Security National Financial Corp. (SNFCA, Financial) filed Quarterly Report for the period ended 2012-09-30.
Security National Financial Corporation has a market cap of $110.1 million; its shares were traded at around $5.4 with a P/E ratio of 7.7 and P/S ratio of 0.7. Security National Financial Corporation had an annual average earning growth of 3.3% over the past 10 years.
Total revenues increased by $22,423,000, or 54.3%, to $63,748,000 for the three months ended September 30, 2012, from $41,325,000 for the three months ended September 30, 2011. Contributing to this increase in total revenues was a $21,777,000 increase in mortgage fee income, a $625,000 increase in net investment income, a $222,000 increase in insurance premiums and other considerations, a $177,000 increase in net mortuary and cemetery sales, and a $36,000 increase in other revenues. This increase in total revenues was offset by a $410,000 increase in other than temporary impairments on investments and a $4,000 decrease in realized gains on investments and other assets.
Total benefits and expenses were $57,616,000, or 90.4% of total revenues, for the three months ended September 30, 2012, as compared to $40,490,000, or 98.0% of total revenues, for the comparable period in 2011.
Total revenues increased by $55,636,000, or 49.7%, to $167,599,000 for the nine months ended September 30, 2012, from $111,963,000 for the nine months ended September 30, 2011. Contributing to this increase in total revenues was a $53,257,000 increase in mortgage fee income, a $3,829,000 increase in net investment income and a $506,000 increase in insurance premiums and other considerations. This increase in total revenues was offset by a $1,249,000 decrease in realized gains on investments and other assets, a $435,000 increase in other than temporary impairments on investments, a $247,000 decrease in other revenue, and a $25,000 decrease in net mortuary and cemetery sales.
Total benefits and expenses were $154,102,000, or 91.9% of total revenues, for the nine months ended September 30, 2012, as compared to $112,310,000, or 100.3% of total revenues, for the comparable period in 2011.
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Security National Financial Corporation has a market cap of $110.1 million; its shares were traded at around $5.4 with a P/E ratio of 7.7 and P/S ratio of 0.7. Security National Financial Corporation had an annual average earning growth of 3.3% over the past 10 years.
Highlight of Business Operations:
Overall, this increase in profitability for the nine months ended September 30, 2012 was due to the greater loan volume and increased secondary gains from third party investors. Significant Accounting Policies SecurityNational Mortgage has entered into loan purchase agreements to originate and sell mortgage loans to two unaffiliated warehouse banks. On March 19, 2012, SecurityNational Mortgage and Wells Fargo Bank, N.A. (“Wells Fargo”) entered into a loan purchase agreement in which Wells Fargo agreed to provide a warehouse line of up to $55,000,000 to fund certain approved mortgage loans originated by SecurityNational Mortgage of up to 90% of the purchase price of the loans. On August 6, 2012, SecurityNational Mortgage and Wells Fargo agreed to an amendment to the March 19, 2012 loan purchase agreement to increase the amount of the warehouse line available to fund mortgage loans originated by SecurityNational Mortgage from $55,000,000 to $75,000,000 and to increase the percentage of the purchase price of the mortgage loans that Wells Fargo would fund from up to 90% to up to 95%.Total revenues increased by $22,423,000, or 54.3%, to $63,748,000 for the three months ended September 30, 2012, from $41,325,000 for the three months ended September 30, 2011. Contributing to this increase in total revenues was a $21,777,000 increase in mortgage fee income, a $625,000 increase in net investment income, a $222,000 increase in insurance premiums and other considerations, a $177,000 increase in net mortuary and cemetery sales, and a $36,000 increase in other revenues. This increase in total revenues was offset by a $410,000 increase in other than temporary impairments on investments and a $4,000 decrease in realized gains on investments and other assets.
Total benefits and expenses were $57,616,000, or 90.4% of total revenues, for the three months ended September 30, 2012, as compared to $40,490,000, or 98.0% of total revenues, for the comparable period in 2011.
Total revenues increased by $55,636,000, or 49.7%, to $167,599,000 for the nine months ended September 30, 2012, from $111,963,000 for the nine months ended September 30, 2011. Contributing to this increase in total revenues was a $53,257,000 increase in mortgage fee income, a $3,829,000 increase in net investment income and a $506,000 increase in insurance premiums and other considerations. This increase in total revenues was offset by a $1,249,000 decrease in realized gains on investments and other assets, a $435,000 increase in other than temporary impairments on investments, a $247,000 decrease in other revenue, and a $25,000 decrease in net mortuary and cemetery sales.
Total benefits and expenses were $154,102,000, or 91.9% of total revenues, for the nine months ended September 30, 2012, as compared to $112,310,000, or 100.3% of total revenues, for the comparable period in 2011.
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