |
|
$ |
122,659,000 |
|
(16.5 |
%) |
|
$ |
4,444,000 |
|
$ |
16,355,000 |
|
(72.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $.15 for the
three months ended March 31, 2022, compared to net earnings of $.58
per share for the prior year, as adjusted for the effect of annual
stock dividends. Book value per common share was $14.29 as of March
31, 2022, compared to $14.77 as of December 31, 2021.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 20,455,334 Class A
equivalent shares outstanding as of March 31, 2022.
If there are any questions, please contact Mr.
Garrett S. Sill or Mr. Scott M. Quist at:
|
|
|
Security National Financial Corporation |
|
P.O. Box 57250 |
|
Salt Lake City, Utah 84157 |
|
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.
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