Salt Lake-based Security National Financial Corp. on Monday reported pre-tax earnings of $508,000, or 7 cents per share, for the quarter ended March 31. That compares with pre-tax earnings of $2.4 million, or 32 cents per share, for the year-ago period.
Revenue totaled $31.3 million, down from $34.3 million in the year-ago period.
Security National is involved in life insurance, cemeteries/mortuaries and mortgages.
Despite improvements in the life and cemetery/mortuary results, Scott M. Quist, president and chief operating officer, said the mortgage operations "have been materially negatively impacted by the rise in interest rates. The rise in rates hurt volume, but more importantly hurt margins."
The company's stock fell 50 cents Monday to close at $5.10 per share. During the past year, the price has ranged from $4.87 to $9.34.