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7) Business Segments | 6 Months Ended
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Jun. 30, 2013
Notes |
7) Business Segments | 7) Business Segments Description of Products and Services by Segment The Company has three reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment consists of life insurance premiums and operating expenses from the sale of insurance products sold by the Company’s independent agency force and net investment income derived from investing policyholder and segment surplus funds. The Company’s cemetery and mortuary segment consists of revenues and operating expenses from the sale of at-need cemetery and mortuary merchandise and services at its mortuaries and cemeteries, pre-need sales of cemetery spaces after collection of 10% or more of the purchase price and the net investment income from investing segment surplus funds. The Company’s mortgage segment consists of loan fee income and expenses from the originations of residential and commercial mortgage loans and interest earned and interest expenses from warehousing pre-sold loans before the funds are received from financial institutional investors. Measurement of Segment Profit or Loss and Segment Assets The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the form 10K for the year ended December 31, 2012. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation. Factors Management Used to Identify the Enterprise’s Reportable Segments The Company’s reportable segments are business units that offer different products and are managed separately due to the different products and the need to report to the various regulatory jurisdictions.
|  | Life Insurance |  | Cemetery/ Mortuary |  | Mortgage |  | Reconciling Items |  | Consolidated
For the Three Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2013 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ 16,797,489 |  | $ 3,380,560 |  | $ 41,154,240 |  | $ - |  | $ 61,332,289
Intersegment revenues |  | 2,504,960 |  | 357,016 |  | 67,603 |  | (2,929,579) |  | -
Segment profit before income taxes |  | 440,822 |  | 107,601 |  | 3,921,097 |  | - |  | 4,469,520
For the Three Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2012 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ 17,481,537 |  | $ 2,730,517 |  | $ 36,316,156 |  | $ - |  | $ 56,528,210
Intersegment revenues |  | 2,081,734 |  | 380,565 |  | 75,882 |  | (2,538,181) |  | -
Segment profit before income taxes |  | 2,054,297 |  | (77,463) |  | 3,059,543 |  | - |  | 5,036,377
For the Six Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2013 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ 34,041,381 |  | $ 6,360,591 |  | $ 75,782,551 |  | $ - |  | $ 116,184,523
Intersegment revenues |  | 5,092,793 |  | 715,506 |  | 124,765 |  | (5,933,064) |  | -
Segment profit before income taxes |  | 1,255,153 |  | 184,366 |  | 6,257,624 |  | - |  | 7,697,143
Identifiable Assets |  | 571,473,136 |  | 112,584,116 |  | 66,990,347 |  | (134,012,151) |  | 617,035,448
Goodwill |  | 391,848 |  | 285,191 |  | - |  | - |  | 677,039
For the Six Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2012 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ 35,108,886 |  | $ 5,690,157 |  | $ 63,052,390 |  | $ - |  | $ 103,851,433
Intersegment revenues |  | 4,160,833 |  | 757,558 |  | 151,289 |  | (5,069,680) |  | -
Segment profit before income taxes |  | 2,891,861 |  | 149,092 |  | 4,324,016 |  | - |  | 7,364,969
Identifiable Assets |  | 520,595,067 |  | 112,435,625 |  | 40,261,098 |  | (119,681,252) |  | 553,610,538
Goodwill |  | 391,848 |  | 285,191 |  | - |  | - |  | 677,039

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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