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7) Business Segments

6 Months Ended

Jun. 30, 2019

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, 2018. 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
June 30, 2019
Revenues from external customers		$  28,607,056		$   4,543,007		$   35,295,119		$                -		$     68,445,182
Intersegment revenues		1,080,347		113,622		124,921		(1,318,890)		-
Segment profit before income taxes		1,219,001		1,023,782		2,381,060		-		4,623,843
				-
For the Three Months Ended
June 30, 2018
Revenues from external customers		$  29,370,509		$   5,281,005		$   34,213,612		$                -		$     68,865,126
Intersegment revenues		987,994		107,021		132,282		(1,227,297)		-
Segment profit before income taxes		2,937,037		2,071,666		(846,472)		-		4,162,231
For the Six Months Ended
June 30, 2019
Revenues from external customers		$  59,112,424		$   8,902,292		$   61,924,301		$                -		$   129,939,017
Intersegment revenues		1,975,719		230,273		251,279		(2,457,271)		-
Segment profit before income taxes		3,304,342		2,208,647		1,543,013		-		7,056,002
Identifiable Assets		929,442,236		87,450,987		202,723,000		(116,673,063)		1,102,943,160
Goodwill		2,765,570		754,018		-		-		3,519,588
Total Assets		932,207,806		88,205,005		202,723,000		(116,673,063)		1,106,462,748
For the Six Months Ended
June 30, 2018
Revenues from external customers		$  80,236,374		$   9,051,414		$   61,653,447		$                -		$   150,941,235
Intersegment revenues		1,807,286		216,038		265,879		(2,289,203)		-
Segment profit before income taxes		26,648,846		2,932,429		(4,231,863)		-		25,349,412
Identifiable Assets		919,115,726		95,779,077		185,865,711		(135,776,637)		1,064,983,877
Goodwill		2,765,570		-		-				2,765,570
Total Assets		921,881,296		95,779,077		185,865,711		(135,776,637)		1,067,749,447

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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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