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Security National Financial posts lower 1Q14 earnings.

BANKING AND CREDIT NEWS-May 21, 2014--Security National Financial posts lower 1Q14 earnings


21 May 2014 -- Utah US-based financial holding company Security National Financial Corp (NASDAQ: SNFCA) said that for the three months ended March 31 2014 the firm's pre-tax earnings from operations decreased 95% from USD 3.228m in 2013 to USD 166,000 in 2014 on an 18% decrease in revenues to USD 45.053m.

After tax earnings decreased 93% from USD 2.033m in 2013 to USD 139,000 in 2014.

The firm said that its net gain per common share was USD .01 for the three months ended March 31, 2014, compared to a net gain of USD .16 per share for the same period last year as adjusted for the effect of annual stock dividends.

Book value per common share was USD 7.33 as of March 31, 2014, compared to USD 7.31 as of December 31, 2013. The company has two classes of common stock outstanding, class A and Class C.

The Class C shares share in distribution of earnings and capital on a 10-for-1 basis with the class A shares; therefore, for earnings per share and book value per share calculations, the Class C shares are converted to class A shares on a ten-for-one basis.

Thus, on a fully converted basis, there were 12,070,857 class A equivalent shares outstanding as of March 31, 2014.

Security National Financial and its wholly-owned subsidiaries operate three main business segments: life insurance, funeral service and mortgage loans.

1 USD = .59 GBP

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:May 21, 2014
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