Shein Targets $30B-$40B Valuation in Hong Kong IPO Planned for August 
Alibaba Stock Jumps as Qwen 3.8-MAX AI Model Intensifies China's AI Race 
Colgate-Palmolive Reaffirms 2026 Sales Outlook Despite Weak North America Demand 
Warner Bros. Discovery Shares Rise as Newsom Pushes Settlement in $110 Billion Merger Fight 
BHP Port Hedland Strike Set to Proceed as Wage Talks Continue 
Prysmian Nears Deal to Acquire Atkore in Potential All-Cash Takeover 
Nike China Strategy to Lift Margins Despite $1 Billion Sales Hit, Bernstein Says 
SK Hynix Bonus Dispute Deepens as Union Rejects Stock-Based Payout Proposal 
Trump Urges Exxon, Chevron to Cut Gas Prices After Record Oil Profits 
Holcim Raises 2026 Outlook After Strong Q2 Earnings Beat 
Apple Restores Telegram to App Store After Content Policy Violation 
Toyota Raises FY2027 Outlook, Announces ¥1 Trillion Buyback Despite Q1 Profit Dip 
Palantir Stock Soars as AI Demand Drives Strong Q2 Earnings and Higher 2026 Outlook 
Chery Invests $75 Million in KG Mobility to Expand Global Automotive Partnership 
Novo Nordisk Eyes Turnaround as Oral Wegovy Challenges Eli Lilly in Weight-Loss Drug Race 
BYD July Global Vehicle Sales Rise 22% as Overseas Demand Surges 
Capital One Says AML Review Led to Closure of Trump Organization Accounts 
SALT LAKE CITY, April 02, 2018 -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2017.
For the twelve months ended December 31, 2017, SNFC’s after-tax earnings from operations increased 15.8% from $12,189,000 in 2016 to $14,113,000 in 2017, on an 9% decrease in revenues to $276,926,000.
Scott Quist, Chairman of the Board, President and Chief Executive Officer of SNFC, said, “To paraphrase a famous baseball player regarding hitting the ball, “I do not set the distance to the mound, I do not set the size of the ball, I do not set the distance to the fence, my job is simply to hit the ball.” Similarly, we do not set tax laws, we do not set accounting rules, we do not set market interest rates, we do not control natural disasters, and we do not control market-based property valuations. What we did do was accomplish a 15.8% increase in after tax income to $14,114,000, the second highest in our company’s history.
“There were numerous subplots to this year’s income. The change in tax laws was favorable, the impact of accounting changes varies depending on the quarter but was probably negative at year end, property valuations, especially in the Midwest, were definitely unfavorable, as were two hurricanes in our major mortgage markets. The interest rate backdrop remains challenging, rates rising enough to quell mortgage volumes industrywide, but not enough to increase substantially the return on our invested assets. Nevertheless, we accomplished a 12% return on shareholders equity and a 13% increase in earnings per share.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2017, as compared to 2016, for each of the three business segments:
| Revenues | Earnings before Taxes | ||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||
| Life Insurance | $ | 100,691,000 | $ | 95,606,000 | 5.3 | % | $ | 4,707,000 | $ | 7,858,000 | (40.1 | %) | |||||
| Cemeteries/Mortuaries | $ | 13,387,000 | $ | 12,880,000 | 3.9 | % | $ | 1,698,000 | $ | 1,219,000 | 39.3 | % | |||||
| Mortgages | $ | 162,848,000 | $ | 195,849,000 | (16.9 | %) | $ | 1,127,000 | $ | 10,626,000 | (89.4 | %) | |||||
| Total | $ | 276,926,000 | $ | 304,335,000 | (9.0 | %) | $ | 7,532,000 | $ | 19,703,000 | (61.8 | %) | |||||
Net earnings per common share was $.87 for the twelve months ended December 31, 2017, compared to net earnings of $.77 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $9.23 as of December 31, 2017, compared to $8.83 as of December 31, 2016.
The Company has two classes of common stock outstanding, Class A and Class C. There were 16,087,748 Class A equivalent shares outstanding as of December 31, 2017.
If there are any questions, please contact Mr. Garrett S. Sill, Mr. Brian Nelsen 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
