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Note 14: Business Segment Information | 12 Months Ended
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Dec. 31, 2016
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.
| 2016 (As Restated)
| Life |  | Cemetery/ |  |  | Intercompany |
| Insurance |  | Mortuary |  | Mortgage |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 66,902,126 |  | $ 12,267,640 |  | $ 181,141,687 |  | $ - |  | $ 260,311,453
Net investment income | 28,618,485 |  | 312,494 |  | 8,651,465 |  | - |  | 37,582,444
Realized gains (losses) on |  |  |  |  |  |  |  |  |
investments and other assets | (277,040) |  | 211,429 |  | (110,776) |  | - |  | (176,387)
Other than temporary impairments | (270,358) |  | - |  | - |  | - |  | (270,358)
Other revenues | 632,260 |  | 88,676 |  | 6,166,813 |  | - |  | 6,887,749
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 7,119,692 |  | 691,876 |  | 327,778 |  | (8,139,346) |  | -
Total revenues | 102,725,165 |  | 13,572,115 |  | 196,176,967 |  | (8,139,346) |  | 304,334,901
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 33,387,380 |  | - |  | - |  | - |  | 33,387,380
Increase in future policy benefits | 21,322,195 |  | - |  | - |  | - |  | 21,322,195
Amortization of deferred policy and preneed acquisition costs and |  |  |  |  |  |  |  |  |
value of business acquired | 7,647,097 |  | 356,078 |  | - |  | - |  | 8,003,175
Depreciation | 596,827 |  | 390,362 |  | 1,195,535 |  | - |  | 2,182,724
General, administrative and |  |  |  |  |  |  |  |  |
other costs: |  |  |  |  |  |  |  |  |
Intersegment | - |  | 148,025 |  | 219,974 |  | (367,999) |  | -
Provision for loan losses | - |  | - |  | 1,700,000 |  | - |  | 1,700,000
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 9,191,488 |  | - |  | 9,191,488
Other | 29,478,156 |  | 10,524,535 |  | 163,730,148 |  | 1 |  | 203,732,840
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 781,078 |  | 651,046 |  | 6,339,224 |  | (7,771,348) |  | -
Other | 1,654,264 |  | 282,878 |  | 3,174,726 |  | - |  | 5,111,868
Total benefits and expenses | 94,866,997 |  | 12,352,924 |  | 185,551,095 |  | (8,139,346) |  | 284,631,670
Earnings before income taxes | $ 7,858,168 |  | $ 1,219,191 |  | $ 10,625,872 |  | $ - |  | $ 19,703,231
Income tax expense | (3,451,292) |  | - |  | (4,063,312) |  | - |  | (7,514,604)
Net earnings | $ 4,406,876 |  | $ 1,219,191 |  | $ 6,562,560 |  | $ - |  | $ 12,188,627
Identifiable assets | $ 821,097,220 |  | $ 99,611,263 |  | $ 171,844,559 |  | $ (140,874,459) |  | $ 951,678,583
Goodwill | $ 2,765,570 |  | $ - |  | $ - |  | $ - |  | $ 2,765,570
Expenditures for long-lived assets | $ 532,958 |  | $ 723,445 |  | $ 2,310,108 |  | $ - |  | $ 3,566,511
| 2015 (As Restated)
| Life |  | Cemetery/ |  |  | Intercompany |
| Insurance |  | Mortuary |  | Mortgage |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 58,883,721 |  | $ 11,502,045 |  | $ 169,043,426 |  | $ - |  | $ 239,429,192
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 |  | 181,269,900 |  | (9,097,340) |  | 280,354,832
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 33,549,893 |  | - |  | - |  | - |  | 33,549,893
Increase in future policy benefits | 17,057,764 |  | - |  | - |  | - |  | 17,057,764
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 | - |  | - |  | 3,449,103 |  | - |  | 3,449,103
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 8,901,511 |  | - |  | 8,901,511
Other | 27,416,860 |  | 10,117,012 |  | 146,565,817 |  | (1) |  | 184,099,688
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 | 85,920,810 |  | 12,728,667 |  | 169,789,223 |  | (9,097,340) |  | 259,341,360
Earnings before income taxes | $ 8,619,236 |  | $ 913,559 |  | $ 11,480,677 |  | $ - |  | $ 21,013,472
Income tax expense | (3,191,370) |  | - |  | (4,470,661) |  | - |  | (7,662,031)
Net earnings | $ 5,427,866 |  | $ 913,559 |  | $ 7,010,016 |  | $ - |  | $ 13,351,441
Identifiable assets | $ 721,362,741 |  | $ 101,935,898 |  | $ 157,283,191 |  | $ (140,108,664) |  | $ 840,473,166
Goodwill | $ 2,765,570 |  | $ - |  | $ - |  | $ - |  | $ 2,765,570
Expenditures for long-lived assets | $ 3,024,223 |  | $ 154,226 |  | $ 454,241 |  | $ - |  | $ 3,632,690
| 2014 (As Restated)
| Life |  | Cemetery/ |  |  | Intercompany |
| Insurance |  | Mortuary |  | Mortgage |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 57,037,623 |  | $ 11,426,308 |  | $ 122,778,529 |  | $ - |  | $ 191,242,460
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 |  | 131,460,445 |  | (8,060,125) |  | 225,047,149
Expenses: |  |  |  |  |  |  |  |  |
Death and other policy benefits | 29,789,964 |  | - |  | - |  | - |  | 29,789,964
Increase in future policy benefits | 17,905,914 |  | - |  | - |  | - |  | 17,905,914
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 | - |  | - |  | 1,000,000 |  | - |  | 1,000,000
Costs related to funding mortgage |  |  |  |  |  |  |  |  |
loans | - |  | - |  | 6,451,319 |  | - |  | 6,451,319
Other | 23,045,928 |  | 10,245,144 |  | 110,817,359 |  | (2) |  | 144,108,429
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 | 79,275,342 |  | 13,082,239 |  | 127,022,742 |  | (8,060,125) |  | 211,320,198
Earnings before income taxes | $ 8,625,992 |  | $ 663,256 |  | $ 4,437,703 |  | $ - |  | $ 13,726,951
Income tax expense | (3,796,327) |  | - |  | (1,713,792) |  | - |  | (5,510,119)
Net earnings | $ 4,829,665 |  | $ 663,256 |  | $ 2,723,911 |  | $ - |  | $ 8,216,832
Identifiable assets | $ 652,348,803 |  | $ 109,114,226 |  | $ 130,972,484 |  | $ (142,742,671) |  | $ 749,692,842
Goodwill | $ 2,765,570 |  | $ - |  | $ - |  | $ - |  | $ 2,765,570
Expenditures for long-lived assets | $ 660,830 |  | $ 121,677 |  | $ 737,936 |  | $ - |  | $ 1,520,443

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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