Security National Financial Corporation (SNFCA) Bundle
A Brief History of Security National Financial Corporation (SNFCA)
Company Overview
Security National Financial Corporation, founded in 1965 and headquartered in Salt Lake City, Utah, operates in the financial services sector. The company primarily engages in mortgage banking, life insurance, and cemetery and mortuary services.
Stock Performance
As of October 2023, SNFCA's stock price stands at approximately $16.50 per share, with a market capitalization of around $284 million.
Financial Highlights
| Year | Revenue ($ millions) | Net Income ($ millions) | Total Assets ($ millions) | Shareholders' Equity ($ millions) |
|---|---|---|---|---|
| 2019 | 151.9 | 17.0 | 1,155.1 | 144.3 |
| 2020 | 157.3 | 19.2 | 1,220.9 | 145.9 |
| 2021 | 125.2 | 15.6 | 1,245.7 | 152.0 |
| 2022 | 132.5 | 16.1 | 1,300.4 | 156.7 |
| 2023 | 135.0 | 17.5 | 1,310.0 | 160.0 |
Business Divisions
- Mortgage Banking: This segment has contributed significantly to the company's revenue, primarily through residential mortgages.
- Life Insurance: Offers a variety of products including term life and whole life policies.
- Cemetery and Mortuary Services: Engages in the operation of various funeral homes and cemeteries across the United States.
Recent Developments
In the first quarter of 2023, SNFCA reported a 22% increase in mortgage loan originations compared to Q1 2022, highlighting a recovery in the real estate market and an increase in demand for residential mortgages.
Employee Statistics
As of 2023, SNFCA employs approximately 1,200 individuals across its various business segments.
Acquisitions and Growth Strategy
Security National Financial Corporation has pursued a strategy of growth through acquisitions, acquiring several small to medium-sized mortgage companies over the past decade. This approach has expanded its market presence and enhanced its service offerings.
Regulatory Environment
The company operates under the regulations of the SEC and is subject to compliance with financial regulations regarding mortgage lending and insurance practices.
A Who Owns Security National Financial Corporation (SNFCA)
Corporate Ownership Structure
As of the end of the fiscal year 2022, Security National Financial Corporation (SNFCA) is primarily owned by a mix of institutional investors, individual shareholders, and company executives. The following table provides a breakdown of the ownership structure:
| Owner Type | Percentage of Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 34.5% | 2,700,000 |
| Individual Shareholders | 28.3% | 2,200,000 |
| Company Executives and Directors | 24.7% | 1,900,000 |
| Other Investors | 12.5% | 1,000,000 |
Major Institutional Investors
Several institutional investors hold significant stakes in SNFCA. The following table lists the top five institutional shareholders and their respective ownership:
| Institution | Shares Owned | Percentage of Shares |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 15.5% |
| The Vanguard Group | 900,000 | 11.6% |
| State Street Global Advisors | 700,000 | 9.1% |
| Invesco Ltd. | 600,000 | 7.8% |
| Wellington Management | 500,000 | 6.5% |
Executive Ownership
The ownership stakes held by SNFCA’s executive management are substantial. Below is a table representing the ownership percentages of key executives:
| Executive Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| George J. Sutherland | CEO | 800,000 | 10.4% |
| Mary L. Patterson | CFO | 500,000 | 6.5% |
| John D. McGowan | President | 300,000 | 3.9% |
| Lisa M. Harper | COO | 200,000 | 2.6% |
Shareholder Meetings and Voting Rights
SNFCA conducts annual shareholder meetings to discuss corporate governance, financial performance, and other key issues. Shareholders are entitled to vote on matters such as:
- Election of the board of directors
- Approval of executive compensation
- Amendments to the company’s by-laws
- Other significant corporate actions
Stock Performance Overview
As of October 2023, SNFCA's stock price is approximately $12.45 per share. The company has seen the following stock performance metrics over the past fiscal year:
| Metric | Value |
|---|---|
| 52-week High | $15.20 |
| 52-week Low | $10.00 |
| Market Capitalization | $350 million |
| Dividend Yield | 2.3% |
Conclusion
The ownership structure of Security National Financial Corporation (SNFCA) reflects a diverse group of stakeholders, including institutional investors, individual shareholders, and company management. The details regarding major shareholders and executives provide insights into the governance and control of the company.
Security National Financial Corporation (SNFCA) Mission Statement
Overview
Security National Financial Corporation (SNFCA) is committed to delivering exceptional financial services while maintaining a strong focus on customer satisfaction. The mission statement emphasizes the company's dedication to integrity, innovation, and the importance of building lasting relationships with clients.
Core Values
- Integrity: Upholding the highest standards of honesty and ethical behavior.
- Innovation: Continuously improving products and services through innovative solutions.
- Customer Focus: Prioritizing customer needs and adapting to their financial goals.
- Community Engagement: Actively participating in community development and charitable contributions.
Financial Performance
As of the latest financial reports, Security National Financial Corporation has demonstrated robust financial health:
| Year | Revenue (in millions) | Net Income (in millions) | Total Assets (in millions) | Equity (in millions) |
|---|---|---|---|---|
| 2021 | $245.3 | $20.4 | $1,250.5 | $135.2 |
| 2022 | $267.8 | $22.1 | $1,350.0 | $145.0 |
| 2023 | $290.0 | $25.0 | $1,450.0 | $160.0 |
Strategic Goals
The mission statement reflects long-term strategic objectives:
- Expand service offerings to meet diverse customer needs.
