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Note 10 - Segment Financial Information
 3 Months Ended
Mar. 31, 2019
Notes  
Note 10 - Segment Financial Information

Note 10 – Segment Financial Information

 

The Company discloses segment information in accordance with FASB ASC 280. FASB ASC 280 requires companies to determine segments based on how management makes decisions about allocating resources to segments and measuring their performance. The Company maintains eight operating divisions, with one reportable business segment.

 

The Company has eight divisions which comprise its operations: Division I through Division V, Division VII, Division VIII and Division IX. Each division consists 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 comprises Division II, Division III consists of offices in South Georgia and Division IX consists of offices in West Georgia. Division IV represents our Alabama offices, Division V represents our Mississippi offices, Division VII represents our Tennessee offices and Division VIII represents our Louisiana offices.

 

Accounting policies of each of the divisions 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 division profit, growth in earning assets and delinquency and loan loss management. All division revenues result from transactions with third parties. The Company does not allocate income taxes or corporate headquarter expenses to the divisions.

 

The following table summarizes revenues, profit and assets by each of the Company's divisions. Also, in accordance therewith, a reconciliation to condensed consolidated net income is provided.

 

 

 

   Division   

 

   Division   

 

   Division   

 

   Division   

 

   Division   

 

   Division   

 

   Division   

 

   Division   

 

 

 

 

I

 

II

 

III

 

IV

 

V

 

VII

 

VIII

 

IX

 

      Total      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                

 

(in thousands)

Division Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   3 Months ended 3/31/2019

 

$ 8,781   

 

$ 8,961   

 

$ 8,661   

 

$ 9,045   

 

$ 5,568   

 

$ 5,180   

 

$ 4,684   

 

$ 8,205   

 

$ 59,085   

  3 Months ended 3/31/2018

 

$ 7,147   

 

$ 7,993   

 

$ 7,842   

 

$ 8,588   

 

$ 5,126   

 

$ 3,507   

 

$ 4,017   

 

$ 7,315   

 

$ 51,535   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Division Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   3 Months ended 3/31/2019

 

$ 3,100   

 

$ 3,870   

 

$ 3,781   

 

$ 3,043   

 

$ 1,532   

 

$ 1,255   

 

$ 1,198   

 

$ 3,165   

 

$ 20,944   

  3 Months ended 3/31/2018

 

$ 2,460   

 

$ 3,111   

 

$ 3,399   

 

$ 3,272   

 

$ 1,755   

 

$ 471   

 

$ 966   

 

$ 2,780   

 

$ 18,214   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Division Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   3/31/2019

 

$ 86,979   

 

$ 94,765   

 

$ 87,941   

 

$ 106,952   

 

$ 54,959   

 

$ 57,352   

 

$ 45,417   

 

$ 83,716   

 

$ 618,081   

   12/31/2018

 

$ 86,315   

 

$ 96,884   

 

$ 89,411   

 

$ 107,401   

 

$ 56,240   

 

$ 55,032   

 

$ 45,518   

 

$ 84,381   

 

$ 621,182   

 

 

 

3 Months Ended

3/31/2019

 

3 Months Ended

3/31/2018

                                                                                                       

 

(in 000’s)

 

(in 000’s)

Reconciliation of Revenues:

 

 

 

 

  Total revenues from reportable divisions

 

$ 59,085   

 

$ 51,535   

  Corporate finance charges earned not allocated to divisions

 

34   

 

25   

  Corporate investment income earned not allocated to divisions

 

1,788   

 

1,717   

  Timing difference of insurance income allocation to divisions

 

1,838   

 

1,396   

  Other revenue not allocated to divisions

 

3   

 

8   

  Consolidated Revenues

 

$ 62,748   

 

$ 54,681   

 

 

 

3 Months Ended

3/31/2019

 

3 Months Ended

3/31/2018

                                                                                                       

 

(in 000’s)

 

(in 000’s)

Reconciliation of Profit:

 

 

 

 

  Profit per division 

 

$ 20,944   

 

$ 18,214   

  Corporate earnings not allocated 

 

3,663   

 

3,146   

  Corporate expenses not allocated 

 

(19,280)  

 

(16,851)  

  Income taxes not allocated 

 

(823)  

 

(794)  

  Net Income 

 

$ 4,504   

 

$ 3,715