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Security National Financial Corp. Message Board

  • puttinhole puttinhole May 15, 2013 7:35 PM Flag

    Numbers the real investors will look at

    For the three months ended March 31, 2013 and 2012, SecurityNational Mortgage originated and sold 2,895 loans ($536,606,000 total volume) and 2,440 loans ($445,523,000 total volume), respectively. The mortgage loan volume in 2013 has been higher than in 2012 primarily due to an increase in market share. The increase in market share was attributed to an expansion of the retail loan operations of SecurityNational Mortgage. SecurityNational Mortgage anticipates the loan volume for 2013 to be approximately $125,000,000 to $240,000,000 per month range compared to $80,000,000 to $150,000,000 per month range in 2012.

    The following table shows the condensed financial results of the mortgage operations for the three months ended March 31, 2013 and 2012. See Note 7 to the Condensed Consolidated Financial Statements.

    Three months ended March 31
    (in thousands of dollars)
    2013 2012 % Increase (Decrease)
    Revenues from external customers
    Income from loan originations $ 27,103 $ 22,401 21 %
    Secondary gains from investors 7,525 4,335 74 %
    Total $ 34,628 $ 26,736 30 %
    Earnings before income taxes $ 2,337 $ 1,264 85 %

    Overall, this increase in profitability for the three months ended March 31, 2013 was due to the greater loan volume and increased secondary gains from third party investors

    The biggest drop was from invest. income, that is why they purch. the quality office space and loan portfolio, obviously they were not happy with the return on some existing investments. Their rev. inc. 15% Q over Q. But most impressive is the 85% increase in earning from the mortgage operation which is the engine driving growth for this company. Very decent!

    Sentiment: Strong Buy

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