SALT LAKE CITY, April 01, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2023.
For the twelve months ended December 31, 2023, SNFC's after-tax earnings from operations decreased 44% from $25,690,000 in 2022 to $14,495,000 in 2023, on a 18% decrease in revenues to $318,497,000.
Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, "2023 was a year where the financial balance of our company demonstrated itself. With the increasing interest rates and improving premium margins our life insurance business segment had its best operational year ever, earning $25,000,000. As death rates stabilized throughout 2023, and as we implemented renewed emphasis on operational efficiencies, our Cemetery and Mortuary segment had its best year ever, earning nearly $8,500,000. Needless to say, we are very pleased with those results. However, the increased interest rates continued to have a devastating effect on our mortgage loan business with volumes falling roughly an additional 35% below 2022's already decreased markets, with the net result being that our Mortgage segment lost $17,500,000. Despite that loss, I thought our team battled the market conditions extraordinarily well and positioned us to take advantage of a very distraught mortgage loan market. I think it worthy to remember that in the three years 2020 to 2022 our Mortgage segment produced $98,000,000 of profit, so we think the goal is worthy of our current efforts.
"We remain committed to the task of growth and improved profitability. We view this current economic uncertainty as a time to improve and expand in all our segments. In this tough mortgage loan environment, we have necessarily greatly slimmed down our office staffs, both pruned and increased our number of producing loan officers, while emphasizing cost efficiencies and metrics. In our Insurance segment we have increased premium rates and initiated better measurement metrics for mortality, persistency, and acquisition costs. In our Memorial segment we have added key personnel, who we believe will drive growth and improve 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, 2023, as compared to 2022, for each business segment:
| | | | | | | | | | | |
Full year |
| Revenues | | Earnings before Taxes |
| | 2023 | | | 2022 | | | | | 2023 | | | 2022 | | |
Life Insurance | $ | 185,176,000 | | $ | 169,183,000 | | 9.5% | | $ | 25,272,000 | | $ | 14,196,000 | | 78.0% |
| | | | | | | | | | | |
Cemeteries/Mortuaries | $ | 31,938,000 | | $ | 28,948,000 | | 10.3% | | $ | 8,444,000 | | $ | 6,094,000 | | 38.6% |
| | | | | | | | | | | |
Mortgages | $ | 101,383,000 | | $ | 191,521,000 | | (47.1%) | | $ | (17,416,000) | | $ | 14,087,000 | | (223.6%) |
| | | | | | | | | | | |
Total | $ | 318,497,000 | | $ | 389,652,000 | | (18.3%) | | $ | 16,300,000 | | $ | 34,377,000 | | (52.6%) |
Net earnings per common share was $.64 for the twelve months ended December 31, 2023, compared to net earnings of $1.12 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $14.11 as of December 31, 2023, compared to $13.88 as of December 31, 2022.
The Company has two classes of common stock outstanding, Class A and Class C. There were 22,177,828 Class A equivalent shares outstanding as of December 31, 2023.
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
鹽湖城,2024年4月1日(GLOBE NEWSWIRE)——國家安全金融公司(SNFC)(納斯達克股票代碼 “SNFCA”)公佈了截至2023年12月31日的年度財務業績。
在截至2023年12月31日的十二個月中,SNFC的稅後運營收益從2022年的25,690,000美元下降了44%,至2023年的14,495,000美元,收入下降了18%,至318,497,000美元。
SNFC董事會主席、總裁兼首席執行官斯科特·奎斯特表示:“2023年是我們公司財務平衡顯現的一年。隨着利率的提高和保費利潤率的提高,我們的人壽保險業務部門實現了有史以來最佳的運營年度,收入爲2500萬美元。隨着整個2023年死亡率的穩定,以及我們重新強調運營效率,我們的公墓和太平間板塊迎來了有史以來最好的一年,收入接近850萬美元。不用說,我們對這些結果感到非常滿意。但是,利率的上升繼續對我們的抵押貸款業務產生毀滅性影響,與2022年已經下跌的市場相比,交易量又下降了約35%,最終結果是我們的抵押貸款板塊損失了17,500,000美元。儘管損失慘重,但我還是認爲我們的團隊在市場條件下表現非常出色,使我們能夠利用非常緊張的抵押貸款市場。我認爲值得記住的是,在2020年至2022年的三年中,我們的抵押貸款部門創造了9800萬美元的利潤,因此我們認爲這個目標值得我們目前的努力。
“我們仍然致力於實現增長和提高盈利能力的任務。我們將當前的經濟不確定性視爲改善和擴張所有細分市場的時機。在這種艱難的抵押貸款環境中,我們必然大幅裁減了辦公室員工,既裁減了生產貸款官員的人數,又強調了成本效率和指標。在我們的保險領域,我們提高了保費率,並啓動了更好的死亡率、持續性和購置成本衡量指標。在我們的紀念版塊中,我們增加了關鍵人員,我們認爲他們將推動增長和改善運營。當然,在這種環境下的增長是昂貴的,但這仍然是我們的目標。”
SNFC有三個業務部門。下表顯示了截至2023年12月31日的十二個月與2022年相比每個業務部門的收入和稅前收益:
| | | | | | | | | | | |
全年 |
| 收入 | | 稅前收益 |
| | 2023 | | | 2022 | | | | | 2023 | | | 2022 | | |
人壽保險 | $ | 185,176,000 | | $ | 169,183,000 | | 9.5% | | $ | 25,272,000 | | $ | 14,196,000 | | 78.0% |
| | | | | | | | | | | |
Cemeteries/Mortuaries | $ | 31,938,000 | | $ | 28,948,000 | | 10.3% | | $ | 8,444,000 | | $ | 6,094,000 | | 38.6% |
| | | | | | | | | | | |
抵押 | $ | 101,383,000 | | $ | 191,521,000 | | (47.1%) | | $ | (17,416,000) | | $ | 14,087,000 | | (223.6%) |
| | | | | | | | | | | |
總計 | $ | 318,497,000 | | $ | 389,652,000 | | (18.3%) | | $ | 16,300,000 | | $ | 34,377,000 | | (52.6%) |
截至2023年12月31日的十二個月中,每股普通股淨收益爲0.64美元,而經年度股票分紅影響調整後,上一年度的每股淨收益爲1.12美元。截至2023年12月31日,每股普通股的賬面價值爲14.11美元,而截至2022年12月31日的賬面價值爲13.88美元。
該公司有兩類已發行普通股,A類和C類。截至2023年12月31日,已發行的A類等價股爲22,177,828股。
本新聞稿包含的陳述,如果無法覈實的歷史事實,則可能被視爲前瞻性陳述,可以預測與國家安全金融公司及其業務有關的未來事件或結果。陳述中的預測將涉及風險和不確定性,因此,實際結果可能與此類前瞻性陳述中討論或暗示的結果有顯著差異。
如有任何疑問,請通過以下方式聯繫 Garrett S. Sill 先生或 Scott Quist 先生:
國家安全金融公司
郵政信箱 57250
猶他州鹽湖城 84157
電話 (801) 264-1060
傳真 (801) 265-9882