- Enhance technology infrastructure for improved service delivery.
- Increase market share in key demographics.
- Ensure sustainable growth through prudent financial management.
Commitment to Stakeholders
SNFCA recognizes its responsibility to shareholders, customers, and employees:
- Shareholders: Delivering consistent returns and increasing shareholder value.
- Customers: Providing tailored financial solutions and exceptional service.
- Employees: Fostering a supportive work environment that promotes personal and professional growth.
Community Involvement
Part of the mission is centered around giving back to the community:
- Annual contributions exceeding $1 million towards local charities.
- Employee volunteer programs supporting education and financial literacy initiatives.
- Partnerships with nonprofit organizations to support community development projects.
Conclusion of the Mission Statement
The mission statement of Security National Financial Corporation encapsulates a commitment to excellence, community engagement, and customer satisfaction while maintaining financial stability and growth.
How Security National Financial Corporation (SNFCA) Works
Business Overview
Security National Financial Corporation (SNFCA) operates primarily in the financial services sector, engaging in various activities including mortgage financing, insurance services, and funeral services. As of October 2023, SNFCA reports significant revenues derived from these core businesses.
Financial Performance
For the fiscal year ending December 31, 2022, SNFCA reported total revenue of $218 million. The company had a net income of $15 million, yielding an earnings per share (EPS) of $1.07.
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Total Revenue | $218 million | $202 million |
| Net Income | $15 million | $11 million |
| Earnings Per Share (EPS) | $1.07 | $0.82 |
Mortgage Financing Segment
SNFCA's mortgage division, through SecurityNational Mortgage Company, has seen an increase in loan originations. In 2022, total loan origination volume reached $1.3 billion, up from $1.1 billion in 2021.
Insurance Services
The insurance division, which includes life and health insurance products, contributed significantly to total revenue. For 2022, premiums written were reported at $53 million, showing a steady growth from $48 million in 2021.
Funeral Services
In the funeral services sector, SNFCA generated $50 million in revenue for 2022. The division encompasses various funeral homes and related services across the United States.
Market Positioning
SNFCA operates in a competitive marketplace. As of October 2023, the company's market capitalization stands at approximately $200 million, reflecting its position among mid-sized financial institutions.
Operational Strategy
The company employs a diversified approach to its operations to mitigate risks and enhance growth. Its strategies include:
- Expansion of service offerings in mortgage and insurance.
- Acquisition of additional funeral service locations.
- Investments in technology to streamline operations.
Employee and Workforce Data
As of the end of 2022, SNFCA employed approximately 1,200 staff across its various divisions. Employee training programs and development initiatives are a focus area to ensure high service standards.
Recent Developments
In 2023, SNFCA announced a strategic partnership to enhance its digital mortgage platform aimed at improving customer experience and operational efficiencies.
Future Outlook
The company anticipates continued growth in its mortgage and insurance sectors, projecting a revenue increase of 10% to 15% for 2023 based on market trends and operational improvements.
How Security National Financial Corporation (SNFCA) Makes Money
Revenue Streams
Security National Financial Corporation (SNFCA) generates revenue primarily through three major segments: mortgage, insurance, and cemetery operations.
Mortgage Operations
The mortgage segment is a significant source of revenue for SNFCA. In 2022, SNFCA reported mortgage revenues of approximately $104 million. They originate, sell, and service a variety of mortgage loans.
In 2023, the average loan size for SNFCA was around $250,000, with a total of approximately 400 mortgages originated monthly. This provides a substantial monthly revenue stream and contributes to a diversified portfolio.
Insurance Operations
SNFCA's insurance division includes life insurance and annuity products. The premium income generated from insurance policies was approximately $122 million in 2022. This segment also sees consistent growth, with an average annual growth rate of 6% over the past five years.
The company manages a portfolio of $1.2 billion in assets in their insurance segment, yielding investment income of around $60 million annually. The claims ratio for the insurance segment stands at approximately 35%.
Cemetery Operations
SNFCA's cemetery operations include the ownership and management of funeral homes and cemeteries. In 2022, the revenue from cemetery operations was about $45 million, with an increase expected due to rising demand for burial plots and memorial services.
The average cost of a burial plot in SNFCA-operated cemeteries is approximately $3,500, with around 12,000 plots sold annually. This segment has a growth potential of around 8% per year.
Financial Performance
As of the end of 2022, SNFCA's total assets were valued at roughly $1.7 billion, with liabilities amounting to approximately $1.4 billion. The company's equity stood at about $300 million, representing a strong financial position.
For the fiscal year 2022, SNFCA reported a net income of approximately $10 million, with a return on equity (ROE) of 3.33%.
Investment Portfolio
SNFCA holds a diverse investment portfolio, with a total invested asset value of approximately $1.1 billion. The portfolio primarily consists of:
| Asset Type | Market Value ($ million) | Percentage of Total Portfolio (%) |
|---|---|---|
| Bonds | 600 | 54.5 |
| Stocks | 300 | 27.3 |
| Real Estate | 150 | 13.6 |
| Cash Equivalents | 50 | 4.5 |
Market Position and Growth Potential
According to data from the National Association of Insurance Commissioners, the life insurance market was valued at approximately $900 billion in 2022, indicating significant potential for growth for SNFCA's insurance operations.
Furthermore, as of 2023, the U.S. mortgage market is estimated at about $11 trillion, with increasing housing demand providing substantial opportunities for revenue expansion in SNFCA’s mortgage segment.
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