Note 9 - Segment Financial Information

9 Months Ended

Sep. 30, 2012

Notes

Note 9 - Segment Financial Information

Note 9 – Segment Financial Information

The Company has five reportable segments:  Division I through Division V.  Each segment consists of a number of branch offices that are aggregated based on vice president responsibility and geographic location.  Division I consists of offices located in South Carolina.  Offices in North Georgia comprise Division II, Division III consists of offices in South Georgia.  Division IV represents our Alabama and Tennessee offices, and our offices in Louisiana and Mississippi encompass Division V. 

Accounting policies of each of the segments are the same as those for the Company as a whole.  Performance is measured based on objectives set at the beginning of each year and include various factors such as segment profit, growth in earning assets and delinquency and loan loss management.  All segment revenues result from transactions with third parties.  The Company does not allocate income taxes or corporate headquarter expenses to the segments.

In accordance with the requirements of ASC 280, “Segment Reporting,” the following table summarizes revenues, profit and assets by business segment.  Also in accordance therewith, a reconciliation to consolidated net income is provided. 

	Division	Division	Division	Division	Division
	I	II	III	IV	V	Total
	(in thousands)
Segment Revenues:
3 Months ended 9/30/2012	$5,355	$10,060	$9,746	$8,484	$7,407	$41,052
3 Months ended 9/30/2011	4,798	9,245	9,338	7,195	6,581	37,157
9 Months ended 9/30/2012	$15,551	$29,320	$28,747	$24,528	$21,595	$119,741
9 Months ended 9/30/2011	14,028	26,930	27,303	21,053	18,970	108,284
Segment Profit:
3 Months ended 9/30/2012	$1,709	$4,848	$4,341	$3,479	$2,725	$17,102
3 Months ended 9/30/2011	1,408	4,125	3,979	2,543	2,471	14,526
9 Months ended 9/30/2012	$5,466	$14,643	$13,604	$10,609	$8,750	$53,072
9 Months ended 9/30/2011	4,191	12,085	11,586	7,851	7,350	43,063

Segment Assets:
09/30/2012	$47,073	$90,929	$89,529	$88,570	$62,222	$378,323
12/31/2011	41,871	89,739	90,640	82,508	58,136	362,894

	3 Months Ended 9/30/2012 (in thousands)	3 Months Ended 9/30/2011 (in thousands)	9 Months Ended 9/30/2012 (in thousands)	9 Months Ended 9/30/2011 (in thousands)
Reconciliation of Profit:
Profit per segments	$17,102	$14,526	$53,072	$43,063
Corporate earnings not allocated	2,786	2,910	7,640	8,034
Corporate expenses not allocated	(9,184)	(8,927)	(30,281)	(26,879)
Income taxes not allocated	(1,527)	(807)	(2,999)	(2,087)
Net income	$9,177	$7,702	$27,432	$22,131