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Note 14: Business Segment Information | 12 Months Ended
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Dec. 31, 2015
Notes |
Note 14: Business Segment Information | 14) Business Segment Information 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 fee income and expenses from the originations of residential 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. 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 are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions. The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported.
| 2015
| Life |  | Cemetery/ |  |  | Reconciling |
| Insurance |  | Mortuary |  | Mortgage |  | Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 58,883,721 |  | $ 11,502,045 |  | $ 171,849,594 |  | $ - |  | $ 242,235,360
Net investment income | 25,297,486 |  | 450,854 |  | 8,259,564 |  | - |  | 34,007,904
Realized gains (losses) on |  |  |  |  |  |  |  |  |
investments and other assets | 2,332,456 |  | 387,316 |  | (318,413) |  | - |  | 2,401,359
Other than temporary impairments | (413,714) |  | - |  | (191,716) |  | - |  | (605,430)
Other revenues | 824,759 |  | 146,831 |  | 4,150,217 |  | - |  | 5,121,807
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 7,615,338 |  | 1,155,180 |  | 326,822 |  | (9,097,340) |  | -
Total revenues | 94,540,046 |  | 13,642,226 |  | 184,076,068 |  | (9,097,340) |  | 283,161,000
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 33,549,893 |  | - |  | - |  | - |  | 33,549,893
Increase in future policy benefits | 17,212,001 |  | - |  | - |  | - |  | 17,212,001
Amortization of deferred policy and preneed acquisition costs and |  |  |  |  |  |  |  |  |
value of business acquired | 5,306,781 |  | 334,512 |  | - |  | - |  | 5,641,293
Depreciation | 710,733 |  | 403,066 |  | 1,069,697 |  | - |  | 2,183,496
General, administrative and |  |  |  |  |  |  |  |  |
other costs: |  |  |  |  |  |  |  |  |
Intersegment | - |  | 156,777 |  | 199,244 |  | (356,021) |  | -
Provision for loan losses | - |  | - |  | 6,295,043 |  | - |  | 6,295,043
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 8,864,404 |  | - |  | 8,864,404
Other | 27,416,860 |  | 10,117,012 |  | 147,600,822 |  | (1) |  | 185,134,693
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 726,919 |  | 1,379,668 |  | 6,634,731 |  | (8,741,318) |  | -
Other | 1,151,860 |  | 337,632 |  | 2,969,120 |  | - |  | 4,458,612
Total benefits and expenses | 86,075,047 |  | 12,728,667 |  | 173,633,061 |  | (9,097,340) |  | 263,339,435
Earnings before income taxes | $ 8,464,999 |  | $ 913,559 |  | $ 10,443,007 |  | $ - |  | $ 19,821,565
Income tax expense | (3,138,929) |  | - |  | (4,059,756) |  | - |  | (7,198,685)
Net earnings | $ 5,326,070 |  | $ 913,559 |  | $ 6,383,251 |  | $ - |  | $ 12,622,880
Identifiable assets | $ 721,362,741 |  | $ 101,935,898 |  | $ 66,743,342 |  | $ (140,108,664) |  | $ 749,933,317
Goodwill | $ 2,765,570 |  | $ - |  | $ - |  | $ - |  | $ 2,765,570
Expenditures for long-lived assets | $ 3,024,223 |  | $ 154,226 |  | $ 454,241 |  | $ - |  | $ 3,632,690
| 2014
| Life |  | Cemetery/ |  |  | Reconciling |
| Insurance |  | Mortuary |  | Mortgage |  | Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 57,037,623 |  | $ 11,426,308 |  | $ 124,668,054 |  | $ - |  | $ 193,131,985
Net investment income | 23,008,489 |  | 275,324 |  | 5,019,927 |  | - |  | 28,303,740
Realized gains (losses) on |  |  |  |  |  |  |  |  |
investments and other assets | 1,208,391 |  | 585,543 |  | 124,242 |  | - |  | 1,918,176
Other than temporary impairments | (164,240) |  | - |  | - |  | - |  | (164,240)
Other revenues | 682,682 |  | 169,464 |  | 2,894,867 |  | - |  | 3,747,013
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 6,128,389 |  | 1,288,856 |  | 642,880 |  | (8,060,125) |  | -
Total revenues | 87,901,334 |  | 13,745,495 |  | 133,349,970 |  | (8,060,125) |  | 226,936,674
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 29,789,964 |  | - |  | - |  | - |  | 29,789,964
Increase in future policy benefits | 18,060,151 |  | - |  | - |  | - |  | 18,060,151
Amortization of deferred policy and preneed acquisition costs and |  |  |  |  |  |  |  |  |
value of business acquired | 6,561,589 |  | 331,389 |  | - |  | - |  | 6,892,978
Depreciation | 644,510 |  | 436,390 |  | 1,096,265 |  | - |  | 2,177,165
General, administrative and |  |  |  |  |  |  |  |  |
other costs: |  |  |  |  |  |  |  |  |
