Security National Financial’s Third-Quarter Earnings Fall 38.6%

Security National Financial Corporation’s third-quarter net earnings fell 38.6% to $6.166 million, while total and mortgage revenue declined and the mortgage segment shifted to a pretax loss.

Revenue decreased 10.5% to $79.942 million. Consolidated pretax earnings were $8.223 million, down 37.2%.

Mortgage segment revenue fell 28.5% to $21.169 million. The segment recorded a $2.649 million pretax loss, compared with pretax earnings of $66,000 in the year-earlier quarter.

Chairman, President and CEO Scott M. Quist said higher interest rates created a difficult environment for the mortgage segment but were favorable for the insurance segment’s balance sheet from a GAAP perspective.

The company scheduled an earnings call for about 3 p.m. ET Thursday, Nov. 12, to review the results and update the public on its three business segments.