GlobeNewswire Inc | May 17, 2021 12:30PM EDT

May 17, 2021

SALT LAKE CITY, May 17, 2021 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended March 31, 2021.

For the three months ended March 31, 2021, SNFCs after-tax earnings from operations increased 751% from $1,424,000 in 2020 to $12,129,000 in 2021, on a 54% increase in revenues to $122,659,000.

Scott M. Quist, President of the Company, said: I cant help but admire the execution excellence our teams have accomplished in the first quarter. Overall earnings are up 1,000%. The low interest rate environment has provided our Mortgage Segment a favorable tailwind but note that every segments earnings are up triple digits. The Covid induced climate brings blessings and curses. In no way do we minimize the personal hardships and losses the Pandemic has inflicted on so many individuals and families - our insurance and memorial businesses essentially have front row seats to observe some of those effects. From a financial point of view, low interest rates have helped our Mortgage Segment, but low rates and higher death claims have hurt our Life Segment. In total, death claims increased 37% over 2020 levels with the major part of that increase being Covid related. Better cash and expense management has helped to offset the increased death claims. While our Memorial segment has experienced higher death counts, a major factor in its increased profitability has been improved preneed sales. Again, our job is to execute our business plans in whatever environment we have, and I believe our teams have done that in an admirable fashion.

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended March 31, 2021, as compared to 2020, for each of the three business segments:

Revenues Earnings before Taxes 2021 2020 2021 2020 Life $ 38,944,000 $ 33,206,000 17.3 % $ 2,695,000 $ (3,069,000 ) 187.8 %Insurance Cemeteries/ $ 6,999,000 $ 4,014,000 74.4 % $ 2,701,000 $ 105,000 2,472.4 %Mortuaries Mortgages $ 76,716,000 $ 42,389,000 81.0 % $ 10,959,000 $ 4,438,000 146.9 % Total $ 122,659,000 $ 79,609,000 54.1 % $ 16,355,000 $ 1,474,000 1,009.6 %

Net earnings per common share was $.61 for the three months ended March 31, 2021, compared to net earnings of $.08 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $14.18 as of March 31, 2021, compared to $13.87 as of December 31, 2020.

The Company has two classes of common stock outstanding, Class A and Class C. There were 19,169,211 Class A equivalent shares outstanding as of March 31, 2021.

If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott M. Quist at:

Security National Financial CorporationP.O. Box 57250Salt Lake City, Utah 84157Phone: (801) 264-1060Fax: (801) 265-9882

This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to the Company and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.