Security National Financial Corporation Reports Financial Results for the Quarter Ended June 30, 2024

Core Viewpoint - Security National Financial Corporation (SNFC) reported significant financial growth for the quarter and six months ended June 30, 2024, with after-tax earnings increasing nearly 15% and 94% respectively compared to the same periods in 2023 [1]. Financial Performance - For the three months ended June 30, 2024, after-tax earnings rose from $6,353,000 in 2023 to$7,272,000 in 2024, marking a 14.5% increase [1]. - For the six months ended June 30, 2024, after-tax earnings increased from $7,593,000 in 2023 to$14,746,000 in 2024, representing a 94% growth [1]. Business Segments Overview - Life Insurance: Revenues decreased by 1.7% from $48,071,000 in 2023 to$47,237,000 in 2024, with earnings before taxes dropping by 21.8% from $9,158,000 to$7,165,000 [2]. - Cemeteries/Mortuaries: Revenues fell by 6.1% from $8,812,000 in 2023 to$8,278,000 in 2024, with earnings before taxes decreasing by 26.1% from $2,828,000 to$2,091,000 [2]. - Mortgages: Revenues increased by 12.3% from $26,963,000 in 2023 to$30,276,000 in 2024, with earnings before taxes improving significantly from a loss of $3,837,000 to a profit of$134,000, a 103.5% change [2]. Total Revenue and Earnings - Total revenues for the three months ended June 30, 2024, were $85,791,000, a 2.3$83,846,000 in 2023, while earnings before taxes rose by 15.2% from $8,149,000 to$9,390,000 [2]. - For the six months ended June 30, 2024, total revenues were $166,980,000, a 2.2$163,347,000 in 2023, with earnings before taxes soaring by 95.3% from $9,734,000 to$19,009,000 [3]. Earnings Per Share and Book Value - Net earnings per common share for the six months ended June 30, 2024, were $0.62, compared to$0.32 per share for the prior year [4]. - Book value per common share was $13.91 as of June 30, 2024, down from$14.11 as of December 31, 2023 [4].