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7) Business Segments

9 Months Ended

Sep. 30, 2018

Notes

7) Business Segments

7)      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 loans held for sale.

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 10-K for the year ended December 31, 2017. 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.

		Life Insurance		Cemetery/ Mortuary		Mortgage		Intercompany Eliminations		Consolidated
For the Three Months Ended
September 30, 2018
Revenues from external customers		$  28,962,288		$   4,008,943		$   34,251,862		$                -		$     67,223,093
Intersegment revenues		1,108,093		106,637		117,746		(1,332,476)		-
Segment profit before income taxes		2,192,036		781,875		(762,113)		-		2,211,798
				-
For the Three Months Ended
September 30, 2017
Revenues from external customers		$  25,078,051		$   2,998,809		$   43,753,955		$                -		$     71,830,815
Intersegment revenues		1,880,160		108,190		85,391		(2,073,741)		-
Segment profit before income taxes		496,902		247,780		393,335		-		1,138,017
For the Nine Months Ended
September 30, 2018
Revenues from external customers		$ 109,198,662		$ 13,060,357		$   95,905,309		$                -		$   218,164,328
Intersegment revenues		2,915,379		322,675		383,625		(3,621,679)		-
Segment profit before income taxes		28,840,882		3,714,304		(4,993,976)		-		27,561,210
Identifiable Assets		920,458,422		91,084,393		178,089,215		(128,148,062)		1,061,483,968
Goodwill		2,765,570		-		-		-		2,765,570
Total Assets		923,223,992		91,084,393		178,089,215		(128,148,062)		1,064,249,538
For the Nine Months Ended
September 30, 2017
Revenues from external customers		$  77,112,117		$   9,907,037		$ 128,953,552		$                -		$   215,972,706
Intersegment revenues		4,930,266		314,445		267,575		(5,512,286)		-
Segment profit before income taxes		4,779,656		1,331,894		1,918,536		-		8,030,086
Identifiable Assets		853,298,860		94,716,098		190,202,990		(133,079,207)		1,005,138,741
Goodwill		2,765,570		-		-				2,765,570
Total Assets		856,064,430		94,716,098		190,202,990		(133,079,207)		1,007,904,311

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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