XML 30 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Note 10 - Segment Financial Information
 6 Months Ended
Jun. 30, 2020
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 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. Prior to 2020, offices in North Georgia comprised Division II, Division III consisted of offices in South Georgia and Division IX consisted of offices in West Georgia. Effective January 1, 2020, the Company geographically realigned the Georgia Divisions into Division II consisting of Middle Georgia, Division III consisting of South Georgia and Division IX consisting of North Georgia. Various branches were realigned in order to be in the appropriate geographic division. 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. The following division financial data has been retrospectively presented to give effect to the current structure. The change in the Georgia reporting structure had no impact on the previously reported consolidated results.

 

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.

 

Below is a performance recap of each of the Company’s divisions for the three- and six-month periods ended June 30, 2020 and 2019, followed by a reconciliation to consolidated Company data.

 

 

 

Division

 

Division

 

Division

 

Division

 

Division

 

Division

 

Division

 

Division

 

 

 

 

I

 

II

 

III

 

IV

 

V

 

VII

 

VIII

 

IX

 

Total

                                                     

 

(in thousands)

Division Revenues:

 

                  

 

                  

 

                  

 

                  

 

                  

 

                  

 

                  

 

                  

 

                  

3 Months ended 06/30/2020 

 

$     9,430

 

$     8,789

 

$     9,542

 

$     9,186

 

$     6,276

 

$     5,987

 

$     5,198

 

$     7,701

 

$     62,109

3 Months ended 06/30/2019 

 

$     9,130

 

$     8,620

 

$     9,504

 

$     9,360

 

$     5,624

 

$     5,502

 

$     4,856

 

$     8,093

 

$     60,689

6 Months ended 06/30/2020 

 

$   19,640

 

$   17,970

 

$   19,705

 

$   18,977

 

$   12,837

 

$   12,291

 

$   10,914

 

$   16,207

 

$   128,541

6 Months ended 06/30/2019 

 

$   17,911

 

$   17,129

 

$   18,816

 

$   18,405

 

$   11,192

 

$   10,682

 

$   9,540

 

$   16,099

 

$   119,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Division Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months ended 06/30/2020 

 

$     2,908

 

$     3,506

 

$     3,846

 

$     2,650

 

$     1,740

 

$     1,450

 

$     1,107

 

$     2,192

 

$     19,399

3 Months ended 06/30/2019 

 

$     3,121

 

$     3,452

 

$     3,989

 

$     3,026

 

$     1,490

 

$     1,209

 

$     1,066

 

$     2,568

 

$     19,921

6 Months ended 06/30/2020 

 

$     6,161

 

$     7,260

 

$     8,029

 

$     5,843

 

$     3,737

 

$     2,746

 

$     2,510

 

$     5,175

 

$     41,461

6 Months ended 06/30/2019 

 

$     6,221

 

$     7,013

 

$     8,150

 

$     6,069

 

$     3,022

 

$     2,464

 

$     2,264

 

$     5,662

 

$     40,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Division Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

06/30/2020 

 

$ 101,310

 

$ 102,672

 

$ 106,493

 

$ 123,152

 

$   68,824

 

$    75,682

 

$   58,009

 

$   94,433

 

$   730,575

12/31/2019 

 

$ 105,094

 

$ 102,952

 

$ 109,390

 

$ 123,652

 

$   68,269

 

$    73,116

 

$   59,100

 

$   98,875

 

$   740,448

 

 

 

3 Months

Ended

6/30/2020

 

3 Months

Ended

6/30/2019

 

6 Months

Ended

6/30/2020

 

6 Months

Ended

6/30/2019

                                                                                                           

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

Reconciliation of Revenues:

 

                     

 

                     

 

                     

 

                     

 Total revenues from reportable divisions

 

$  62,109   

 

$  59,085   

 

$  128,541   

 

$  119,774   

 Corporate finance charges earned, not allocated to divisions

 

21   

 

34   

 

52   

 

65   

 Corporate investment income earned, not allocated to divisions

 

1,669   

 

1,788   

 

3,449   

 

3,672   

 Timing difference of insurance income allocation to divisions

 

1,531   

 

1,837   

 

3,830   

 

3,403   

 Other revenue not allocated to divisions

 

3   

 

4   

 

5   

 

7   

    Consolidated Revenues (1)

 

$  65,333   

 

$  62,748   

 

$  135,877   

 

$  126,921   

 

 

 

 

 

 

 

 

 

 

 

3 Months

Ended

6/30/2020

 

3 Months

Ended

6/30/2019

 

6 Months

Ended

6/30/2020

 

6 Months

Ended

6/30/2019

 

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

Reconciliation of Profit:

 

 

 

 

 

 

 

 

 Profit per division

 

$  19,399   

 

$  19,921   

 

$  41,461   

 

$  40,865   

 Corporate earnings not allocated

 

3,224   

 

3,484   

 

7,336   

 

7,147   

 Corporate expenses not allocated

 

(17,055)  

 

(18,643)  

 

(40,394)  

 

(37,923)  

   Consolidated Income Before Income Taxes

 

$    5,568   

 

$    4,762   

 

$    8,403   

 

$  10,089   

                                          

 

Note 1:  Includes Finance Charge Income, Investment Income, Insurance Premium Revenues and Other Revenue.