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Security National Financial Corporation (SNFCA-0.87%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $88,273,687 from $80,241,727 in the same quarter the previous year. This increase is attributed to a rise in mortgage fee income and gains on investments.
Insurance premiums and other considerations increased to $30,011,081 from $28,906,803 in the previous year, driven by higher renewal premiums.
Net investment income decreased to $17,799,096 from $19,248,463, primarily due to a decline in mortgage loan interest.
Net mortuary and cemetery sales decreased slightly to $6,814,331 from $7,234,031, with a reduction in cemetery pre-need sales.
The company reported a gross profit of $15,214,682 for the quarter, compared to $5,158,690 in the previous year, with the increase attributed to higher gains on investments.
Amortization of deferred policy and pre-need acquisition costs decreased to $2,287,003 from $4,480,457, reflecting improved payment consistency from premium-paying products.
Selling, general, and administrative expenses increased to $45,239,000 from $42,652,000, primarily due to higher commissions and personnel expenses.
Net income for the quarter was $11,831,444, up from $4,041,293 in the previous year. After preferred dividends, net income attributable to common stockholders was $11,831,444, compared to $4,041,293 in the previous year.
Cash provided by operating activities was $34,894,323, while cash used in investing and financing activities was $15,804,643 and $1,683,966, respectively.
Security National had total assets of $1,494,824,195 as of September 30, 2024. The company continues to focus on its insurance, cemetery, and mortgage operations.
The filing notes no significant changes in internal controls over financial reporting during the quarter.
The company is not a party to any material legal proceedings outside the ordinary course of business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Security National Financial Corporation Class A Common Stock quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.