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Note 10 - Segment Financial Information
 9 Months Ended
Sep. 30, 2021
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. Offices in Middle Georgia comprise Division II, Division III consists of offices in South Georgia and Division IX consists of offices in North 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. During March of this year, the Company began operating in Texas and the offices are also included in Division VIII.

 

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 financial information for of each of the Company’s divisions for the three- and nine-month periods ended September 30, 2021 and 2020, 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 09/30/2021 

 

$10,020 

 

$10,174 

 

$10,592 

 

$11,469 

 

$7,756 

 

$7,223 

 

$6,450 

 

$8,916 

 

$72,600 

3 Months ended 09/30/2020 

 

$9,129 

 

$8,823 

 

$9,713 

 

$9,801 

 

$6,318 

 

$6,297 

 

$5,130 

 

$7,828 

 

$63,039 

9 Months ended 09/30/2021 

 

$29,246 

 

$29,304 

 

$31,083 

 

$32,653 

 

$22,258 

 

$20,941 

 

$18,400 

 

$26,056 

 

$209,941 

9 Months ended 09/30/2020 

 

$28,769 

 

$26,793 

 

$29,418 

 

$28,778 

 

$19,154 

 

$18,588 

 

$16,045 

 

$24,035 

 

$191,580 

                                                    

 

                     

 

                     

 

                     

 

                     

 

                     

 

                     

 

                     

 

                     

 

                     

Division Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months ended 09/30/2021 

 

$3,711 

 

$5,231 

 

$5,219 

 

$5,573 

 

$3,234 

 

$2,691 

 

$1,166 

 

$3,429 

 

$30,254 

3 Months ended 09/30/2020 

 

$3,590 

 

$3,982 

 

$4,672 

 

$4,454 

 

$2,404 

 

$2,159 

 

$1,312 

 

$2,911 

 

$25,484 

9 Months ended 09/30/2021 

 

$11,193 

 

$15,042 

 

$15,746 

 

$15,381 

 

$9,244 

 

$7,442 

 

$4,035 

 

$10,991 

 

$89,074 

9 Months ended 09/30/2020 

 

$9,751 

 

$11,242 

 

$12,701 

 

$10,297 

 

$6,141 

 

$4,905 

 

$3,822 

 

$8,087 

 

$66,946 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Division Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

09/30/2021 

 

$109,911 

 

$118,880 

 

$119,664 

 

$146,148 

 

$87,448 

 

$88,316 

 

$85,982 

 

$106,149 

 

$862,498 

12/31/2020 

 

$106,982 

 

$112,168 

 

$117,199 

 

$136,558 

 

$77,143 

 

$82,332 

 

$69,344 

 

$103,048 

 

$804,774 

 

 

3 Months

Ended

09/30/2021

 

3 Months

Ended

09/30/2020

 

9 Months

Ended

09/30/2021

 

9 Months

Ended

09/30/2020

                                                                                                                   

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

Reconciliation of Revenues:

 

                        

 

                        

 

                        

 

                        

Total revenues from reportable divisions

 

$72,600 

 

$63,039 

 

$209,941 

 

$191,580 

Corporate finance charges earned, not allocated to divisions

 

22 

 

23 

 

67 

 

75 

Corporate investment income earned, not allocated to divisions

 

1,811 

 

1,690 

 

5,549 

 

5,139 

Timing difference of insurance income allocation to divisions

 

2,613 

 

2,715 

 

7,557 

 

6,545 

Other revenue not allocated to divisions

 

4 

 

2 

 

10 

 

7 

Consolidated Revenues (1)

 

$77,050 

 

$67,469 

 

$223,124 

 

$203,346 

 

 

 

 

 

 

 

 

 

 

 

3 Months

Ended

09/30/2021

 

3 Months

Ended

09/30/2020

 

9 Months

Ended

09/30/2021

 

9 Months

Ended

09/30/2020

 

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

 

(in 000’s)

Reconciliation of Profit:

 

 

 

 

 

 

 

 

Profit per division

 

$30,254  

 

$25,485  

 

$89,074  

 

$66,946  

Corporate earnings not allocated

 

4,450  

 

4,429  

 

13,183  

 

11,765  

Corporate expenses not allocated

 

(23,419) 

 

(24,516) 

 

(67,231) 

 

(64,910) 

Consolidated Income Before Income Taxes

 

$11,285  

 

$5,398  

 

$35,026  

 

$13,801  

 

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