Security National Financial Corp. (SNFCA, Financial) filed Quarterly Report for the period ended 2009-06-30.
SECURITY NATIONAL FIN L CORP. is a holding company whose subsidiaries are engaged in the business of selling and servicing selected lines of life accident and health insurance and annuity products and in selling cemetery and funeral products and services. Co. is licensed to sell insurance in Washington Oregon Idaho Montana Wyoming Nevada Utah Colorado Arizona New Mexico Texas North Dakota Nebraska Kansas Oklahoma Alaska and Hawaii. Security National Financial Corp. has a market cap of $46.5 million; its shares were traded at around $2.6999 with and P/S ratio of 0.2. Security National Financial Corp. had an annual average earning growth of 31.9% over the past 5 years.
Total revenues decreased by $2,392,000, or 4.0%, to $58,010,000 for the three months ended June 30, 2009, from $60,402,000 for the three months ended June 30, 2008. Contributing to this decrease in total revenues was a $561,000 decrease in mortgage fee income and a $2,292,000 decrease in investment income. This decrease in total revenues was partially offset by a $195,000 increase in insurance premiums and other considerations, a $210,000 increase in realized gains on investments and other assets, a $45,000 increase in other revenues and a $11,000 increase in net mortuary and cemetery sales.
General and administrative expenses decreased by $3,023,000, or 6.7%, to $42,068,000 for the three months ended June 30, 2009, from $45,091,000 for the comparable period in 2008. Salaries increased by $91,000 from $6,650,000 in 2008 to $6,741,000 in 2009, primarily due to merit increases in salaries of existing employees. Other expenses increased by $1,642,000 from $8,638,000 in 2008 to $10,280,000 in 2009 due to increased investor fees, loan costs, and foreclosure expenses. Provision for loan losses increased by $1,393,000 from $2,876,000 in 2008 to $4,269,000 in 2009 due primarily to increased loan reserve and loan allowance balances at SecurityNational Mortgage Company. Commission expenses decreased by $6,148,000, from $26,926,000 in the second quarter of 2008 to $20,778,000 in the second quarter of 2009, due to decreased mortgage loan origination costs made by SecurityNational Mortgage, a decrease in sales at the cemetery operations, and a decrease in life insurance sales during the second quarter of 2009.
Total revenues increased by $3,878,000, or 3.4%, to $117,502,000 for the six months ended June 30, 2009, from $113,624,000 for the six months ended June 30, 2008. Contributing to this increase in total revenues was a $6,204,000 increase in mortgage fee income, a $1,243,000 increase in insurance premiums and other considerations, a $253,000 increase in realized gains on investments and other assets, and a $235,000 increase in other revenues. This increase in total revenues was partially offset by a $3,449,000 decrease in investment income, and a $608,000 decrease in net mortuary and cemetery sales.
General and administrative expenses increased by $243,000, or 0.3%, to $84,099,000 for the six months ended June 30, 2009, from $83,856,000 for the comparable period in 2008. Salaries increased by $711,000 from $12,915,000 in 2008 to $13,626,000 in 2009, primarily due to merit increases in salaries of existing employees. Other expenses increased by $2,343,000 from $18,592,000 in 2008 to $16,249,000 in 2009 due to increased investor fees, loan costs and foreclosure expenses. Provision for loan losses increased by $5,406,000 from $5,029,000 in 2008 to $10,435,000 in 2009 due primarily to increased loan reserve and loan allowance balances at SecurityNational Mortgage Company. This increase was partially offset by a decrease in commission expenses of $8,217,000, from $49,663,000 in the first six months of 2008 to $41,446,000 in the first six months of 2009, due to decreased mortgage loan origination costs made by SecurityNational Mortgage, a decrease in sales at the cemetery operations, and a decrease in life insurance sales during the second quarter of 2009.
For the six months ended June 30, 2009 and 2008, total comprehensive income amounted to $7,462,766 and $3,530,690, respectively. This increase of $3,932,076 was primarily the result of an increase in net income of $2,847,310, an increase primarily in derivative gains related to mortgage loans of $452,016, and an increase in unrealized gains in securities available for sale of $632,750.
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SECURITY NATIONAL FIN L CORP. is a holding company whose subsidiaries are engaged in the business of selling and servicing selected lines of life accident and health insurance and annuity products and in selling cemetery and funeral products and services. Co. is licensed to sell insurance in Washington Oregon Idaho Montana Wyoming Nevada Utah Colorado Arizona New Mexico Texas North Dakota Nebraska Kansas Oklahoma Alaska and Hawaii. Security National Financial Corp. has a market cap of $46.5 million; its shares were traded at around $2.6999 with and P/S ratio of 0.2. Security National Financial Corp. had an annual average earning growth of 31.9% over the past 5 years.
Highlight of Business Operations:
As of June 30, 2009, the Company s long term mortgage loan portfolio had $18,068,000 in unpaid principal with delinquencies more than 90 days. Of this amount $13,363,000 was in foreclosure proceedings. The Company has not received or recognized any interest income on the $18,068,000 in mortgage loans with delinquencies more than 90 days. During the three and six months ended June 30, 2009, the Company increased its allowance for mortgage losses by $61,000 and $842,000, respectively, which was charged to loan loss expense and included in selling general and administrative expenses for the period. The allowance for mortgage loan losses as of June 30, 2009 was $5,622,000.Total revenues decreased by $2,392,000, or 4.0%, to $58,010,000 for the three months ended June 30, 2009, from $60,402,000 for the three months ended June 30, 2008. Contributing to this decrease in total revenues was a $561,000 decrease in mortgage fee income and a $2,292,000 decrease in investment income. This decrease in total revenues was partially offset by a $195,000 increase in insurance premiums and other considerations, a $210,000 increase in realized gains on investments and other assets, a $45,000 increase in other revenues and a $11,000 increase in net mortuary and cemetery sales.
General and administrative expenses decreased by $3,023,000, or 6.7%, to $42,068,000 for the three months ended June 30, 2009, from $45,091,000 for the comparable period in 2008. Salaries increased by $91,000 from $6,650,000 in 2008 to $6,741,000 in 2009, primarily due to merit increases in salaries of existing employees. Other expenses increased by $1,642,000 from $8,638,000 in 2008 to $10,280,000 in 2009 due to increased investor fees, loan costs, and foreclosure expenses. Provision for loan losses increased by $1,393,000 from $2,876,000 in 2008 to $4,269,000 in 2009 due primarily to increased loan reserve and loan allowance balances at SecurityNational Mortgage Company. Commission expenses decreased by $6,148,000, from $26,926,000 in the second quarter of 2008 to $20,778,000 in the second quarter of 2009, due to decreased mortgage loan origination costs made by SecurityNational Mortgage, a decrease in sales at the cemetery operations, and a decrease in life insurance sales during the second quarter of 2009.
Total revenues increased by $3,878,000, or 3.4%, to $117,502,000 for the six months ended June 30, 2009, from $113,624,000 for the six months ended June 30, 2008. Contributing to this increase in total revenues was a $6,204,000 increase in mortgage fee income, a $1,243,000 increase in insurance premiums and other considerations, a $253,000 increase in realized gains on investments and other assets, and a $235,000 increase in other revenues. This increase in total revenues was partially offset by a $3,449,000 decrease in investment income, and a $608,000 decrease in net mortuary and cemetery sales.
General and administrative expenses increased by $243,000, or 0.3%, to $84,099,000 for the six months ended June 30, 2009, from $83,856,000 for the comparable period in 2008. Salaries increased by $711,000 from $12,915,000 in 2008 to $13,626,000 in 2009, primarily due to merit increases in salaries of existing employees. Other expenses increased by $2,343,000 from $18,592,000 in 2008 to $16,249,000 in 2009 due to increased investor fees, loan costs and foreclosure expenses. Provision for loan losses increased by $5,406,000 from $5,029,000 in 2008 to $10,435,000 in 2009 due primarily to increased loan reserve and loan allowance balances at SecurityNational Mortgage Company. This increase was partially offset by a decrease in commission expenses of $8,217,000, from $49,663,000 in the first six months of 2008 to $41,446,000 in the first six months of 2009, due to decreased mortgage loan origination costs made by SecurityNational Mortgage, a decrease in sales at the cemetery operations, and a decrease in life insurance sales during the second quarter of 2009.
For the six months ended June 30, 2009 and 2008, total comprehensive income amounted to $7,462,766 and $3,530,690, respectively. This increase of $3,932,076 was primarily the result of an increase in net income of $2,847,310, an increase primarily in derivative gains related to mortgage loans of $452,016, and an increase in unrealized gains in securities available for sale of $632,750.
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