SECURITY NATIONAL FINANCIAL CORPORATION REPORTS FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019

SALT LAKE CITY, March 31, 2020 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2019.

For the twelve months ended December 31, 2019, SNFC’s after-tax earnings from operations decreased 49.8% from $21,686,000 in 2018 to $10,894,000 in 2019, on a 1.2% increase in revenues to $283,061,000.  

Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “We are pleased with our operational performance in 2019.  Excluding extraordinary items, meaning the gain from the sale of our Dry Creek Apartments in 2018 and the write down on our Wichita office building in 2019, our pre-tax Operational Earnings increased from $3.9 million in 2018 to $16.6 million in 2019, or a 322% YOY improvement.  While it is true that much of that improvement was centered in our mortgage segment, all of our business segments experienced significant and measurable operational improvement in 2019.   

“In addition to the excellent operational performance in 2019, we were able to accomplish a significant acquisition.  In December we closed on the purchase of Kilpatrick Life Insurance Company.  Kilpatrick was founded in 1935, is located in Shreveport Louisiana, and occupies a prominent position in its respective markets.  The basic insurance business of Kilpatrick is funeral related insurance, similar to what the Company sells as its main insurance product.  Several of the former Principals of Kilpatrick have agreed to continue their service as members of the Kilpatrick Board of Directors thus continuing their oversight of Kilpatrick and ensuring the same quality service the company has been known for.  With the acquisition of Kilpatrick, the Company’s assets increased 27% YOY to $1.334 Billion.

“Of course, the world today is a much different place than it was in 2019, and much different even than it was a month ago.  I believe our company has reacted well to the tremendous challenges placed upon it and our staff over that last month.  A month ago, we had probably 85-90% of our staff working in our offices, today, we have probably 20-25% working at our offices. The remaining approximately 75-80% are now working remotely from their homes.  I am very proud of how quickly our IT staff was able to install such functionality.