Intersegment | 24,000 |  | 166,079 |  | 208,513 |  | (398,592) |  | -
Provision for loan losses | - |  | - |  | 3,053,403 |  | - |  | 3,053,403
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 6,877,069 |  | - |  | 6,877,069
Other | 23,045,928 |  | 10,245,144 |  | 111,319,492 |  | (2) |  | 144,610,562
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 725,354 |  | 1,481,317 |  | 5,454,860 |  | (7,661,531) |  | -
Other | 578,083 |  | 421,920 |  | 1,994,426 |  | - |  | 2,994,429
Total benefits and expenses | 79,429,579 |  | 13,082,239 |  | 130,004,028 |  | (8,060,125) |  | 214,455,721
Earnings before income taxes | $ 8,471,755 |  | $ 663,256 |  | $ 3,345,942 |  | $ - |  | $ 12,480,953
Income tax expense | (3,427,254) |  | - |  | (1,299,051) |  | - |  | (4,726,305)
Net earnings | $ 5,044,501 |  | $ 663,256 |  | $ 2,046,891 |  | $ - |  | $ 7,754,648
Identifiable assets | $ 652,348,803 |  | $ 109,114,226 |  | $ 52,349,204 |  | $ (142,742,671) |  | $ 671,069,562
Goodwill | $ 2,765,570 |  | $ - |  | $ - |  | $ - |  | $ 2,765,570
Expenditures for long-lived assets | $ 1,420,950 |  | $ 121,677 |  | $ 737,936 |  | $ - |  | $ 2,280,563
| 2013
| Life |  | Cemetery/ |  |  | Reconciling |
| Insurance |  | Mortuary |  | Mortgage |  | Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 51,322,567 |  | $ 12,000,375 |  | $ 127,950,021 |  | $ - |  | $ 191,272,963
Net investment income | 15,877,784 |  | 268,923 |  | 4,207,295 |  | - |  | 20,354,002
Realized gains (losses) on |  |  |  |  |  |  |  |  |
investments and other assets | 1,402,352 |  | 15,699 |  | - |  | - |  | 1,418,051
Other than temporary impairments | (336,226) |  | - |  | - |  | - |  | (336,226)
Other revenues | 538,009 |  | 94,703 |  | 1,973,518 |  | - |  | 2,606,230
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 7,220,282 |  | 1,356,825 |  | 262,074 |  | (8,839,181) |  | -
Total revenues | 76,024,768 |  | 13,736,525 |  | 134,392,908 |  | (8,839,181) |  | 215,315,020
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 28,534,936 |  | - |  | - |  | - |  | 28,534,936
Increase in future policy benefits | 19,594,890 |  | - |  | - |  | - |  | 19,594,890
Amortization of deferred policy and preneed acquisition costs and |  |  |  |  |  |  |  |  |
value of business acquired | 4,811,300 |  | 370,537 |  | - |  | - |  | 5,181,837
Depreciation | 401,893 |  | 426,641 |  | 792,535 |  | - |  | 1,621,069
General, administrative and |  |  |  |  |  |  |  |  |
other costs: |  |  |  |  |  |  |  |  |
Intersegment | 24,000 |  | 141,367 |  | 199,193 |  | (364,560) |  | -
Provision for loan losses | - |  | - |  | 1,751,472 |  | - |  | 1,751,472
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 6,635,290 |  | - |  | 6,635,290
Other | 18,753,753 |  | 10,467,717 |  | 110,096,627 |  | 1 |  | 139,318,098
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 802,352 |  | 1,664,096 |  | 6,008,174 |  | (8,474,622) |  | -
Other | 233,343 |  | 443,133 |  | 2,177,225 |  | - |  | 2,853,701
Total benefits and expenses | 73,156,467 |  | 13,513,491 |  | 127,660,516 |  | (8,839,181) |  | 205,491,293
Earnings before income taxes | $ 2,868,301 |  | $ 223,034 |  | $ 6,732,392 |  | $ - |  | $ 9,823,727
Income tax (expense) benefit | 399,304 |  | - |  | (2,637,110) |  | - |  | (2,237,806)
Net earnings | $ 3,267,605 |  | $ 223,034 |  | $ 4,095,282 |  | $ - |  | $ 7,585,921
Identifiable assets | $ 591,465,834 |  | $ 114,454,631 |  | $ 50,250,677 |  | $ (137,413,688) |  | $ 618,757,454
Goodwill | $ 391,848 |  | $ 285,191 |  | $ - |  | $ - |  | $ 677,039
Expenditures for long-lived assets | $ 659,259 |  | $ 1,100,195 |  | $ 1,810,879 |  | $ - |  | $ 3,570,333

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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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 Reference 5: 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=51669610&loc=d3e8380-108599 Reference 6: 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=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 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=51669610&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 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: 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=51669610&loc=d3e9054-108599 Reference 11: 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=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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