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7) Business Segment Information
 3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
7) Business Segment Information

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, 2020. 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                    
March 31, 2021                    
Revenues from external customers   $ 38,943,834    $ 6,999,265   $ 76,715,507   $ -    $ 122,658,606
Intersegment revenues   1,902,052    77,507   161,016   (2,140,575)   -
Segment profit before income taxes   2,695,028    2,700,945   10,959,082   -    16,355,055
                     
Identifiable Assets   1,174,305,180    57,269,639   337,524,300   (84,391,181)   1,484,707,938
Goodwill   2,765,570    754,018   -   -    3,519,588
Total Assets   1,177,070,750    58,023,657   337,524,300   (84,391,181)   1,488,227,526
        -            
For the Three Months Ended                    
March 31, 2020                    
Revenues from external customers   $ 33,205,762    $ 4,013,696   $ 42,389,491   $ -    $ 79,608,949
Intersegment revenues   908,168    103,514   200,332   (1,212,014)   -
Segment profit before income taxes   (3,069,167)   104,801   4,438,600   -    1,474,234
                     
Identifiable Assets   1,124,244,140    79,695,043   278,195,425   (109,493,359)   1,372,641,249
Goodwill   2,765,570    754,018   -   -    3,519,588
Total Assets   1,127,009,710    80,449,061   278,195,425   (109,493,359)   1,376,160,837