XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.21.1

15) Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2020
Disclosure Text Block [Abstract] |
15) Business Segment Information | 15) 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.
| 2020
| Life |  | Cemetery/ |  |  | Intercompany |
| Insurance |  | Mortuary |  | Mortgage |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 93,020,617 |  | $ 20,307,435 |  | $ 298,933,110 |  | $ - |  | $ 412,261,162
Net investment income | 54,811,486 |  | 807,695 |  | 710,622 |  | - |  | 56,329,803
Gains on investments and other assets | 2,088,541 |  | (162,652) |  | (39) |  | - |  | 1,925,850
Other than temporary impairments | (370,975) |  | - |  | - |  | - |  | (370,975)
Other revenues | 1,491,585 |  | 94,349 |  | 9,731,548 |  | - |  | 11,317,482
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 8,022,503 |  | 351,505 |  | 716,240 |  | (9,090,248) |  | -
Total revenues | 159,063,757 |  | 21,398,332 |  | 310,091,481 |  | (9,090,248) |  | 481,463,322
Expenses: |  |  |  |  |  |  |  |  |
Death, surrenders and other policy benefits | 62,841,360 |  | - |  | - |  | - |  | 62,841,360
Increase in future policy benefits | 23,568,650 |  | - |  | - |  | - |  | 23,568,650
Amortization of deferred policy and pre-need acquisition costs and value of business acquired | 13,618,204 |  | 689,221 |  | - |  | - |  | 14,307,425
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |
Commissions | 4,149,241 |  | 1,506,320 |  | 118,770,736 |  | - |  | 124,426,297
Personnel | 25,449,100 |  | 5,669,367 |  | 53,871,504 |  | - |  | 84,989,971
Advertising | 614,114 |  | 391,836 |  | 4,374,946 |  | - |  | 5,380,896
Rent and rent related | 861,602 |  | 89,253 |  | 5,922,706 |  | - |  | 6,873,561
Depreciation on property and equipment | 843,335 |  | 488,570 |  | 746,833 |  | - |  | 2,078,738
Provision for loan loss reserve | - |  | - |  | 16,506,030 |  | - |  | 16,506,030
Cost related to funding mortgage loans | - |  | - |  | 9,877,700 |  | - |  | 9,877,700
Intersegment | 621,161 |  | 142,999 |  | 580,976 |  | (1,345,136) |  | -
Other | 11,808,818 |  | 4,417,805 |  | 31,104,479 |  | - |  | 47,331,102
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 410,024 |  | 152,175 |  | 7,182,913 |  | (7,745,112) |  | -
Other | 2,354,760 |  | 198,968 |  | 6,025,082 |  | - |  | 8,578,810
Costs of goods and services sold-mortuaries and cemeteries | - |  | 3,252,655 |  | - |  | - |  | 3,252,655
Total benefits and expenses | 147,140,369 |  | 16,999,169 |  | 254,963,905 |  | (9,090,248) |  | 410,013,195
Earnings before income taxes | $ 11,923,388 |  | $ 4,399,163 |  | $ 55,127,576 |  | $ - |  | $ 71,450,127
Income tax benefit (expense) | (1,433,901) |  | (1,009,137) |  | (13,410,476) |  | - |  | (15,853,514)
Net earnings | $ 10,489,487 |  | $ 3,390,026 |  | $ 41,717,100 |  | $ - |  | $ 55,596,613
Identifiable assets | $ 1,171,158,235 |  | $ 56,335,498 |  | $ 408,325,196 |  | $ (90,398,039) |  | $ 1,545,420,890
Goodwill | $ 2,765,570 |  | $ 754,018 |  | $ - |  | $ - |  | $ 3,519,588
| 2019
| Life |  | Cemetery/ |  |  | Intercompany |
| Insurance |  | Mortuary |  | Mortgage |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |
From external sources: |  |  |  |  |  |  |  |  |
Revenue from customers | $ 81,860,610 |  | $ 15,296,235 |  | $ 131,976,082 |  | $ - |  | $ 229,132,927
Net investment income | 41,610,831 |  | 579,995 |  | 828,647 |  | - |  | 43,019,473
Gains on investments and other assets | 138,330 |  | 530,098 |  | 59,939 |  | - |  | 728,367
Other revenues | 2,128,961 |  | 95,197 |  | 7,956,005 |  | - |  | 10,180,163
Intersegment revenues: |  |  |  |  |  |  |  |  |
Net investment income | 4,455,034 |  | 443,548 |  | 508,637 |  | (5,407,219) |  | -
Total revenues | 130,193,766 |  | 16,945,073 |  | 141,329,310 |  | (5,407,219) |  | 283,060,930
Expenses: |  |  |  |  |  |  |  |  |
Death, surrenders and other policy benefits | 44,911,805 |  | - |  | - |  | - |  | 44,911,805
Increase in future policy benefits | 23,568,497 |  | - |  | - |  | - |  | 23,568,497
Amortization of deferred policy and pre-need acquisition costs and value of business acquired | 14,199,152 |  | 435,425 |  | - |  | - |  | 14,634,577
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |
Commissions | 3,632,780 |  | 1,084,079 |  | 52,046,032 |  | - |  | 56,762,891
Personnel | 20,311,591 |  | 5,177,810 |  | 38,731,869 |  | - |  | 64,221,270
Advertising | 595,118 |  | 368,173 |  | 3,821,267 |  | - |  | 4,784,558
Rent and rent related | 451,380 |  | 47,525 |  | 6,556,551 |  | - |  | 7,055,456
Depreciation on property and equipment | 477,247 |  | 428,633 |  | 805,489 |  | - |  | 1,711,369
Cost related to funding mortgage loans | - |  | - |  | 6,278,954 |  | - |  | 6,278,954
Intersegment | 412,853 |  | 180,594 |  | 544,463 |  | (1,137,910) |  | -
Other | 11,769,097 |  | 3,241,023 |  | 19,912,641 |  | - |  | 34,922,761
Interest expense: |  |  |  |  |  |  |  |  |
Intersegment | 490,756 |  | 154,615 |  | 3,623,938 |  | (4,269,309) |  | -
Other | 2,808,081 |  | 288,768 |  | 4,289,839 |  | - |  | 7,386,688
Costs of goods and services sold-mortuaries and cemeteries | - |  | 2,878,169 |  | - |  | - |  | 2,878,169
Total benefits and expenses | 123,628,357 |  | 14,284,814 |  | 136,611,043 |  | (5,407,219) |  | 269,116,995
Earnings before income taxes | $ 6,565,409 |  | $ 2,660,259 |  | $ 4,718,267 |  | $ - |  | $ 13,943,935
Income tax benefit (expense) | (1,085,848) |  | (649,144) |  | (1,315,424) |  | - |  | (3,050,416)
Net earnings | $ 5,479,561 |  | $ 2,011,115 |  | $ 3,402,843 |  | $ - |  | $ 10,893,519
Identifiable assets | $ 1,110,641,526 |  | $ 81,014,182 |  | $ 249,970,323 |  | $ (110,701,544) |  | $ 1,330,924,487
Goodwill | $ 2,765,570 |  | $ 754,018 |  | $ - |  | $ - |  | $ 3,519,588

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration