Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2022
03 Abril 2023 - 11:37AM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the year ended December
31, 2022.
For the twelve months ended December 31, 2022,
SNFC’s after-tax earnings from operations decreased 35% from
$39,519,000 in 2021 to $25,690,000 in 2022, on a 17% decrease in
revenues to $389,652,000.
Scott Quist, Chairman of the Board, President,
and Chief Executive Officer of SNFC, said, “Overall, our after-tax
profit of $25.6 million means that the Company earned a net 1.76%
return on total assets (2.35% pretax) and an 8.7% return on equity
(11.6% pretax). Those are very acceptable overall numbers and is,
in fact, our 3rd best year lagging behind only 2020 and 2021.
Nevertheless, I would characterize 2022 as being a “rugged” year.
The rapid rise in interest rates in 2022 created a decided
downdraft on our earnings. For example, included in our earnings
are roughly $4 million dollars in unrealized security losses and
roughly $6 million dollars of unrealized losses in loans held on
balance sheet. We saw death rates decline pretty much throughout
the year, which helped our Insurance segment, but hurt our Memorial
segment. Mortgage loan demand evaporated beginning in March, which
resulted in a roughly 32% year-over-year decline in mortgage loan
revenues, but the decline was certainly greater in the later months
of the year. For example, December 2022 had a roughly 67% revenue
decline as compared to December 2021. We did have a huge earnings
boost from our Mortgage Servicing Rights sale, but the operating
environment remains very tough.
“Despite the current environment, we remain
committed to the task of growth and improved profitability. We view
this current economic uncertainty as a time to expand. For example,
even in this tough mortgage loan environment we have increased our
number of producing loan officers. In our Insurance segment we have
increased the premium rates on some of our most popular products
and have seen good acceptance of the increase. In our Memorial
segment we have added key personnel who we believe will drive
growth and improved operations. To be sure, growth in this
environment is expensive, but is nevertheless our
goal.”
SNFC has three business segments. The following
table shows the revenues and earnings before taxes for the twelve
months ended December 31, 2022, as compared to 2021, for each
business segment:
|
Revenues |
|
Earnings before Taxes |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
Life Insurance |
$ |
169,183,000 |
|
|
$ |
163,014,000 |
|
|
3.8 |
% |
|
$ |
14,196,000 |
|
|
$ |
14,973,000 |
|
|
(5.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
28,948,000 |
|
|
$ |
27,264,000 |
|
|
6.2 |
% |
|
$ |
6,094,000 |
|
|
$ |
7,925,000 |
|
|
(23.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
191,521,000 |
|
|
$ |
280,418,000 |
|
|
(31.7 |
%) |
|
$ |
14,087,000 |
|
|
$ |
28,903,000 |
|
|
(51.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
389,652,000 |
|
|
$ |
470,696,000 |
|
|
(17.2 |
%) |
|
$ |
34,377,000 |
|
|
$ |
51,801,000 |
|
|
(33.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share was $1.17 for the
twelve months ended December 31, 2022, compared to net earnings of
$1.80 per share for the prior year, as adjusted for the effect of
annual stock dividends. Book value per common share was $13.88 as
of December 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 21,088,004 Class A
equivalent shares outstanding as of December 31, 2022.
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 Security National Financial Corporation and its
business. The predictions in the statements will involve risk and
uncertainties and, accordingly, actual results may differ
significantly from the results discussed or implied in such
forward-looking statements.
If there are any questions, please contact Mr.
Garrett S. Sill or Mr. Scott Quist at:
Security National Financial
Corporation
P.O. Box
57250
Salt Lake City,
Utah
84157
Phone (801)
264-1060
Fax (801) 265-9882
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